Finance and investment
Our income comes from the interest on our investments. We do not fundraise or receive funding from the Government. We are financially and politically independent.
Investment Committee
The Investment Committee is responsible for devising and delivering our investment strategy in accordance with the trustees’ financial objectives. These objectives are to maintain our endowment in real terms whilst generating a consistent amount to spend on our charitable activities.
We plan for a long term nominal return of 8% per annum. Asset allocation is 10% in Gilts, 70% in global equities and 20% in private assets. We aim to distribute 4.5% of the average market value of the previous twelve quarters.
The Investment Committee comprises three Trustees and two external experts appointed by Trustees. It operates under terms of reference set by Trustees. The two external experts, together with the Director of the Foundation and the Finance Director, form a sub-committee which conducts regular, routine business on behalf of the committee.
Current members
- Andrew Dilnot (Trustee)
- Peter Doyle (Trustee)
- David Rhind (Chairman of Trustees)
- David Erskine (external investment adviser)
- Vivian Bazalgette (external investment adviser)
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David Erskine holds a variety of non-executive positions. He is a member of the Investment Committee of The Atlantic Philanthropies Group; the Advisory Board of a Scandinavian family office; the Investment Advisory Committees of two Funds of Hedge Funds; and the Board of a Luxembourg SICAV.
Both an economist and an accountant by training, David was previously the Chief Investment Officer of The Atlantic Philanthropies from 1999 to 2005; head of the Multi-Manager business at Global Asset Management from 1995 to 1999; and Investment Manager of the
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Vivian Bazalgette was educated at Cambridge University and has over thirty years' experience of investment markets. He has been an executive director on two fund management company boards and his last full time role was as Chief Investment Officer of Prudential M&G.
His charitable involvements have included the Investment Committee of St. John's College, Cambridge and King's College Hospital Charity as a trustee. Currently, he is on the Advisory Board of Greenwich Hospital, the Board of Governors of Dulwich College and the Board of the Dulwich Estate. Vivian is also a non-executive director of three investment trusts and advises BAE Systems Pension Fund as well as being a member of the Investment Committee of St. James's Place PLC, the wealth manager.
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