Former U.K. Chancellor George Osborne will keep his £650,000 a year job advising U.S. asset manager BlackRock after landing the editorship of a London newspaper.

Mr. Osborne, who advises BlackRock's Investment Institute for four days a month, was this morning unveiled as the editor of the London Evening Standard. He will take up the post in May and will succeed Sarah Sands, who is leaving the newspaper to join the BBC.