TERMS OF REFERENCE

1. GENERAL INFORMAION

Services Description: Update of the Investment Policy Statement for Makerere University Endowment Fund.

Post Title: Investment Consultant

Duty Station: Kampala

Start Date: September 1, 2023

Duration: 15 Days

2. INTRODUCTION

At its 130th meeting held on February 20th, 2014, the Makerere University Council approved the setting up of the Makerere University Endowment Fund (MAKEF) with the following objectives;

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a) To receive and or mobilize funds for the benefit of the University;

b) To invest the funds held by MAKEF in such a manner as may from time to time be determined by the Board of Trustees in line with the Investment Policy; and

c) To fund scholarships, research, infrastructure, teaching and learning materials, staff remuneration and activities that are aimed at attaining the objectives for which the University was established.

MAKEF is administered by a 7-member Board of Trustees with a full time secretariat at the University. MAKEF requires the services of a suitably qualified and experienced Investment and

Financial Analyst to update the current Investment Policy Statement for the Makerere University Endowment Fund.

The Endowment Funds are currently managed by two Fund Managers including;

(i) Crown Agents Investment Management (CAIM) as offshore Fund Managers based in the United Kingdom; and

(ii) Gen Africa Asset Managers as the onshore Fund Managers based in Uganda. Offshore Endowment Funds are invested in mainly equities in the United Kingdom with up to 95 percent of the funds in large, medium and small equities. Endowment Funds in Uganda are invested in mainly government securities with up to 80 percent invested in Government bonds and treasury bills. An additional 19 percent is invested in unit trusts.

2.1. Rationale

The current investment policy statement (IPS) was set in May 2015 and since then there have been significant changes in the investment and financial environment both in Uganda and the United Kingdom. In addition, MAKEF developed a new strategic plan with a corporate target to double the fund size, necessitating a review of the return on investment targets. An update of the current IPS will help to ensure that MAKEF’s investment program is well structured to achieve the new corporate strategy and investment goals.

2.2. The Scope of Work

The scope of work of the Consultant(s) will include, but not be limited to:

a) Update the IPS to enable the Endowment Fund to generate sufficient investment income that adequately covers an optimized annual spending rate, annual inflation and the annual cost of fund management.

b) Update the IPS to align to the Fund’s corporate objective of doubling the fund size over a 5- year period, while ensuring that investment income adequately covers the annual spending, inflation and costs of fund management.

c) The IPS should clearly articulate how MAKEF determines the level of acceptable investment risk. The policy should set out the criteria for determining ability (or risk capacity) and willingness (or risk appetite) for investment risk. The policy should further set out how investment risk shall be measured on a periodic basis.

3. REQUIRED PROFILE OF THE CONSULTANT

a) Masters’ Degree in Finance, Investment, Business Administration or related field

b) Members of the Association of Chartered Certified Accountants (ACCA)

c)Professional training in finance, accounting, taxation, risk management, corporate strategy, financial risk and compliance management and bank operations will be an added

d) Member of the Chartered Financial Analyst (CFA) will be an added advantage

4. REQUEST FOR CONCEPTS

Individuals meeting the above criteria are requested to submit their technical concept (not more than 3pages) and a financial quote per day of professional engagement.

4.1. Technical Concept should indicate the following;

a) The individual’s understanding of the Terms of Reference (TORs) and his/her capacity and availability to deliver the assignment;

b) Proposed method of delivery, work-plan and timelines for undertaking and completing the assignment, and the deliverables;

c) Two referees and their contact details with whom the individual has delivered similar assignments in the last 5 years;

d) His/her CV as an attachment.

5. How to Apply

Applications should be submitted to ef@mak.ac.ug not later than Friday August 18, 2023 at 5:00 pm