William Waldegrave finds a berth as director at Kleinwort

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The Independent Online
William Waldegrave, chief secretary to the Treasury until losing his seat in the election last May, to is join Dresdner Kleinwort Benson full time as a director in the investment bank's corporate finance division.

He will concentrate on UK corporate clients when he starts work at the bank's City offices on 30 March. A spokesman for the German-owned bank refused to say how much the former MP for Bristol West would be paid. He will be on a one-year rolling contract.

Observers reckon Mr Waldegrave will be valuable to the bank through his contacts in Whitehall, Westminster, the City and boardrooms across corporate Britain. Kleinwort has always prided itself on its political contacts. It won many of the first big privatisation mandates in the 1980s, including that of British Telecom. David Clementi, for instance, the former head of corporate finance at Kleinwort, was last year made deputy Governor of the Bank of England

The Right Honourable William Waldegrave comes from a Tory political family and was educated at Eton, Oxford and Harvard. Elected a member of All Souls, his first political job was as political secretary to Edward Heath as Prime Minister and Leader of the Opposition in 1973-5.

He also acted as assistant to Lord Weinstock, managing director of GEC, from 1975 to 1981. He first entered the Cabinet in 1990 as Secretary of State for Health, and rose to Chief Secretary to the Treasury five years later. He was on holiday yesterday and unavailable for comment. A Dresdner Kleinwort Benson spokesman moved to quash any suspicions that Mr Waldegrave may have ever been in a position to direct privatisation work towards Kleinwort when he was in government. "The Financial Secretary to the Treasury would have dealt with Privatisations; he (Waldegrave) never had anything to do with that," said the spokesman.

Kleinwort says it is growing its corporate finance business. It is just started advising Gallaghers, the US giant, and already deals with Endesa in Spain and Gazprom, the world's biggest gas company, in Russia.