After almost a year since a mass exit in its investment division, Cambridge University has found a new chief investment officer.
The new CIO to run the $3.9 billion university endowment: Tilly Franklin, who will leave her director of investments and head of private equity role at London advisory firm and single family office Alta Advisers after 11 years. Alta invests on behalf of Swedish billionaire Hans Rausing, whose father founded the Tetra Pak food packing company.
Part of what drew Franklin to her new job is the fact that she is a Cambridge graduate. She got her master’s degree there in 1993, her LinkedIn profile shows. Franklin has also been on Cambridge’s investment board since 2014.
“As an alumna, I’m delighted to be taking on a role at this great university, and helping to support its world-leading research and teaching,” she said.
Franklin succeeds Nick Cavalla, who suddenly departed the fund last September after 10 years to become chief executive officer of Talisman Global Asset Management, the investment arm of the William Pears Group. The ex-CIO also took three team members with him: Investment Director Bruce Lockwood, and Conor Cassidy and Vincent Fruchard, who were associate investment directors.
It is unclear if Cambridge has filled Lockwood, Cassidy, and Fruchard’s old positions.
At the time of his exit, Cavalla said Cambridge’s endowment was “in great shape for the future.” But keeping it that way won’t be easy for Franklin, as the fund prepares for what it called a “challenging era for fund management,” given lower expected returns.
“Tilly is the ideal person to lead the endowment fund into this new era,” said Stephen Toope, the university’s vice chancellor. “She brings a wealth of financial experience and a passionate commitment to responsible fund management.”