Big Society Capital has announced former Prudential chair Harvey McGrath as its new chair, to take over from Sir Ronald Cohen in January 2014.

McGrath, who was one of this year's top 175 donors in the Sunday Times Giving List, sits on multiple boards already. He is currently co-chair of the new board of the London Enterprise Partnership and vice chair of the Mayor of London’s skills and employment board. He is also a member of the advisory boards of Bridges Ventures and the Centre for Social Justice. 

He has also been chair of Prudential and Man Group and was founding trustee of New Philanthropy Capital.

Big Society Capital, which was established by government to fund and promote social investment, published its first accounts in May showing that it had delivered nearly £40m worth of capital into social investment intermediaries in its first year.

McGrath, said:“I have been closely involved for ten years with social impact investment. I am excited to have this opportunity to contribute to Big Society Capital’s leadership in driving entrepreneurship and innovation in tackling social issues.”

Nick O’Donohoe, CEO of Big Society Capital, added:
“Over the past two and a half years under Sir Ronald, we have built a strong foundation at Big Society Capital. The addition of Harvey, with his extensive financial and social sector experience, will further enhance our ability to build a strong social investment market that addresses the key social issues in the UK.”

McGrath will not be paid for his role.