UK - The University of Cambridge has named Man Global Strategies' Nick Cavalla as its first chief investment officer - to oversee more than £1.2bn (€1.8bn).

"Nick Cavalla, an investment professional with particular expertise in the management of alternative investments, currently with Man Investments, will take up the newly created role in April 2007 and will be based in Cambridge," a statement said.
The appointment follows the formation earlier this year of an Investment Board of experienced investment industry figures to oversee management of the University's endowment fund.

The University said his experience will help it develop an investment approach in line with global best practice, embracing all appropriate asset classes in order to diversify risk and achieve the best possible returns on its endowments and donations.
Cavalla is currently CIO of Man Global Strategies (MGS), one of the three multi-manager alternative investment divisions within Man Investments.

He has previously worked at GNI Ltd., County NatWest Investment Management and Touche Ross. He is a member of the Association of Corporate Treasurers.
"This is a very good appointment for the University," said Schroders' chief executive Michael Dobson, who chairs the Investment Board.

"The successful investment of Cambridge's Endowment Fund is vital in enabling the University to achieve its goals and means that the endowment and contributions to the campaign fund will be managed in line with best industry practice. We look forward to working with Nick. "