Cambridge University is to appoint a City financier to lead a new team of in-house investment professionals to manage its endowment fund: a move never taken before by a British University. Nick Cavalla, chief investment officer of Man Global Strategies, will take on the pioneering role of CIO of Cambridge’s £1.2bn fund in April.
Cambridge is richer than most UK Universities. Its investments total £4.1bn, although two-thirds of this is held by 31 autonomous colleges managing their own money in their own way. Despite its wealth,Cambridge University, like others including Oxford, struggles with funding shortfalls. Observers say that by recruiting a professional chief investment officer and establishing an in-house office to select external managers for the fund, Cambridge has stolen a march on Oxford.
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