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Capital and Gown at Oxford

Q: How has your endowment performed?

Hood: The university endowment [80% of the endowment is held by individual colleges] is making 6.5% to 7% a year. Could we do better? Some North American universities have achieved above 15% in the last 5 to 10 years. We are looking to see if there is merit in more common endowment management we do manage and how we could bring the right skills to the table in terms of endowment management.

Q: There was a fuss about your plans to cut back on British students.

Macmillan: We thought it would be appropriate to maintain, indeed, to improve, the quality of the student experience [by diminishing] the number of undergraduates while increasing the number of graduate students. The net effect of growing graduate numbers and reducing undergraduate numbers is the number of British students coming here w

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