Former M&G chief Foley to chair What3Words backer Salica

John Foley, the former M&G Investments chief executive, is to become the next chairman of an early-stage investor which counts the location-mapping company What3Words among its portfolio.

Sky News understands that Mr Foley, who left the London-listed asset manager last year, will be named on Thursday as chairman of Salica Investments, which until earlier this year was known as Hambro Perks.

Mr Foley will succeed Sir Anthony Salz, who has chaired the firm since 2021.

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Hambro Perks was founded by Rupert Hambro, an investment veteran who died in 2021, and Dominic Perks, who left the firm last year.

It was established with a focus on backing promising British startups, although it has diversified since then into a broader set of private market funds investing in equity and debt across industry sectors and geographies.

“Having led some of the UK’s pre-eminent financial companies, I am looking forward to bringing this experience to one of the country’s most exciting, fast growing investment companies,” Mr Foley said.

Now run by Andrew Wyke, Salica said on Wednesday that its funds were performing “strongly”.

Among the other investmens in its portfolio are the prominent fintech GoCardless and the fusion start-up FirstLight.

Since leaving the firm, Mr Perks has incorporated Lexham Partners, another London-based investor.

Public filings show that he has joined forces with Sanjiv Somani, the former chief executive of JP Morgan’s digital bank, Chase UK.

Mr Perks is understood to remain among the largest shareholders of the renamed Salica Investments alongside the Hambro family and Phoenix Group, the FTSE-100 insurance and pensions provider.

Former M&G chief Foley to chair What3Words backer Salica

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