Chancellor Rachel Reeves has named Oliver Holbourn, the former chief executive officer of RBS International, as the new head of the UK’s National Wealth Fund.
The government-owned investment group was launched by in October 2024 with a funding commitment of £2.5bn.
Reeves has since set new priorities for the National Wealth Fund, backed by £5.8bn worth of additional capital, with the goal of backing various sectors, including climate tech, and forming partnerships with local mayoral authorities.
The fund will be overseen by Holbourn, who has more than 25 years across banking and public investments. The 47-year-old ran RBS international for three years, having previously held executive positions at NatWest, UK Financial Investments and Bank of America.
“The National Wealth Fund has an important role to play in the economic success of the UK; so I am deeply honoured to be taking the reins as chief executive at such a pivotal time,” Holbourn said.
“This will help drive sustainable economic growth across the UK and support the clean energy transition.”
Holbourn’s appointment was announced by the chancellor on Tuesday.
“Oliver brings a wealth of private sector expertise and public service experience to this critical role,” said Reeves.
“His expertise will be instrumental in delivering the government’s growth and clean energy missions.”
Holbourn will replace John Flint, former chief executive of HSBC Group, who ran the National Wealth Fund from 2021, during its previous iteration as the UK Infrastructure Bank.
Flint announced he would be stepping down from the National Wealth Fund in February.
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