The graphic element of the logo is the combination of two letter U’s interlocking on a background of 3 colours. The U’s are from a srif font, with one smaller than the other. The white one bleeds to the edge of the blue box, making the serifs look almost triangular. The light blue U in the foreground is more intact, but has an odd green patch appended on the top. If there’s some significance to the shapes created by the interlocking and negative space I’m afraid it’s lost on me. It seems overly fussy, and a distracting rendering of two letters.
In contrast, the choice of Optima for university font with it’s large x-height and delicate curves makes for a very open and fresh feel. The combination of colour and font weight make for a nice balance; the ‘Ulster’ is bold without becoming overpowering.