Chair of Cambridge University Endowment Trustee Body

The Council wishes to appoint a Chair of the recently formed Cambridge University Endowment Trustee Body (see the Report: Reporter, 6655, 2021–22, p. 468). 

The Cambridge University Endowment Fund (CUEF) has as a fund manager the University of Cambridge Investment Management Ltd (UCIM).  UCIM is regulated by the Financial Conduct Authority and is advised by an Investment Advisory Board (IAB) which brings considerable relevant external investment expertise.

The role of the new Trustee Body is to set the high-level investment principles, fund performance and distribution objectives in consultation with UCIM and the IAB, to monitor the performance of the CUEF and UCIM.  The Trustee Body is not involved in asset allocation or selection of investments or fund managers (which is the role of UCIM) but to ensure that UCIM is investing appropriately taking due regard to risk, return and responsible investment in accordance with its mandate while acting on behalf of all its investors equally.

The CUEF currently has 19 investors comprising the University, 13 Colleges and 5 trusts, each of which is a separate legal entity. The University, as the largest investor in the CUEF, closely monitors the performance of its investment in the CUEF through the Council’s Finance Committee (Financial Investment Sub-Committee), but also through annual presentations by UCIM to the Council and its Finance Committee.  The University is also the trustee of the CUEF and has approved the establishment of the Cambridge University Endowment Trustee Body to minimise any conflict of interest that might arise.  

There will be five Trustee Body members in addition to the Chair – two appointed by Council, two appointed by the non-University investors and one by members of the Body itself.  At least one member will need significant experience in responsible investment and, to ensure diversity of thought and perspective, at least one member need not be from a professional investment background. Trustee Body members must at all times act in the interests of all investors, not the interest of any investor that appointed them (to the extent there is a conflict).

The position
As the Chair of the Cambridge University Endowment Trustee Body the appointed person will play a key role in the oversight of UCIM as a regulated fund manager to ensure that collective investments are managed competently, appropriately and fairly.

The Chair will work with stakeholders to establish the Trustee Body and will be involved in the appointment of its remaining members towards the end of 2022.  

The Chair will also be responsible for ensuring the views of the collegiate University investors are well understood and are fairly represented.

Attributes and experience 
The person appointed as Chair of the Trustee Body will have an outstanding record with broad knowledge of financial markets and previous experience of overseeing funds – ideally regulated funds that resemble the CUEF.  An understanding of philanthropic fundraising and the attitude of donors to funds that will be held in the CUEF is also valuable. 

The CUEF is open to investment only from the University and charitable entities connected to it.  As such, it is important that the inaugural Chair has a good understanding of the operation of the collegiate University and sympathy with its mission.

The successful candidate will be a strong and inclusive communicator, who has most likely had a long association with the University or a College, as well as senior oversight in one or more financial institutions. That person will enjoy and be successful at overseeing high-performing teams, working with both academic and financial colleagues.  

Terms of appointment
The position of Chair is an unpaid role, for a minimum tenure of four years. Given that this is a new role, the time commitment is as yet undefined, but it will most likely be no more than 10 –12 days per annum. The successful candidate will be able to claim reasonable expenses incurred in the course of business associated with the Trustee Body. 

Process for appointment
The Council is being advised by a Nominating Committee, which is chaired by Ms Sharon Flood and has the following additional members: Dr Nicholas Holmes, Dr Ann Kaminski, Mr Naguib Kheraj, Mr Ian Wright.

The Council is committed to a pro-active and inclusive approach to equality, which supports and encourages all under-represented groups, promotes an inclusive culture, and values diversity.  

Expressions of interest, which should comprise a curriculum vitae and covering letter should be sent by email to the Anthony Odgers, Chief Financial Officer [email protected] by 12 noon on Thursday, 8 September 2022.