Daren SmithUniversity of Toronto Asset Management (UTAM) has promoted Daren Smith to president and CIO, the endowment manager announced Friday.
Smith takes over from former chief William 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 Columbia.
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