Relics broken by half-cut Oxbridge fellows? (7)

I believe the answer is:

clerisy

'oxbridge fellows?' is the definition.
(clerisy means clever people, eg Oxbridge academics)

'relics broken by half-cut' is the wordplay.
'broken' is an anagram indicator.
'half cut' means to take half the letters.
'by' cut in half is 'y'.
'relics' anagrammed gives 'cleris'.
'cleris'+'y'='CLERISY'

I've seen this clue in The Independent.

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