Lord Sassoon, the man once tipped to become the next Governor of the Bank of England, has joined Asia-focused conglomerate Jardine Matheson as an executive director.
The former UBS investment banker, who served as a City ambassador under Labour before joining the coalition government, will take up his role later this month.
Jardine Matheson was founded as a trading company in China in 1832 and now invests in companies ranging from engineers to property developers.
In the UK, it is best known for holding a 40% stake in insurance broker Jardine Lloyd Thompson.
Lord Sassoon is viewed as one of the architects of the UK’s new regulatory framework, having recommended a break-up of the Financial Services Authority in a White Paper on financial reform in 2009.
The 57-year-old was replaced by Olympics supremo Paul Deighton as commercial secretary to the Treasury last year.
At the time, it was reported that Lord Sassoon had expressed a desire to return to the private sector.
Sir Henry Keswick, Jardine Matheson’s chairman, said: “We are delighted to welcome Lord Sassoon to the board of Jardine Matheson.
“His expert knowledge and extensive experience in the business, government and financial sectors will be of great value to the group.”
