Search on for new head of Big Society millions

The hunt for a successor to Sir Ronald Cohen at the David Cameron-backed social investment bank got under way over the weekend.

The 67-year-old private equity grandee is leaving Big Society Capital after just one year as chairman, and is moving on to social investment schemes in the US and Israel.

Under his stewardship, Big Society has backed schemes such as a £3m programme from Essex County Council to support vulnerable adolescents going through therapy. The job was advertised over the weekend. Sir Ronald's successor will oversee a £600m fund, two-thirds of which came from money in dormant bank accounts.

Big Society is looking for a candidate that has experience of working in financial services and will be required to work one day a week.

The Prime Minister launched the fund as the central focus of his much-mocked concept of a big society.

Sir Ronald's appointment came as a surprise because he was a generous donor to the Gordon Brown government.