The UK-based alternative investment manager has confirmed it is preparing to welcome the high-level political figure.

London-listed Man Group has confirmed it is planning on appointing former trade minister Lord Livingston as its new chairman.

The appointment, which is subject to approval from the Financial Conduct Authority, would follow the planned retirement of Jon Aisbitt at Man Group's annual general meeting next year. Aisbitt has been chairman of the group since 2007.

Livingstone, who served as the UK's minister of state for trade and investment between 2013 and 2015, was formerly chief executive of BT Group.

“Man Group confirms that the potential appointment of Lord Livingston is currently subject to FCA review and that an announcement will be made when the process is complete,” the group said in a statement on the London Stock Exchange.

Livingston, who as trade minister worked under British prime minister David Cameron, is one of several political figures to be linked to roles in the financial sector this month. 

Last week, Gordon Brown, the former UK prime minister, joined investment management firm PIMCO while Alistair Darling, former UK Chancellor of the Exchequer aka finance minister, joined Morgan Stanley's board of directors. Sir Andrew Large, the former deputy governor of the Bank of England, also joined an advisory group set up by Bermuda’s official monetary authority.