Former Tory leader William Hague joins corporate intelligence group Hakluyt

Hakluyt, the corporate consultancy founded by ex-MI6 intelligence officers, is appointing former UK Conservative party leader Lord William Hague as chair of its international advisory board. 

Hague, who is stepping down as a senior adviser at public relations firm Teneo, will begin the role at the start of May, adding to a portfolio that includes advisory roles at US bank Citigroup and British “magic circle” law firm Linklaters. 

The former McKinsey consultant, who served as UK foreign secretary from 2010 to 2014, said he spends about half his time on his portfolio of business roles, which also includes a board seat at Intercontinental Exchange, the company behind the New York Stock Exchange

Companies pay Hakluyt to gather intelligence on corporate, regulatory and geopolitical issues to assist in their decision-making in areas such as mergers and acquisitions. Hakluyt is part of the corporate advisory sector that has enjoyed a boom in recent years, fuelling mergers and attracting interest from private equity investors.

The firm — named after the Elizabethan writer, priest, geographer, diplomat and rumoured spy, Richard Hakluyt — gleans information from a network of thousands of individuals worldwide who provide information that it presents to clients in reports for which it charges hefty fees. 

Managing partner Varun Chandra told the Financial Times in an interview that governments and regulators had become more “interventionist”, fuelling demand for insight into their thinking. Rising geopolitical tensions and the commercial and regulatory disruption being wrought by artificial intelligence also present opportunities for the group. 

Chandra said that his firm, which employs about 200 people in 13 countries, expected to generate revenues of £137mn in its current financial year, which runs to June, up from £113mn a year earlier when it reported profits of £18.2mn. 

Under Chandra, who has led the London-headquartered firm since 2019, Hakluyt has been expanding and attempting to “demystify” its work as part of an effort to become a more mainstream adviser to companies and private equity groups. 

Hague will chair a heavyweight group of advisers, including company chairs, former government ministers and ex-intelligence officials who Chandra said play a dual role meeting clients and advising Hakluyt on expanding its own business. 

The advisory board includes Paul Achleitner, former Deutsche Bank supervisory board chair; Baroness Shriti Vadera, chair of insurer Prudential; former GCHQ director Sir Iain Lobban; Indian billionaire Sunil Bharti Mittal; and Saudi businesswoman Lubna Olayan. 

Hague will take over from former Unilever boss Niall FitzGerald, who has headed Hakluyt’s advisory board for the past decade.