Introduction to the New Head of National Wealth Fund
A senior employee at NATWEST Group is leading the pack of contenders to become the next head of the National Wealth Fund (NWF). Oliver Holbourn, the managing director of NATWEST RBS International Arm, is currently the frontrunner to take over the role.
Background of Oliver Holbourn
Mr. Holbourn is no stranger to Whitehall, having previously worked on managing British taxpayers’ shares in Lloyds Banking Group and the Royal Bank of Scotland. Both banks have now returned to full private ownership. After leaving Ukfi, Holbourn joined Natwest – then RBS – as head of strategy before taking over the management of his international business in 2022.
The Search for a New Head
The Chancellor has been looking for a new head of the national asset fund since February, when the former HSBC Holdings boss John Flint announced that he would be stepping down from his role. The role includes heading the British infrastructure bank, which is part of the NWF.
New Strategic Direction
In March, the Ministry of Finance announced that the fund would receive a new strategic direction, focusing on projects with a higher risk in areas such as clean energy, advanced manufacturing, digital technologies, and transport companies. It is expected that the NWF will unlock more than £70 billion of private investment.
Economic Growth
The goal of the new strategic direction is to stimulate economic growth and make Britain a stronger, more resilient country. The plan is to deliver highly skilled, highly paid jobs in every corner of the country by investing tens of billions of pounds in Britain’s industrial strengths.
Other Candidates
If Mr. Holbourn is not named to the role, other candidates are expected to be in the running to replace Mr. Flint. The Ministry of Finance has not commented on the matter, while Natwest has declined to comment on Mr. Holbourn’s candidacy.
