Mitchell, who has previously worked at Lazard, will join Investec as a senior strategic adviser carrying a £60,000 ($95,826) salary for 10 days’ work a year, according to the FT.

“I’m looking forward to working with Investec and the very talented team there,” Mitchell said.

WealthBriefing contacted Investec about the appointment, however the organisation had not responded at the time of going to press.

Mitchell stepped down from his cabinet role in October 2012 after being accused of calling a policeman a “pleb” after he was refused entry through the main gates at Downing Street with his bicycle. The incident is now being investigated as a senior police officer has recently claimed that Mitchell was set up by the police officers. CCTV evidence has also undermined the accusations. Since the first media report, Mitchell has hotly denied the claims.

As such, Mitchell has a 24-hour release clause in his contract, which would allow him to return to politics if the police investigation finishes next year, the FT said.

Investec Asset Management is currently owned by parent firm Investec Group, which reported profits of £433 million for the year ending on 31 March 2013.