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University of Cambridge appoints Chief Investment Officer
27 November 2006
The University of Cambridge has appointed its first Chief Investment Officer. Nick Cavalla, an investment professional with particular expertise in the management of alternative investments, currently with Man Investments, will take up the newly created role in April 2007 and will be based in Cambridge.
The appointment follows the formation earlier this year of an Investment Board of experienced investment industry figures to oversee management of the University's endowment fund. Cavalla's experience will help the University develop an investment approach in line with global best practice, embracing all appropriate asset classes in order to diversify risk and achieve the best possible returns on its endowments and donations.
The University's central investments are currently valued at over £1.2 billion. In September 2005, Cambridge was the first UK university to announce a £1 billion fund-raising campaign, a collaboration between the University and its 31 Colleges. The campaign focuses strongly on the building of endowment funds.
Professor Alison Richard, Vice-Chancellor of the University said: "I am delighted. Cambridge deserves nothing but the best in all its activities, and Nick brings that quality of excellence to the new investment office."
Nick Cavalla is chief investment officer of Man Global Strategies (MGS), one of the three multi-manager alternative investment divisions within Man Investments. He is responsible for overseeing the teams that research alternative investment managers, their subsequent monitoring and portfolio allocation.
Nick Cavalla will remain involved with MGS in an advisory capacity, as a member of its Investment Board.
Man Investments is the largest provider of hedge funds in the world, with over $58bn in assets under management. It is the asset management arm of Man Group plc, a London-based FTSE 100 company founded more than two centuries ago.
Previously Nick Cavalla was a director of the brokerage house GNI Limited and its investment management subsidiary. His earlier career included periods working for County NatWest Investment Management and Touche Ross, where he qualified as a chartered accountant. He is also a member of the Association of Corporate Treasurers.
The appointment of Nick Cavalla as Chief Investment Officer is a step in the process of building the first professional in-house investment office of any UK university. Cavalla and his team will work with the Investment Board to develop investment objectives and an appropriate investment strategy.
Michael Dobson, Chief Executive of Schroders plc and Chair of Cambridge University's Investment Board said: "This is a very good appointment for the University. The successful investment of Cambridge's Endowment Fund is vital in enabling the University to achieve its goals and means that the endowment and contributions to the campaign fund will be managed in line with best industry practice. We look forward to working with Nick. "
David Swensen, Chief Investment Officer at Yale and also a member of the University's Investment Board said: "Nick Cavalla's appointment positions the University of Cambridge to make significant progress on building its endowment. I fully expect this will be a highly successful move."
"Nick has done an exemplary job for MGS and Man, and we expect he will serve the University well in helping it achieve its investment goals," said Harvey McGrath, Chairman of Man Group. "We are also very pleased that he will remain with MGS in an advisory capacity."
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