University of Toronto Asset
Management (UTAM) has promoted Daren Smith to president and CIO, the endowment
manager announced Friday.
Smith takes over from former
Moriarty, who retired from the C$6.5 billion (US$5 billion) endowment
earlier this year. Smith had served under Moriarty since 2008 as a managing
director focusing on manager selection and portfolio construction.
UTAM said the appointment
followed a “series of changes… aimed at reducing investment risk and making the
asset manager more accountable to the university.”
“Daren understands the
importance of this role, and has built a strong track record as part of UTAM’s
senior team,” said University President Meric Gertler.
UTAM chair John Switzer, who
served as interim chief following Moriarty’s departure, said he was “delighted
with this appointment and with the selection process.”
“It will be a smooth
transition,” he added.
As CIO, Smith said he would
continue to focus on generating “strong value-added returns” for the endowment.
“The only reason for an
organization like UTAM to exist is if it can outperform its benchmarks,” he
said. “We believe that we have the governance, team, infrastructure, and
culture in place to maximize the chances of outperforming in the future.”
Smith holds master’s degrees in
economics and statistics from McMaster University and the University of British
100: William Moriarty