As one of its advisers is due to step down in July 2025, the Nuffield Foundation is looking for a new member to join the Committee.
The Investment Committee has five members, of which three are Trustees of the Foundation and two are independent investment professionals from outside the organisation. Trustees are not investment specialists. Cambridge Associates currently provide external consulting advice to the Foundation. All members of the Committee have one vote. The Committee is serviced by the Investment Director. The Director of the Foundation and its Finance Director also attend the meetings.
The Committee does not see managers but receives reports from the Investment Director and the two independent experts at its regular meetings. Commitments to illiquid funds are made after consulting with Cambridge Associates.
We are looking for an individual with sound and senior experience of asset management of a broad investment portfolio, including portfolio construction, asset allocation, stock selection and risk management. The successful candidate must bring an appreciation of the management of a long-term endowment. They will have experience of working for an investment management house as well as experience of dealing in securities at an institutional level.
The incoming adviser will be expected to provide email and telephone support to the Investment Director on a wide range of issues (e.g. hedging, manager reviews, agendas) and support the Foundation’s responsible investing approach. Advisers are invited to offer opinions as members of the Committee but do not give investment advice as regulated by the FCA.
It is also desired that candidates bring a thoughtful and pragmatic approach to ESG issues as well as an understanding of endowed charities and an awareness of investment “plumbing”. The incoming adviser must be credible in the eyes of the Investment Committee and its Trustees. They will add to the cognitive diversity of the Committee by being able to think differently and criticise constructively yet collaboratively. They will also have good, independent judgement and a willingness to probe, challenge and speak their mind.
Please note: The role is unlikely to be compatible with someone who holds a full-time position elsewhere, nor with someone who might be perceived as a competitor to a manager which the Foundation may or may not use.