The Nuffield Foundation is an independent charitable trust with a mission to advance educational opportunity and social well-being in the UK. It improves understanding of the issues affecting people’s chances in life and identifies ways to address disadvantage and inequality in our digitally-driven society.

The Foundation funds research, and research-led organisations, which inform social policy and have an impact on people’s lives. Its research focuses on the broad domains of Education, Welfare and Justice but much of its work cuts across them. In 2021, the Foundation spent £24.2 million (not including the DfE-funded Nuffield Early Language Intervention); £16 million of this is in the form of grants to other organisations.

In addition, the Foundation has founded, co-funds and hosts independent bodies to examine areas central to its research agenda in more depth:

• The Nuffield Council on Bioethics, an independent body that informs policy and public debate about the ethical questions raised by biological and medical research
• The Ada Lovelace Institute, an independent research institute and deliberative body with a mission to ensure data and AI work for people and society
• The Nuffield Family Justice Observatory, which improves the lives of children and families by putting data and evidence at the heart of the family justice system

Looking ahead, the Foundation hopes to improve the accessibility, use and collection of evidence in its research areas and increase the profile and influence of its research portfolio and the Foundation as a whole.

The Foundation's income comes from its investments, which total c. £500 million; it does not fundraise or receive funding from the Government, making it financially and politically independent. The endowment’s strategic policy is 70% in public equities, 20% in private equity and 10% in short-dated gilts. The Foundation invests in public equities using six global managers and in private equity using a variety of direct funds.

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 Foundation's investment objective is to have a diversified portfolio which will allow for high and stable long‑term spending. Further details of investment objectives, strategy and performance are contained in the Annual Report and Accounts can be found here. 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. The Committee fulfils a key role on behalf of the Board of Trustees by monitoring and overseeing its financial objectives which are to:

• Have the ability to spend at a sustainable rate over the medium term (more than five years), with the actual timing of expenditure being variable, driven by the Foundation’s risk appetite and quality criteria
• Seek to maintain in real terms the value and purchasing power of the endowment in the longer term
• Reflect the Foundation's mission of advancing social well‑being in how it invests

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.

As one of its advisers is due to step down in June 2022, Nuffield Foundation is looking for an individual with sound and thorough 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.

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.

The position has an honorarium of £12,000 per year and reasonable domestic travel expenses will be reimbursed. This does not translate into a daily or hourly rate as the volume of work is unpredictable and may vary from year to year. The appointment is made by the Trustees of the Foundation and is for a term of three years, which may be renewed once.

There are three Committee meetings per year as well as ad hoc meetings with managers or consultants as required (usually at least 10 per year), either in person or remotely. There is preference for in person meetings, but some can be attended virtually when needed. Candidates must be UK-based.  

Please note that this time requirement may vary, with some meetings coming with only a few days’ notice (such as with a potential private equity manager), and some scheduled far ahead.