Two prominent European politicians have left Centaurus Capital after the US hedge fund decided to disband its entire advisory board. The move comes as critics of firms that employ senior political figures as counsel dismiss the practice as “old school thinking” and distracting in times of financial stress.

Kenneth Clarke, the former UK Chancellor of the Exchequer, and José María Aznar, the former prime minister of Spain, have both left Centaurus having both sat on its advisory board, according to industry publication FinAlternatives. Clarke was last month promoted to the UK Conservative Party's shadow cabinet as secretary of state for business, enterprise and regulatory reform.