1. Man Investments Limited wishes to establish an endowment, which shall be known as the Man Group Endowment for Quantitative Finance, at the University with an initial donation of £3.3 million and with the possibility of making further donations. The initial sum and any further donations are referred to in these Trust Regulations as ‘the Fund’.
2. The overarching purpose of the Fund is to advance education (teaching and research) in the field of quantitative finance.
3. The initial sum of £3.3 million paid into the Fund pursuant to Regulation 1 above shall be held for and applied towards the establishment and maintenance of a new chair in quantitative finance, to be called the Man Professorship in Quantitative Finance.
4. Any further sums paid into the Fund pursuant to Regulation 1 above shall be held on such special trust or trusts consistent with these Trust Regulations (and in particular the overarching purpose set out in Regulation 2 above) as may be prescribed by Man Investments.
5. The University may accept contributions towards the Fund from parties other than Man Investments, whether for the overarching purpose of the endowment as expressed in Regulation 2 above or on such special trust or trusts consistent with the overarching purposes as the donor may prescribe. Any such contributions shall be held in accordance with these Trust Regulations and, for the avoidance of doubt, donors other than Man Investments shall have no entitlement to name the Fund or any special trust within it and Man Investments must approve the naming of any such special trust.
6. The University shall retain the sums paid into the Fund pursuant to Regulation 1 as permanent endowment and shall apply the net income towards the salary and expenses of the holder of the Professorship, and associated overheads. The University may in its absolute discretion, instead of applying the income of the Fund in any year, accumulate all or part of such income by investing it, and holding it as part of the capital of the Fund. Unless the donor agrees otherwise, the University shall retain any further benefactions to the Fund as permanent endowments and shall apply the net income in accordance with the special trust or trusts prescribed pursuant to Regulation 4 or 5 (as appropriate) above.
7. The University, as Trustee of the Fund, may exercise any of its corporate powers in the management and administration of the Fund.
8. The administration of the Fund, and the application of its income, shall be the responsibility of the Management Committee for the Oxford–Man Institute of Quantitative Finance.
9. The Man Professor in Quantitative Finance shall undertake research in and shall lecture and give instruction in quantitative finance and generally promote its study in the University.
10. The Professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or if the head of the college specified in sub-paragraph 9(2) below is the Vice-Chancellor, a person appointed by Council;
(2) the head of the college to which the Chair may be allocated by Council from time to time; or if the head is unable to unwilling to act, a person appointed by the governing body of that college;
(3) a person appointed by the governing body of the college;
(4), (5) two persons appointed by Council;
(6) a person appointed by the Social Sciences Board;
(7) a person appointed by the Mathematical, Physical and Life Sciences Board;
(8)–(10) three persons appointed by the Management Committee of the Oxford–Man Institute of Quantitative Finance.
11. The Professor shall be subject to the General Provisions of the regulations concerning the duties of professors and to those Particular Provisions of the same regulations, which are applicable to the Chair.
12. Regulations 1–8 shall be deemed as Trust Regulations under the provisions of Part D of Statute XVI.
13. Regulations 8–12 may be amended by Council provided always that the University shall consult with Man Investments before the Council makes any amendment to Regulation 8 or Regulation 10 (8)–(10). The University must notify Man Investments of any amendment to the Trust Regulations made pursuant to this Regulation.