Oxford University has appointed its first chief investment officer, as part of a push to make better use of its financial assets.

Sandra Robertson, previously co-head of portfolio management at the Wellcome Trust, will set up and run an investment office to oversee the university's £900m endowment fund.

A spokeswoman for Oxford University explained that it was keen to increase the income it receives from its investments. It strengthened its investment committee earlier this year, increasing the number of members with experience of fund management.

Cambridge University stole a march on Oxford by appointing its own chief investment officer last November, Nick Cavalla, from Man Group.

The move towards more professional fund management expertise illustrates how UK universities are increasingly copying techniques that their American counterparts have long relied on.

In her time at Wellcome Trust, the world's second richest medical charity, Ms Robertson managed a team overseeing its private equity and hedge fund portfolios.

It has provided many millions of pounds to Oxford University over the years, including funding the Wellcome Trust Centre for Human Genetics.

"UK universities have lagged far behind their US counterparts in the size and quality of management of their endowments," said Mark Walport, director of the Wellcome Trust. "It is important that UK universities enhance their endowments as an additional funding source to keep them in the forefront of education, scholarship and research."

The university spokeswoman explained that it is in the process of formulating its strategy on socially responsible investment.

Due to its collegiate format Oxford's colleges handle their own investment funds, which total around £2.7bn, seperately from the central pool.