The use of external investment advisers among institutions in Oxford and Cambridge is low. This may be due to the high level of professional expertise available internally, including alumni and others within the investment committee who are willing to offer their independent advice. Lack of any regulatory requirement for external expert advice and the historical asset mix of the endowment may have also contributed to the lack of professional employment of investment consultants in managing the endowment. About two-thirds of surveyed colleges in Oxford and Cambridge, for example, did not use any external investment consultants in the management of their endowment portfolios. And among those colleges that did, several registered dissatisfaction with the consultant's ability to deliver a value-added service. Less than 10% of bursars reported plans to appoint a consultant for the sake of strategic asset allocation or risk assessment.
Keywords: Oxford, Cambridge, investment advisers, investment consultants, strategic asset allocation, risk assessment