Investment fund Ingenious Media Active Capital (IMAC) has appointed a new chairman.

Mike Luckwell has been hired to replace former Sky chief executive Tony Ball.

He will lead the fund which floated on the London Stock Wxchange in 2006 and raised £150m to invest in media.

It has since financed firms including Whizz Kid Entertainment, Digital Rights Group, Crystal Entertainment and Two Way Media. Luckwell will take the reigns on January 26 and about £50m remains to be invested.

He set up special effects firm The Moving Picture Company in 1970 and later held senior positions at Carlton, Hit Entertainment, The Baby Channel and Simply Media.

Ball said of his departure: "I have enjoyed my time with IMAC and we have achieved much since the IPO, with 16 investments now made in a total of 13 companies. My other business commitments in Europe now mean that it is time for me to move on."