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George Osborne is expected to miss out on a large windfall payment from the $196m (£145m) takeover of Robey Warshaw, the investment bank where the former Conservative chancellor has been working since 2021.
Osborne, who is a partner at the bank being acquired by its US rival Evercore, will miss out on a big payout from the deal, according to the Financial Times.
The paper said most of the payout will be received by the bank’s three founding partners, with the largest cut going to Sir Simon Robey – the deal veteran known as the City’s “trillion-dollar man”.
Evercore has agreed to pay $96m in shares when the deal – which was announced in July – closes in October, followed by a further $100m in cash or shares after it completes. There could be further payouts for the partners if certain performance targets are met after six years.
Osborne, who served as Conservative chancellor in David Cameron’s government from 2010 to 2016, will become a senior managing director at Evercore, ranking among the most senior dealmakers at the US firm, according to the FT.
However, he is expected to gradually move into a part-time role at the bank, the FT said, citing sources familiar with the matter. Evercore has agreed to allow Osborne to continue other advisory and media interests while he works there, according to the report.
Since stepping away from politics in 2017, Osborne has had a string of different jobs. He has previously advised the US asset manager BlackRock and was editor of the Evening Standard.
He is now chair of the British Museum, as well as co-presenter of the Political Currency podcast with former shadow chancellor Ed Balls and an adviser to the cryptocurrency exchange Coinbase.
Last year Osborne collected a share of a £30m pay pot at Robey Warshaw, after the bank reported a record pre-tax profit of £70m. Robey is expected to have collected the biggest slice of the overall profit, and filings at Companies House show that the highest-paid director received £40.5m for its financial year ended in March.
The rise in profit included income from the company’s role on advising on the two-year sale of the Daily Telegraph and Sunday Telegraph. The firm also advised on Todd Boehly’s bid for Chelsea FC.
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Osborne joined the company in April 2021, eight years after it was co-founded by Sir Simon Robey, Simon Warshaw, an heir of the Molton Brown beauty empire, and Philip Apostolides.
Robey Warshaw and Evercore were approached for comment.
