MONEY MANAGEMENT

BlackRock appoints former U.K. chancellor of the exchequer as senior adviser

George Osborne, the U.K.'s former chancellor of the exchequer, was named senior adviser to the BlackRock (BLK) Investment Institute.

Mr. Osborne will join on a part-time basis effective Feb. 1.

He was chancellor of the exchequer from May 2010 to July 2016.

“(Mr. Osborne) has a unique and invaluable perspective on the issues that are shaping our world today,” said Laurence D. Fink, chairman and CEO of BlackRock, in a news release. “At the center of our mission is helping people around the world save and invest for retirement, and (Mr. Osborne's) insights will help our clients achieve their goals.”

The institute was created in 2011 to bring together and share investment perspectives for BlackRock's investors and clients. It develops research and investment insights to help investors to understand geopolitical, technological and economic factors that affect their portfolios.

Mr. Osborne will be based in London, and will provide perspectives on European politics and policy, Chinese economic reform and trends, and also on trends including low yields and longevity and their impact on retirement planning.

BlackRock has $5.1 trillion of assets under management. Further details could not be learned by press time. A spokeswoman was not available to comment by press time.