Natwest executive top choice to lead Reeves’ National Wealth Fund
A senior Natwest executive is the leading choice to become the next chief of Labour’s National Wealth Fund.
Oliver Holbourn is the front-runner to oversee the Treasury’s new body with current boss John Flint set to depart in the summer.
Holbourn currently heads up Natwest’s RBS International Arm and previously managed UK Financial Investments – the entity established to manage British taxpayers’ stakes in Lloyds Banking Group and Natwest, then the Royal Bank of Scotland.
Natwest re-entered private ownership on May 30, following Lloyds which did so in 2017.
Flint, who is a former HSBC chief executive, led the National Wealth Fund (NWF) prior to its rebrand from the UK Infrastructure Bank (UKIB).
Holbourn is the top choice among a number of candidates for the NWF, according to Sky News.
National Wealth Fund branded a misnomer
The Treasury Committee continued its inquiry into Labour’s new body last week, where a panel of experts said the vehicles’ name was a “misnomer”.
Academics and think tank leaders also drew attention to the lack of change between the NWF and UKIB since its rebrand in October 2024.
City PM previously reported the cost of the transformation reached near £90,000.
The policy was originally a fixture of Labour’s 2024 manifesto, and aimed to consolidate the British Business Bank and UKIB.
But Chancellor Rachel Reeves announced the UK Infrastructure Bank (UKIB) would “become” the National Wealth Fund (NWF) back in October.
Reeves revealed a “new strategic steer” earlier this year, which she said would help direct investment to the industries on which the defence sector relies, from advanced manufacturing to digital and dual-use technologies.
The body has since faced calls for clarity over its remit and distinction from the UKIB.
Shadow Financial Secretary Gareth Davies told City PM accused Labour earlier this year of “gaslighting the British public” just to “satisfy the need for them to say they’ve done something”.