Chancellor Rachel Reeves has appointed the former CEO of RBS International as CEO of the National Wealth Fund.
Oliver Holbourn, who left RBS International Holdings – a subsidiary of NatWest Group – last month, will lead the government’s principal investor and policy bank, which is at the forefront of investing public money and mobilising private capital to help deliver on its growth and clean energy missions.
He previously served as CEO of UK Financial Investments (UKFI), where he was responsible for managing the government’s shareholdings in RBS, Lloyds and UK Asset Resolution, overseeing complex, high-value shareholdings on behalf of the UK taxpayer.
Earlier in his career, Holbourn spent over a decade at Bank of America, latterly as managing director of equity capital markets for the UK, Ireland and South Africa.
Since its launch in October 2024, the National Wealth Fund has committed £2.5bn, supporting 10,700 jobs. It also has expanded firepower, with £5.8bn of additional capital to deploy.
The government says that under Holbourn’s leadership, it will enter a new phase of significantly increasing the amount of capital it deploys; expanding into new sectors; and trialling Strategic Partnerships with Mayoral Strategic Authorities to develop richer pipelines for regional investment.
Holbourn will take up the role on 1st November.
“I would like to congratulate Oliver on his appointment as CEO of the National Wealth Fund,” said Reeves.
“Oliver brings a wealth of private sector expertise and public service experience to this critical role. His expertise will be instrumental in delivering the government’s growth and clean energy missions.
“I would like to thank John Flint for his leadership in successfully transforming the UK Infrastructure Bank into the National Wealth Fund and for laying a strong foundation for its future growth.”
Holbourn said: “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.
“I am excited to get to work – using the NWF’s expertise and resources to partner with businesses, investors, mayoral combined and local authorities, and ministers and stakeholders to mobilise private investment alongside public sector finance. This will help drive sustainable economic growth across the UK and support the clean energy transition.”