George Osborne to join world's largest fund manager BlackRock as adviser

Former chancellor George Osborne will join the world's largest fund manager, BlackRock, as a part-time adviser, it has been announced.

It has been reported that the 45-year-old Tory who was removed as chancellor on 13 July last year as part of a post-Brexit overhaul by Theresa May, will command a six-figure sum.

Osborne's new job will begin on 1 February and he will remain as MP for the Cheshire constituency of Tatton, which he has served since 2001. He joins the US investment firm where his former chief of staff, Rupert Harrison, is a senior strategist.

Osborne is set to work several days a month. Larry Fink, BlackRock's founder and chief executive, said the London-born politician had "a unique and invaluable perspective on the issues that are shaping our world today".

Working as an adviser to BlackRock's investment institute Osborne, who was replaced by Philip Hammond as chancellor, will provide advice on macroeconomic policy and perspectives on European politics and policy, said BlackRock.

The New York-based firm, which oversees $5.1tn (£4.2tn) of investments for pensioners and savers, added that Osborne can provide "perspectives on European politics and policy, Chinese economic reform, and trends," BlackRock said.

Although his salary has not been made public as-of-yet, the Financial Times reported that Osborne will earn more than £200,000 a year. Osborne will not be allowed to lobby the government and he will have to declare the amount he earns in the MPs register of interests.

Osborne, a prominent campaigner for the UK to stay in the EU, said after his appointment that it was a chance to work with one of the world's most respected firms and a "major employer in Britain."

He said according to the BBC: "BlackRock wants better outcomes for pensioners and savers - and I want to help them deliver that."

Osborne commanded £600,000 in fees for appearances last autumn, including £85,396.24 from Citibank for two speeches, £34,109.14 from BlackRock and £68,125.35 from Centerbridge Partners.

Only this week former foreign secretary William Hague joined Citigroup as an adviser. Former Prime Minister Gordon Brown also sits on the global advisory board at investment manager Pimco.