Sir Michael Hintze the billionaire founder of hedge fund CQS and longtime Conservative Party donor, is to take up a seat in the House of Lords after King Charles III approved a recommendation from Boris Johnson to grant the 69-year-old a life peerage, according to a report by the Financial Review.

Sir Michael Hintze the billionaire founder of hedge fund CQS and longtime Conservative Party donor, is to take up a seat in the House of Lords after King Charles III approved a recommendation from Boris Johnson to grant the 69-year-old a life peerage, according to a report by the Financial Review.

Hintz, who sits at 52nd spot on the Financial Review Rich List with a fortune estimated at $2.2 billion, including substantial agricultural holdings in Australia, will become Lord Hintze and will be able to take part in debates on legislation, sit on committees, use the Lords’ library and dining rooms, and potentially even become a government minister.

Hintze has been a high-profile donor to the Conservative Party over the years, reportedly gifting more than £4 million ($7.2 million) in total.