Investments Committee

On this page you will find:

• Overview
• Meeting dates
• Terms of Reference
• Members
• Final Report of the UCL Investment Review Group
   

Overview

Reports to

Council and Finance Committee

Chair

Phil Clark

Secretary

Nick McGhee | n.mcghee@ucl.ac.uk 

For agendas and minutes; apologies for absence

Meeting dates

Scheduled meeting dates: 2025-26

The copy deadlines quoted are the latest dates by which the final papers must be received by the secretary. Please use the templates for papers submission.

Minutes of meetings are confidential to the committee and are not available online.

Terms of Reference

The Investments Committee is a sub-committee of Finance Committee. Subject to any general or particular direction that may from time to time be given by Council or Finance Committee, the Investments Committee is charged by Council:

1. According to powers delegated to the Investments Committee by Council through Finance Committee, to govern, manage and regulate the investments of UCL, taking due account of the following provision of the UCL Statutes: Subject to the conditions or provisions, if any, attached by the donor to any gift from which the same are derived, moneys and funds of the College may be invested in such stocks, funds, fully-paid shares or securities and investments as the Council shall from time to time think fit, whether within the United Kingdom of Great Britain and Northern Ireland or not, including the purchase of land of any tenure or any interest therein in the said United Kingdom: provided that in the case of moneys and funds held by the College as trustees the power conferred by this Statute shall be exercised subject to the provisions of the law relating to investment by trustees.
2. In particular to:
   • recommend to Finance Committee the endorsement of the investment strategy and targets
   • ensure the implementation of UCL’s investment policy, consistent with UCL’s cashflow requirements
   • monitor and review the asset allocations, risk tolerance, asset class ranges and frequency of re-balancing;
   • monitor and review the case for including new asset classes or strategies;
   • recommend changes to the strategic asset allocation in accordance with the above;
   • determine from time-to time appropriate benchmarks, risk parameters and performance targets;
   • monitor the performance of the investments and of its appointed investment manager and make recommendations to the Finance Committee related to performance;
   • assist in the assessment and selection of investment managers and advisers, making recommendations to the Finance Committee.
3. To monitor UCL’s approach to responsible investment, in light of the ethical considerations set out in UCL’s Investments Policy.
4. To review and, where appropriate, to recommend changes to the Investments Policy.
5. To be accountable to Finance Committee by submission to the Finance Committee officers of the minutes of each meeting of the Investments Committee and with oral updates as necessary, and to provide an annual report to Finance Committee on performance and return of the investment portfolio.
6. To submit the annual report to Council and the Finance Committee each year and provide an opportunity for discussion with Committee members of any matters arising.

Membership

The quorum of the Investments Committee shall be half of the total members of the Committee.

Ex Officio members

Treasurer - Roger Blundell

President and Provost - Dr Michael Spence

Chief Financial Officer - Charu Gorasia

Students’ Union President - Anam Choudhary

Members of Council and external members

Up to four members comprising of Members of Council (excluding the Treasurer) and external members with investments expertise, appointed by Council on the recommendation of Nominations Committee. At least two of Investments Committee members shall be Appointed Members of Council. One of the Appointed Members shall be appointed Chair of Investments Committee by Council on the recommendation of Nominations Committee:

• Phil Clark (Chair)
• Professor Sandra Leaton Gray
• Sarah Whitney

Co-opted members

• Joseph Tabarani
• Roy Kuo
• Alexandra Vincenzi

Secretary

Nick McGhee

Final Report of the UCL Investment Review Group

UCL established an Investment Review Group (IRG), which held a series of meetings in 2025 and looked at UCL’s investment portfolio, examining possible ties with arms companies or organizations linked with human rights violations. The group’s final report is available here.

Phil Clarke, Chair of the Investment Committee, said: “I would like to express my strong appreciation for the many hours and effort that the Review Group has put into delivering this report. It has been a pleasure to chair the Group, form new friends within the UCL community, and witness that the spirit of UCL is as present today as it was when the University was established.”