Endowment Asset Management: Investment Strategies in Oxford and Cambridge

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There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are able to draw on invested assets that are large by any standards. Endowment Asset Management explores how the colleges that comprise these two great universities make their investment decisions.

Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over 30 constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the authors explore in detail.

The first study of its kind, Endowment Asset Management analyses the objectives, investment philosophy, asset management and governance of over 60 college and university endowment funds. Drawing on exhaustive research and detailed discussions with Oxford and Cambridge investment bursars, the authors investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and
carefully analyses their strategies, which range from the traditional to cutting edge.

The authors' findings are thought provoking for anyone concerned with the assets of foundations, endowments, charities, family offices, or trusts. All investors with a long-term investment horizon will find it extremely engaging.

Endowment Asset Management: Investment Strategies in Oxford and Cambridge Review

This book makes a fine complement to Kochard and Rittereiser's Foundation and Endowment Investing by providing a view into the investment practices of universities outside of North America. It did an excellent job highlighting some of the major differences between asset allocation between US and the Oxbridge universities, particularly the greater use of real estate in the UK and the greater use of alternatives by larger US endowments. While perhaps outside of the intended scope of the book, it would have been interesting to see more comparison with endowment practices of other universities around the globe particularly continental Europe and Asia. As a minor point, I felt that the book could have made greater use of data tables instead of describing the same data in narrative form.

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