FIVE postgraduate students will be awarded scholarships in a new joint business masters programme offered by the University of Oxford.

The Oxford 1 + 1 MBA initiative, established through a partnership between the New York-based hedge fund Pershing Square Capital Management’s charitable arm, the Pershing Square Foundation, and the university, will allow students to study the Said Business School’s one-year MBA and follow it up with a specialist subject of their choice. Professor Peter Tufano, the business school dean, said: “This unique ‘depth plus breadth’ approach will redefine business education.

“The programme is designed to address the complexity of challenges which will be faced by the next generation of business leaders.”

The programme aims to draw applicants from a wide range of backgrounds and is looking for candidates who can address global challenges in “diverse and innovative ways”.

The founder and CEO of Pershing Square, Bill Ackman, believes the programme will cultivate future leaders who can create a “positive change around the world”.

Pershing has donated £4.5m to help fund the initiative, along with £3m from the university under the Oxford Graduate Scholarship Matched Fund.

Scholars will undertake two years of study, beginning in autumn 2014.