Not long ago we were wondering what the likes of John Kingman saw in UKFI.
The rationale for subjecting oneself to slow death by select committee for up to 143k a year, was not immediately apparent.
But now that Kingman is suddenly leaving, his motivation has become amply clear.
In the words of The Telegraph, Kingman is off in search of ‘City riches,’ and has already ‘spoken to leading investment banks about his prospects.’
According to headhunters, he may well be eligible for a senior advisory role in the style of Tony Blair.
Blair’s apparently earning 2m as a JPMorgan advisor, and has absolutely no need of going into the office.
Kingman will not command such riches, but nor will he be doing badly. Headhunters say advisors usually receive 75-200k a year for one day a week’s work.
“Banks are still struggling with UK government coverage and access,” says one headhunter. She notes, however, that Kingman’s background in the civil service means that although he’ll be able to open doors, he may not be up to much as a salesman.
Queuing up to join
Now that Kingman’s underlined the pleasant repercussions of working for UKFI, finding a substitute for him is unlikely to be a problem.
The Financial Times reports that he’ll probably be replaced in the autumn by a senior banker or hedge fund manager.
One senior banker and likely candidate says the role is undeniably appealing.
“You get amazing contacts with MPs, CFOs, board members and members of the Treasury Select Committee. It gives you an opportunity to get straight into a world that it usually takes years to access. It’s 30 years’ experience condensed into a few years,” he enthuses.