Augmentum Fintech has appointed former Innovate Finance board member Sir William Russell as a non-executive director.
Sir William, who was the Lord Mayor of the City of London from November 2019 until November 2021 and is an Alderman of the City of London, will join Augmentum Fintech’s board from April 2022.
It comes as the fintech-focused investment fund, which holds a stake in former peer-to-peer lender Zopa, said investor annual returns since inception have reached 21.5 per cent as of 30 September 2021.
Augmentum’s portfolio now comprises 24 companies, and the Zopa stake is worth £25.2m as of the end of September 2021 or 10.6 per cent of the portfolio.
Read more: Augmentum portfolio boosted by Zopa uplift
The London-listed fund said in a stock market update that it continues to follow the principle that “not every good business is a good investment” and routinely passes on opportunities where it believes valuations are inflated.
“I am delighted to welcome William to the Augmentum board,” Neil England, Augmentum Fintech chair, said.
“He has been a champion of UK fintech during his time as Lord Mayor and has the skills and experience to bring a new perspective to Board discussions.
“Our current investment portfolio is performing well and we have an exciting pipeline of opportunities under consideration. The board is now right-sized for the next phase of our growth.”