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The Institution of Engineering and Technology (IET)
The Institution of Engineering and Technology (IET) was formed in 2006 from the merger of the Institution of Electrical Engineers (IEE, founded 1871) and the...
The Institution of Engineering and Technology (IET)
The Institution of Engineering and Technology (IET) was formed in 2006 from the merger of the Institution of Electrical Engineers (IEE, founded 1871) and the Institution of Incorporated Engineers (IIE). It operates as a registered charity governed by a Board of Trustees under the oversight of President Bob Cryan and Chief Executive Ed Almond. Rather than deriving from a single family or corporate windfall, its wealth pools annual subscriptions from over 155,000 members and revenues from academic publishing and professional events. The IET's investment strategy is grounded in direct real estate holdings and a non-property investment portfolio. Its property book includes four named commercial assets: the historic IET London: Savoy Place on the Thames, the headquarters Michael Faraday House in Stevenage, IET Birmingham: Austin Court, and Savoy Hill House. Through its partnership with IEEE, the organization jointly operates the IEEE/IET Electronic Library, creating a recurring intellectual-property revenue stream. The institution also co-funds the Engineering Education Grant Scheme alongside the Institution of Mechanical Engineers. The IET directs capital across its endowment through two charitable vehicles: the IET Benefactors Trust Fund and the IET Futures Fund. These structures support grants, scholarships, and education initiatives in the UK and internationally. In May 2024, the IET announced a partnership with the Royal Academy of Engineering to launch a new sustainability-focused accreditation program for university courses, signaling programmatic expansion into the energy transition skills gap. The IET holds a unique statutory role as a licensed member of the Engineering Council, permitting it to award professional designations including Chartered Engineer (CEng) and Incorporated Engineer (IEng). This licensing authority — combined with ownership of physical assets like the Michael Faraday Notebooks at Savoy Place — makes it less a passive endowment and more an active custodian of Britain's engineering profession.
General information
Firm type
Endowment / Foundation
Year founded
1871
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
Stevenage
Corporate office
Michael Faraday House, Six Hills Way, Stevenage SG1 2AY, United Kingdom
Additional offices
London, United Kingdom · Birmingham, United Kingdom
Principals
Bob Cryan
President
Ed Almond
Chief Executive and Secretary
Sector focus
Frequently asked questions
How does the IET fund its operations as a charity?
The IET funds its charitable mission through a diversified mix of professional membership dues, revenue from academic publishing including the IEEE/IET Electronic Library, conference and event fees, and income generated by its directly owned commercial property portfolio. Its real estate holdings include Savoy Place in London, Michael Faraday House in Stevenage, and Austin Court in Birmingham, which together provide a steady rental and operational base. The organization also maintains a non-property investment portfolio, though specific allocations remain undisclosed.
What is the IET's relationship with the Engineering Council?
The IET is one of a small number of professional engineering institutions licensed by the Engineering Council to assess and award the titles of Chartered Engineer (CEng) and Incorporated Engineer (IEng). This gives the IET a regulatory-adjacent role in setting professional standards for engineers in the UK. The license requires rigorous internal processes and directly influences the IET's membership value proposition.
Does the IET directly invest in private companies or startups?
The IET does not operate as a venture capital or private equity investor. Its deployment takes the form of direct real estate ownership and charitable grant-making through the IET Benefactors Trust Fund and IET Futures Fund. Capital flows toward educational scholarships, research prizes, and policy work rather than direct startup equity.
Who makes investment decisions at the IET?
Investment governance rests with the IET's Board of Trustees, which includes professionals with finance and engineering backgrounds. The Chief Executive, Ed Almond, is responsible for executing strategy, while day-to-day treasury and property management functions are delegated to internal finance teams and, for certain assets, external property managers. Specific investment committee members are not publicly listed.
How is the IET distinct from the Royal Academy of Engineering?
The Royal Academy of Engineering is a national academy with a fellowship of distinguished engineers, while the IET is a professional membership body serving over 155,000 practicing engineers and technologists. The IET focuses on professional registration, publishing, and skills development, whereas the Academy concentrates on policy leadership and recognizing engineering excellence. The two organizations collaborate on national initiatives, including a June 2024 net-zero skills agenda.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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