New CEO appointed for the UK’s National Wealth Fund
Oliver Holbourn has been appointed as the new chief executive officer of the National Wealth Fund, Chancellor Rachel Reeves announced on Tuesday, 15 July 2025.
Previously CEO at RBS International and formerly CEO of UK Financial Investments, Holbourn has more than 25 years of experience across banking, strategy, and public financial investments.
Before these postings, he spent over a decade at Bank of America, where he held the post of Managing Director of Equity Capital Markets for the UK, Ireland, and South Africa.
Appointed following a fair and open recruitment process, Holbourn is expected to take up his post on 1 November 2025.
The National Wealth Fund is the UK government’s principal investor and policy bank. Its remit includes investing public money together with mobilising private capital to help deliver on the government’s growth and clean energy mission.
It has so far committed £2.5 billion of investment and sourced an additional £5.8 billion of capital to deploy, with its economic capital limit being increased to allow it to take on greater risk and support more projects.
Reeves said that under Holbourn’s leadership, the National Wealth Fund will significantly increase the amount of capital it deploys, expand into new sectors, and work with Mayoral Strategic Authorities on improving regional investment.
Holbourn is preceded by previous National Wealth Fund CEO John Flint, who announced earlier this year that he would step down as CEO after overseeing the transition of the organisation from its previous role as the UK Infrastructure Bank (UKIB).
“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,” Holbourn said.
“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.”
“I would like to congratulate Oliver on his appointment as CEO of the National Wealth Fund,” Reeves said.
“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.”
Reeves thanked outgoing CEO John Flint for his leadership in successfully transforming the UK Infrastructure Bank into the National Wealth Fund and laying the foundation for its future.
