Grier, who has been named board chair, serves as vice chairman of US-based Prudential Financial.

GIIN's existence is part of a growing trend of interest in impact investing, sometimes also called "purpose-driven investing", whereby non-financial outcomes, such as education achievement, poverty reduction or social behaviours, are part of the measures of effectiveness of capital investment.

“Mark’s extensive knowledge and expertise in financial services, coupled with his passion for impact investing, make him a great asset to the GIIN and to its members. We are confident that Mark’s leadership will help to propel the GIIN and the impact investing movement forward," Amit Bouri, chief executive and co-founder of GIIN, said in a statement.

In his role at Prudential, Grier oversees the chief investment, finance, risk management, corporate actuarial and investor relations functions, along with several other key functions. He also leads the Global Strategic Initiatives group, which oversees Prudential’s international retirement and China strategies. Grier joined Prudential as chief financial oficer in 1995.

Prudential was an original member of the GIIN’s Investors’ Council, a leadership group for large-scale impact investors.

Bugg-Levine will remain on the GIIN’s board of directors.