Chancellor Rachel Reeves has named Oliver Holbourn, the previous chief government officer of RBS Worldwide, as the brand new head of the UK’s Nationwide Wealth Fund.
The federal government-owned funding group was launched by in October 2024 with a funding dedication of £2.5bn.
Reeves has since set new priorities for the Nationwide Wealth Fund, backed by £5.8bn value of extra capital, with the purpose of backing varied sectors, together with local weather tech, and forming partnerships with native mayoral authorities.
The fund can be overseen by Holbourn, who has greater than 25 years throughout banking and public investments. The 47-year-old ran RBS worldwide for 3 years, having beforehand held government positions at NatWest, UK Monetary Investments and Financial institution of America.
“The Nationwide Wealth Fund has an essential position to play within the financial success of the UK; so I’m deeply honoured to be taking the reins as chief government at such a pivotal time,” Holbourn mentioned.
“This can assist drive sustainable financial progress throughout the UK and help the clear vitality transition.”
Holbourn’s appointment was introduced by the chancellor on Tuesday.
“Oliver brings a wealth of personal sector experience and public service expertise to this essential position,” mentioned Reeves.
“His experience can be instrumental in delivering the federal government’s progress and clear vitality missions.”
Holbourn will change John Flint, former chief government of HSBC Group, who ran the Nationwide Wealth Fund from 2021, throughout its earlier iteration because the UK Infrastructure Financial institution.
Flint introduced he could be stepping down from the Nationwide Wealth Fund in February.
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