The Adventure Capital Fund has formed a new company, Adventure Capital Fund Management, to manage the Futurebuilders fund from 1st April. The ACF has appointed Acevo’s chief executive Stephen Bubb to chair the new venture.

The ACFM will act as the supervisory company to Futurebuilders England, and as such, said the ACF, Futurebuilders will be committed to comply with ACFM budgets and strategy for the Futurebuilders fund.

Stephen Bubb will reduce his commitments at Acevo to four days per week, while the umbrella group’s director of strategy and enterprise, Peter Kyle, will become deputy chief executive to pick up the slack.

Commenting on his appointment, Bubb said: “Both the Acevo board and I were very keen to ensure proper governance arrangements to give effective time to both my Acevo and Futurebuilders roles. I see my key role as ambassador for the organisation, helping it to achieve its objectives by getting more third sector organisations to deliver public services.”

Richard Gutch, Futurebuilders England’s chief executive will be stepping down from his role at the end of March. Gutch said: “Over the past four years I have had the privilege of working with an excellent chair, Peter Wheeler, and a brilliant board and investment committee. I have also had a very talented senior management and staff. The positive reports we’ve received from the Futurebuilders Advisory Panel, the National Audit Office and Sheffield Hallam University, are a credit to their hard work and commitment.”

Gutch will be replaced on 1st April by the ACF’s chief executive, Jonathan Lewis.