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Sandra Robertson, who has led Oxford University’s £6.5bn endowment fund since its founding nearly two decades ago, is to step down as chief investment officer, according to three people familiar with the situation.
Robertson, who is currently chief investment officer and managing director of Oxford University Endowment Management, will step down as chief investment officer from January next year and remain chief executive. Deputy chief investment officer Neamul Mohsin, who joined the institution 12 years ago, will become chief investment officer.
The OUEM was established in 2007 and is one of the largest foundations in the UK. It administers funds for Oxford colleges including Christ Church, Brasenose and Balliol, as well as other institutions such as Radley College and the Wolfson Foundation.
The Oxford endowment fund has gained 4.4% a year over the three years to 31 December, hit by a sell-off in US stock markets in 2022. It is up 9% in the 12 months to July and has gained 8.7% a year since its inception in early 2009 to the end of July. It distributed £1.6bn to investors over this period.
By the end of 2023, one-third of OUEM’s assets had been invested in private equitywith a further 35 per cent in public equities. The remainder is largely split between credit, property, short-term bonds and cash. The investment team has been adjusting its asset allocation on the margin, slightly reducing exposure to managers investing in US technology stocks and private equity, according to a person close to the firm.
The OUEM confirmed the changes and said the split of CEO and CIO roles is a “natural progression” that reflects how the institution has grown since its formation. Back then, it managed £600m for a single investor, the University of Oxford. It now manages more than £6.5bn on behalf of 46 investors.
The fund, whose investment committee is packed with financial figures, has been led by Robertson since its founding. Sir Paul Ruddock, chairman of Oxford University’s investment committee, is also set to step down after more than a decade in the role and will be replaced by private equity executive Zeina Bain.
Two years ago, the Financial Times reported that OUEM had lost more than half of its investment staff Over an 18-month period, which marked a rare period of turbulence at the institution, the departures included then-deputy IT director Jack Edmondson. At the time, some investors said Robertson’s leadership style and frustration over the length of his tenure had contributed to some of the departures.
At the time, Ruddock said Robertson had “built a very strong team, respected by peers, investors and other members of the investment industry” and that OUEM served as an “engine room for talent.”
The person close to the firm said high staff turnover following the pandemic, which was common in many companies, had now stabilised.
Mohsin began his career as a consultant at PwC, where he specialised in commercial due diligence and business valuations. He joined OUEM’s investment team in 2012 and has been Deputy Chief Investment Officer for the past two years.
Prior to joining OUEM at its inception in 2007, Robertson held senior positions at the Wellcome Trust, the UK’s largest endowment fund, most recently as Co-Head of Portfolio Management.
The £36.8bn foundation is undergoing its own generational change in its investment team. Chief investment officer Nick Moakes is retiring in March after 17 years. He will be replaced by Lisha Patel and Fabian Thehos, who are currently managing directors in Wellcome’s investment team.