Kingman gets City transfer
JOHN Kingman, the former UK Financial Investments boss, has agreed to refrain from working with state-owned banks for 12 months after he takes up his new role at NM Rothschild.
Rothschild will announce today that Kingman will start in March as a managing director at the 200-year-old investment bank.
But his appointment has already sparked concerns about a potential conflict of interest after Kingman oversaw the taxpayers’ stakes in the bailed out banks.
Rothschild is regarded as one of the favourites to take part in the sell-off of the government’s stakes in Lloyds Banking Group, Royal Bank of Scotland and Northern Rock.
Labour MP John Mann, a member of the Commons Treasury Select Committee, has said he will be raising the matter with the Treasury.
Under the terms of his new contract, Kingman will not work with any government bodies and state-owned banks for 12 months.
Kingman announced he was leaving his £143,000 post at UKFI in the summer, making it known he fancied a move to the private sector.
He has been succeeded by Robin Budenberg, a senior investment banker at UBS.