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University of Toronto Endowment Fund

Name: The University of Toronto Asset Management Corporation (UTAM)

Assets Under Management:  $6.6 Billion (Source: University of Toronto on 12/31/2013)

Annual Report:  UTAM Annual Report 2013

Portfolio Insights: “UTAM manages $6.6 billion of assets in three main portfolios: (i) the University’s $2.1
billion Endowment fund; (ii) the University’s $3.2 billion Pension Master Trust fund; and
(iii) the University’s $1.3 billion working capital pool (“EFIP”).

The main Endowment fund, which is formally called the Long Term Capital Appreciation
Pool (“LTCAP”), primarily represents the collective endowment funds of the University. The growth in assets of LTCAP is largely the net result of endowment contributions, withdrawals made to fund endowment projects, net transactions in the other asset pools and investment income earned on LTCAP assets.

The Pension Master Trust fund (“Pension”) consists of the assets of the University of Toronto Pension Plans. The change in assets of the Pension fund is primarily the net result of employer and employee pension contributions, pension payments to retirees and investment income earned on the Pension assets.” (Source)

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Top University of Toronto Asset Management Corporation (UTAM) Headlines:

1) The University of Toronto’s foray into aggressive U.S.-style investing is coming to an end following a decade of disappointing returns and a $1.5-billion loss that wiped out nearly 30 per cent of the school’s pension and endowment funds in a single year. The move was announced quietly over the weekend in a letter to faculty and staff from university president David Naylor and follows the recommendations of a blue-ribbon panel led by Hal Jackman, a former chancellor and major donor to the school. That report, also made public on the weekend, finds that University of Toronto Asset Management, a corporation set up in 2000 to boost returns by applying the investment style pioneered at big U.S. schools, “has not achieved its mission.” (Source)

2) The University of Toronto Endowment operates as an endowment fund. The Endowment supports research and educational programs at the university. The University of Toronto Endowment conducts business in Toronto, Canada. (Source)

3) University of Toronto Asset Management has also been working with Morgan Creek Capital, which is an investment adviser, built specifically to advise clients on the endowment model. It has used State Street’s web-based truView market risk-management tool, which feeds into other international fund services applications, and is specifically aimed at the needs of hedge funds and hedge funds of funds. “The hedge fund strategy is an evolving area where we are working with the university,” he says. (Source)

4) University of Toronto established University of Toronto Asset Management Corporation (UTAM) on May 1, 2000 as the wholly owned separately incorporated investment subsidiary governed by an independent board of directors. UTAM oversees the investment of the University of Toronto’s three main asset pools. (Source)

5) One of the country’s largest endowment funds, the University of Toronto Asset Management Corporation, has named a new leader. Effective April 15, 2008, William Moriarty will take over as president and CEO. Moriarty joins UTAM from the Royal Bank and RBC Capital Markets, where he held the post of vice-chair and head of the global research division. He also served on the board of RBC Asset Management Inc., and on the investment strategy committee of the bank’s pension fund.

“We are delighted that Bill has decided to join UTAM. His background and skills are ideally matched to the challenge of managing UTAM and the large and sophisticated portfolio we oversee,” says Ira Gluskin, board chair, UTAM. (Source)

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