U of T has announced that Daren Smith has taken the helm of the University of Toronto Asset Management Corporation (UTAM) as President and CIO.
Smith had served as UTAM’s Managing Director, Manager Selection & Porfolio Construction since 2008. Prior to joining UTAM, he was a Partner & Director of Managing Research at Keel Capital, a pension plan based in Nova Scotia.
Smith replaces Bill Moriarty, who had served as the President & CEO of UTAM for eight years before retiring in March 2015. In the interim period, UTAM Chair John Switzer had been serving as acting CEO. In the 2015 Sunshine List, Moriarity was listed as Ontario’s highest-paid public employee. Smith was the seventeenth highest paid in the province and third highest paid at U of T under his previous role.
Smith’s move to the role also marks a new title for UTAM’s head: UTAM is no longer governed by a CEO and instead by a Chief Investment Officer.
Smith told U of T News that he hopes to generate strong returns and raise awareness about UTAM as President.
UTAM is responsible for managing the university’s pension and endowment fund investments, a portfolio of $8.1 billion, according to its most recent annual report.