Cambridge University Recruits New CIO from Family Office

Tilly Franklin

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.

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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.”

Tags: Cambridge University, CIO, Nick Cavalla, Tilly Franklin

Hedge fund operator Och-Ziff Capital Management will be no more next month, as the $33 billion firm will rebrand to “Sculptor Capital Management” in an effort to rid itself of the taint from a foreign bribery scandal.

Ziff’s clients were notified of the change—scheduled for Sept.12—in a Monday letter, which said individual fund names will also switch to “Sculptor,” from “Oz,” a contraction of Och-Ziff. The new name was chosen because it “evokes the dedication, persistence, and vision that embody what we strive for daily as stewards of your capital,” according to the letter.

The firm is looking to repair its image, which has been harmed by a multiyear bribery scandal involving one of its former executives. The former head of the firm’s European operations, Michael Cohen, had paid bribes to top African government officials.

Och-Ziff disclosed in 2014 it was being investigated. The financial impact on the firm was $27 billion in total client outflows over the next five years, not to mention the $400 million fine it paid in the bribery case’s settlement. Cohen, who was ousted by the hedge fund, was charged with fraud in January 2018. In May, he pleaded guilty to a single count of lying to federal authorities.

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The organization has restructured its leadership over the past several years, including former Credit Suisse executive Robert Shafir’s CEO appointment last year, and the recent hire of Louisa Church as head of investor relations in Europe, the Middle East, and Africa. But one titanic shift could also be responsible for the name change: Founder Dan Och retired as chairman in March.

“These steps transferred governance and ownership to the current partners while establishing long-term incentives that align the firm’s partners and our investors,” the letter said. “These changes ensure continuity in our investment team while recognizing that we have begun a new chapter in our history.”

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Tags: Dan Och, Hedge Funds, Och Ziff, Sculptor Capital Management