Sir David Cooksey was named chairman of U.K. Financial Investments, which manages government stakes in bailed-out U.K. banks, according to a news release from the treasury.
Mr. Cooksey will assume the post on Aug. 1.
He replaces Glen Moreno, who was acting chairman since Sir Philip Hampton left in January to become chairman of the Royal Bank of Scotland.
Mr. Cooksey in 1981 formed Advent Venture Partners, a venture capital firm, and was its chairman until 2006. He is also chairman of London and Continental Railways and Eurasian Natural Resources Corp.