A prestigious scholarship for Asian students to study at the universities of Oxford and Cambridge is stopping after 44 years, with organisers saying they want to concentrate on supporting students to go to top local universities instead.

The Jardine Foundation Oxford and Cambridge Undergraduate Scholarship Scheme, funded by Hong Kong investment company Jardine Matheson, has announced that it will make no further awards for Oxford and Cambridge universities, instead focusing support on those attending Asian universities.

The decision was announced following a strategic review, and represents a shift towards prioritising higher educational opportunities in Asia.

In a statement, the Jardine Foundation said it will be increasing its “focus and investment in Asia, expanding opportunities for local students to study at leading universities in the region”.

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However, the foundation said it remains “committed to providing access to higher education by talented students across the Asian communities in which Jardines operates”.

The undergraduate scholarship partnered with four colleges at Oxford and four colleges at Cambridge. It was open to nationals of 11 Asian countries: Cambodia, China, Hong Kong, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

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The scholarship covered course fees, the cost of books and materials, living expenses as well as travel expenses to and from the universities.

The Jardine Foundation has confirmed that current undergraduate scholars at Oxford and Cambridge will continue to receive full financial support until the completion of their studies.

Students starting their undergraduate degree in autumn of this year will be the final cohort under the Oxbridge undergraduate scheme.

The long-running foundation was established in 1982, and while the focus was initially on Oxford and Cambridge, it now partners with several Asian universities including the University of Hong Kong, Fulbright University Vietnam, and two leading universities in Indonesia; Universitas Gadjah Mada and Institut Teknologi Bandung.

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Over more than 40 years, the foundation has awarded over 600 scholarships, averaging about 50 scholarships per year, to a total value of nearly £45 million.

This change will only apply to the undergraduate scholarship scheme with postgraduates heading to Oxford or Cambridge continuing to receive support.

rosalind.skillen@timeshighereducation.com