• Thursday, July 18, 2024

Business

Sajid Javid joins private equity firm Centricus

He will join after the general election and will reunite with the company’s two other partners and co-founders, Nizar Al-Bassam and Dalinc Ariburnu.

Sajid Javid (Photo by JUSTIN TALLIS/AFP via Getty Images)

By: Pramod Thomas

FORMER chancellor Sajid Javid is set to become a partner at London-based investment firm Centricus. The move, effective from Monday (9), follows approval from the Advisory Committee on Business Appointments (Acoba), which assesses the propriety of former ministers taking roles in the private sector, reported The Guardian.

Javid, who previously held seven ministerial positions during his 15-year political career, including stints as home secretary and health secretary, confirmed his new role on Tuesday (2).

Having earned around £450,000 as a consultant for Centricus, he will now join the firm in a full-time capacity.

Founded by former colleagues from Deutsche Bank, Centricus manages assets worth £33 billion with investments spanning football, luxury hotels, and 3D printing.

Javid, who has been working with the firm since March 2023, initially earned £25,000 per month for up to 10 hours of work, a figure that doubled when he increased his hours in April 2024.

Reuniting with co-founders Nizar Al-Bassam and Dalinc Ariburnu, Javid said that he is happy to return to the business world.

“I am very pleased to be joining Centricus. Having left parliament, I was looking to go back into business and finance,” he said. Javid also noted his commitment to supporting good causes, maintaining the motivations that drew him into politics.

Javid’s resignation as chancellor in February 2020, following Boris Johnson’s request to dismiss his advisers, marked a significant political moment. He later rejoined Johnson’s cabinet as health secretary in June 2021 but resigned again in July 2022 amid a wave of resignations that led to Johnson’s downfall.

Centricus, known for its advisory role in the $100 billion Vision Fund—a collaboration between Japan’s SoftBank and Saudi Arabia’s sovereign wealth fund—has a diverse investment portfolio. The firm also made headlines for its involvement in European football governance and an attempted acquisition of Chelsea FC in 2022.

Javid’s consultancy role at Centricus drew scrutiny from Acoba, which highlighted his substantial knowledge of fiscal and monetary policy. Despite concerns that this could provide Centricus with an unfair advantage, the committee ultimately cleared him for the position.

Centricus co-founder Ariburnu, who previously donated £5,000 to Javid’s Bromsgrove constituency office, praised Javid’s contributions. “We are delighted that he has agreed to join our partnership on a full-time basis. We look forward to further benefiting from his in-depth understanding and experience in global markets, international business, and global geopolitics to help guide our firm-wide strategy,” Ariburnu was quoted as saying.

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