History & Mandate

The University of Toronto Asset Management Corporation (UTAM) was established on April 25, 2000 by the Governing Council of the University of Toronto as a separately incorporated investment management organization governed by its own Board of Directors.

Timeline

The following timeline shows significant events in UTAM’s history and highlights our focus on good governance, risk management, transparency and responsible investing.

2000
2005
2010
2011
2012
2013
2016
2017
2018
2020
2021

UTAM established

Registered with the Ontario Securities Commission

The Investment Advisory Committee is formed to provide advice and guidance to UTAM management

  • Chuck O’Reilly joined UTAM in May 2011
  • Appointed its first Chief Risk Officer

Implemented a comprehensive risk system

Implemented a detailed performance attribution system

  • Value added to the Pension and Endowment portfolios over a five-year period exceeds $500 million for the first time
  • Became a signatory to the PRI and committed to responsible investing
  • The expert external Investment Committee replaced the Investment Advisory Committee

Chuck O’Reilly appointed as Senior Portfolio Manager

  • Chuck O’Reilly appointed as Head of Public Equities
  • UTAM’s assets under management on behalf of the University reached $10 billion*
    * Includes Pension assets under management

• UTAM celebrates its 20th year of operation
• Selected and began implementation of SS&C’s Advent Geneva, an industry-leading accounting system

Chuck O’Reilly appointed as President and Chief Investment Officer


Mandate

UTAM’s sole activity is to manage assets of the University of Toronto, prudently and in accordance with our client’s directions. We work in close collaboration with the University to ensure that we fully understand its investment objectives along with all other considerations, and this is reflected in our management activities.

UTAM takes direction from U of T’s administration and its governance bodies. UTAM staff meet regularly with the UTAM Board, the University administration, the Investment Committee (which reports directly to the President of the university), and the University’s Business Board.

UTAM manages two portfolios on behalf of the University. These are their mandates:


1. The Long Term Capital Appreciation Pool(LTCAP or Endowment)

The Endowment primarily represents certain of the University’s endowment funds. The change in assets of this pool is largely the net result of endowment contributions, withdrawals made to fund endowment projects, and investment income earned on invested assets. At December 31, 2021, the assets in this pool were valued at $4.2 billion (2020: $3.7 billion).

The investment mandate of LTCAP is outlined in the University Funds Investment Policy, which is available on the U of T Governing Council website.


2. The Expendable Funds Investment Pool(EFIP)

EFIP (also referred to as the short-term working capital portfolio) consists of the University’s expendable funds that are pooled for investment purposes over the short and medium term. The nature of these assets, which primarily represent the University’s working capital, means that the total assets in EFIP can fluctuate significantly over time and during any single year. The change in assets of EFIP reflects the combined effect of many factors, such as student tuition fees, University expenses for salaries, expenses for maintaining facilities, government grants, and investment income earned on invested assets. At December 31, 2021, the assets in this pool were valued at $3.0 billion (2020: $3.1 billion).

The investment mandate of EFIP is outlined in the University Funds Investment Policy, which is available on the U of T Governing Council website.