Exon. - Exeter College - University of Oxford

UNIVERSITY NEWS
Meet Sandra Robertson
The University’s Chief Investment Officer gives us an insight into her role managing Oxford’s
Endowment Fund of £900m, and explains how the University is facing up to the challenges of the
current economic climate.
BY Sandra Robertson and Victoria Elliott (2007, Educational studies)
1. What does your role involve
Oxford University Endowment
Management is responsible for advising
on asset allocation and implementation
for two portfolios: the Oxford
Endowment Fund which is open to
all colleges and trusts in the collegiate
University (for those trusts set up to exist
in perpetuity and to look for an annual
income to fund a chair or bursary,
for example); and the Capital Fund,
designed for investments where access
to the capital and income is required
over two to five years. We invest
globally across all asset classes, relying
on external managers. We generate
investment themes and ideas, and find
talent to implement these.
My own role is varied. Last year
was hectic: setting up the company,
obtaining authorisation from the
Financial Services Authority, recruiting a
team and adding robust infrastructure to
support the portfolios. All this during
one of the most turbulent years in
financial markets within living memory.
2. What is unique about working in
Oxford University
Many of our activities are abroad and
one of the great benefits is that
everyone has heard of the University!
We have found the alumni of Oxford
supportive and generous with their time
and having access to some of the
leading academics, on issues varying
from risk metrics to the environment, is
a privilege.
3. What challenges has the global
economic situation brought and
how is Oxford placed to meet
those challenges
Diversification helped us last year as
we moved the portfolio away from its
initial starting point of 74% in index
tracking funds, mainly UK. We sold
equities and made investments into
other asset areas. The Oxford
Endowment Fund was down 12%
for the calendar year to 31 December
2008 versus the FTSE All Share return
of -30%.
Investors still face headwinds. Politics
is playing a larger part in financial
markets and, for the first time, the
recession is in the financial sector. The
next couple of years will be challenging.
“Politics is playing a
larger part in financial
markets and, for the first
time, the recession is in the
financial sector.”
In 2009 we remain liquid and
defensive; we are being opportunistic
and have bought some assets from
distressed sellers. We have allocated
some capital to experienced distressed
credit managers and are slowly building
up our inflation protection. We continue
to diversify towards regions likely to
grow. High levels of liquidity ensure we
can fund commitments and take
advantage of investment opportunities.
Thinking Ahead
In its second year, the unprecedented fundraising campaign, “Oxford Thinking” is gaining momentum.
Exeter’s Campaign Gifts Officer explains.
By Heidi Kurtz, Campaign Gifts Officer
With a minimum target of £1.25bn,
the fundraising campaign
launched by the University of Oxford
in May 2008, under the title of
“Oxford Thinking: The Campaign for
the University of Oxford”, is the most
ambitious yet. To date, the University
has raised £713m, so there is still quite
a way to go – and the early stages have
had to cope with chill financial winds.
However, the Campaign has a
wonderfully broad menu of priorities,
including ways to support students,
posts and buildings. They are designed,
like the Campaign itself, to be “inclusive
of all aspects of the University, bringing
together the academic priorities of
colleges and departments alike”.
Any gift made in support of any college,
department, post or project across the
Collegiate University is a gift to the
Campaign. All the money raised,
whether at college, department or
University level, is considered equally
as an important contribution and will
be counted towards the Campaign.
The overall goal is to raise Oxford’s
profile, and to ensure its future success
as a world-class institution.
“Oxford Thinking” provides a
wonderful opportunity for donors to
support the University at a level and
in an area of their choosing, and to
be recognised appropriately for their
generosity. Oxford has received
outstanding philanthropic support
throughout its history, from the legacy
of the first founders, to the donors
of the 21st century, all making the
University what it is today. A short
walk through the heart of Oxford,
or a visit to any of the 38 Colleges
or six Permanent Private Halls,
will demonstrate the truth of this.
The “Oxford Thinking” Campaign
is designed to make sure that this
legacy of past philanthropists
is sustained for future generations.
20 EXON Autumn 2009 www.exeter.ox.ac.uk/alumni