George Osborne wins first advising deal as a banker – taking Russian metals firm set up by US-sanctioned oligarch as a client
- George Osborne’s firm Robey Warshaw is now advising aluminium giant Rusal
- Company is subsidiary of EN+ which Russian oligarch Oleg Deripaska has a large stake in
- Osborne first met Deripaska, who is banned from the US, on his yacht in 2008
- Business said to be secured by EN+ chairman Greg Barker, a former Tory minister
Former Chancellor George Osborne has won his first bit of business as an investment banker with a firm set up by a Russian oligarch who once hosted him on his yacht.
Osborne joined boutique advisory firm Robey Warshaw in April and thanks to his contacts the firm is now advising Russian aluminium giant Rusal.
Rusal is a subsidiary of London listed EN+, a metals company founded by oligarch Oleg Deripaska in 2002.
Deripaska, who is sanctioned by the US, was already acquainted with the former Chancellor, having hosted him on his yacht off Corfu in 2008.
Former Chancellor George Osborne has won his first bit of business as an investment banker with a firm set up by a Russian oligarch who once hosted him on his yacht
However, according to the Financial Times, it was thanks to his relationship with Greg Barker, EN+ chairman, that he was able to secure the business.
Barker served as a minister in David Cameron’s coalition government before leaving the Commons in 2015 and taking a peerage as well as a role at the company.
EN+ and Rusal were hit by US government sanctions in 2018 over accusations of ties to the Putin regime.
In a deal brokered by Barker in 2019, Deripaska gave up day-to-day control of EN+ in return for the sanctions being lifted. He however is believed to retain a 44.95 per cent stake in the company.
The deal will be a relief for Robey Warshaw which had missed out on the summer takeover boom in the City.
Osborne is now advising Russian aluminium giant Rusal, a subsidiary of London listed EN+, a metals company founded by oligarch Oleg Deripaska in 2002
Deripaska, who is sanctioned by the US, was already acquainted with the former Chancellor, having hosted him on his yacht off Corfu in 2008
Robey Warshaw’s last publicly announced deals were in March, when it advised National Grid on its £14.2bn purchase of electricity giant Western Power Distribution and £3.9bn sale of Rhode Island-based The Narragansett Electric Company.
Since then, private equity companies have swooped on dozens of companies – including supermarket chain Morrisons and defence giant Ultra Electronics.
Osborne gave up editorship of the Evening Standard and a string of high-profile jobs to become a banker, despite having no previous experience.
At one stage in 2018 he reportedly had nine jobs, including chairing the Northern Powerhouse Partnership think tank and advising Exor, the owner of Juventus, which is controlled by the powerful Italian Agnelli dynasty.
However, according to the Financial Times , it was thanks to Osborne’s relationship with Greg Barker, EN+ chairman and a Tory peer, that he was able to secure the business
Robey Warshaw was set up in 2013 by Sir Simon Robey, a former Morgan Stanley banker and former chairman of the Royal Opera House, and Simon Warshaw, a former UBS banker.
Last year the three main partners – Robey, Warshaw and Philip Apostolides – shared a reported £17m pay packet. Since 2013 the trio have received than £200m in remuneration.
In July Osborne and fiancée Thea Roger celebrated the arrival of their new son Beau.
Rogers and Osborne, who worked together at Downing Street, announced their engagement to one another in April.