A senior executive at NatWest Group heads a pack of contenders to become the next boss of Rachel Reeves’s National Wealth Fund (NWF).
Sky News has learnt that Oliver Holbourn, who is stepping down as chief executive of NatWest’s RBS International arm, is the current frontrunner to take the helm of the Treasury-supervised investment vehicle.
Mr Holbourn is no stranger to Whitehall, having previously run UK Financial Investments, the entity set up to manage British taxpayers’ stakes in Lloyds Banking Group and Royal Bank of Scotland.
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Both banks have since returned to full private sector ownership.
After leaving UKFI, Mr Holbourn joined NatWest – then called RBS – as its head of strategy, before taking on the leadership of its international business in 2022.
The chancellor has been seeking a new head of the National Wealth Fund since February, when the former HSBC Holdings chief John Flint announced that he would step down from his role running the UK Infrastructure Bank – which has been absorbed into the NWF.
In March, the Treasury said the fund would be given a new strategic steer to enable it to take on higher-risk projects in clean energy, advanced manufacturing, digital technologies and transport.
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It claimed that the NWF would unlock more than £70bn in private investment.
“My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people,” Ms Reeves said at the time.
“I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.”
Other candidates are said to be in the frame to succeed Mr Flint if Mr Holbourn does not get appointed to the role.
The Treasury did not respond to a request for comment, while NatWest declined to comment on Mr Holbourn’s behalf.
