About Us
UTAM is the investment manager for the University of Toronto’s Endowment portfolio and short-term working capital assets. Our sole focus is investing university assets.
History
UTAM has been the University of Toronto’s investment manager since 2000.
UTAM was established on April 25, 2000 as a separately incorporated investment management organization with a Board of Directors. UTAM was created to offer the university an accountable, professionally staffed investment management organization that was tasked with successfully incorporating active management in its investment process and adding value above passive returns (net of investment fees and expenses).
Investment Impact
Exploring Global Communities
The new Chair in Tamil Studies at the University of Toronto Scarborough was made possible by a grassroots campaign that raised $3 million from more than 3,800 donors – among them U of T anthropologist Brenda Beck, who has also funded a storytelling fellowship that will help students reimagine an orally transmitted Tamil literary epic.
UTAM’s timeline
Significant events in UTAM’s history, highlighting our focus on governance, risk management, transparency and responsible investing.
- 2023
- Defined a new statement of purpose and overarching strategic objective for UTAM, along with five pillars to support the strategic objective
- U of T Endowment rated Gold in the pilot to test the Endowment Impact Benchmark, a new assessment, rating and benchmarking framework for sustainable and impact investing. UTAM also advised on the benchmark’s information gathering and assessment processes
- Continued our progress towards stated climate objectives and targets, including carbon footprint reduction, fossil fuel divestment, and investment in sustainable and low-carbon strategies
- Transferred carbon offsets to the University of Toronto’s Air Travel Emissions Mitigation Initiative, offsetting 145 tonnes of CO2 emissions from air travel. UTAM also purchased carbon offsets representing 35 tonnes of CO2 equivalent for ground travel, electricity and gas in 2023
- 2022
- In accordance with the Net-Zero Asset Owner Alliance Target Setting Protocol, added corporate bonds to the carbon footprint calculation and adopted the EVIC methodology for determining the Endowment’s ownership of the emissions attributable to specific corporate issuers
- Announced a new carbon footprint reduction target of 50% by 2030, using the December 31, 2019, baseline and included publicly traded corporate bonds in addition to equity and equity-like securities
- Engaged PricewaterhouseCoopers LLP (PwC) to verify, through a limited assurance review, UTAM’s reported carbon footprint calculations and reporting
- Eliminated direct exposure to fossil fuel companies in the Endowment
- Eliminated all material indirect exposure to fossil fuel companies from EFIP (there was no direct exposure)
- Began to transition Reference Portfolio benchmarks to indexes that exclude fossil fuel companies
- 2021
- Chuck O’Reilly appointed President and Chief Investment Officer
- U of T President Meric Gertler commissioned a review of UTAM’s scope and governance, which concluded that UTAM continues to serve the University effectively
- Joined the UN-convened Net-Zero Asset Owner Alliance; UTAM’s membership makes U of T the first university in the world to join
- Committed to divesting the Endowment portfolio from fossil fuel companies
- Committed to achieving net zero greenhouse gas emissions in Endowment portfolio by 2050
- Committed to allocating 10% of the Endowment portfolio to sustainable and low-carbon investments by 2025
- Joined a coalition of Canadian university endowments and pension plans to launch the University Network for Investor Engagement (UNIE), leveraging participants’ collective power to address climate change portfolio risks
- Became a founding participant of Climate Engagement Canada (CEC), a collaborative engagement initiative promoting a just transition to a net zero economy
- 2020
- Celebrated our 20th year in operation
- Expanded carbon footprint measurement to include equity-like investments via proxies (i.e., in addition to public equities) and announced our goal to reduce the carbon footprint of these asset classes within the long-term portfolios by 40% compared to 2017 levels by 2030
- Endorsed the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) on behalf of U of T – the first Canadian university to do so
- Published inaugural disclosures in line with the TCFD recommendations
- Received the highest possible scores (A+) in our third PRI assessment, above median in all six categories
- 2019
- Received five A+ scores and one A in our second PRI assessment
- 2018
- UTAM received four A+ scores and one A in our first PRI assessment
- Published the first carbon footprint report for the public equity investments in the long-term portfolios
- Joined the Intentional Endowments Network (IEN)
- Achieved carbon neutrality in our operating activities
- 2017
- Published first annual responsible investing report
- Joined Climate Action 100+ as a founding participant
- 2016
- U of T’s President, Meric Gertler, published Beyond Divestment: Taking Decisive Action on Climate Change
- Became a signatory to the Principles for Responsible Investment (PRI) on behalf of U of T’s Endowment
- 2012
- Implemented a comprehensive risk system
- Adopted a Reference Portfolio for performance and risk benchmarking
- 2011
- Chuck O’Reilly joined UTAM in May 2011
- UTAM appointed its first Chief Risk Officer
- 2000
- University of Toronto Asset Management Corporation was formally established by the Governing Council of the University of Toronto
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.
Purpose
To deliver enduring investment returns in support of the University of Toronto’s pursuit of excellence in education and research.
Vision
To be one of the world’s leading university investment managers.
Mission
To produce strong investment results over the long term, advancing the University of Toronto’s goals for its portfolios through skilled investment management, leadership in responsible investing and prudent risk management.
Overarching Strategic Objective
To meet or exceed the university’s long-term risk and return objectives for the portfolios we manage on its behalf.
Values
Excellence
- Strive to be the best, continuously learning and improving.
- Set high expectations and achieve ambitious goals.
- Exemplify and advance best practices in investment management.
Integrity
- Always do the right thing.
- Report transparently on our activities and results.
- Meet our commitments and be accountable for our actions.
Collaboration
- Operate as a cohesive team in an open, creative, high-performance culture.
- Work closely with the university, serving as a trusted partner.
- Partner with investment managers, service providers and others to our mutual benefit.
Equity
- Treat people of all identities, talents and perspectives equitably.
- Promote and actively foster diversity and inclusion.
- Respect, value and embrace the power of difference.
Sustainability
- Invest responsibly, applying an ESG lens and guided by a clear set of principles.
- Pursue and promote sustainability in how we invest and how we operate.
- Consider the long-term impact of every decision.
Investment Impact
Supporting Environmental Studies
At the University of Toronto Scarborough, two endowed scholarship programs enable talented graduate students to pursue careers in environmental science and join the growing global effort to address the impacts of climate change. The stories of four recent recipients illustrate the long-term benefits of donor-funded support.
Carbon Offsets
In 2023, the University of Toronto became the first Canadian university to launch a mandatory institutional carbon offset program for air travel. The Air Travel Emissions Mitigation Initiative encourages members of the university community to first consider lower-impact alternatives to air travel. For any necessary flights funded by U of T, the university charges a fee for every kilometre flown. UTAM voluntarily opted to participate in this leading program from its inception. While we have purchased carbon offsets each year since 2017, in respect of our air travel and other operations, the university’s initiative now brings us closer to the sustainability projects such offsets intend to support. Our participation in 2023 offsets 145 tonnes of CO2 emissions.
The fees, collected across the university, fund projects such as a reforestation program to plant 2,100 trees on 1.5 hectares of land at U of T’s Koffler Scientific Reserve; reforesting this land is expected to sequester 500 tonnes of carbon dioxide over 50 years.
As well as participating in the university’s offset program for air travel, UTAM also purchased carbon offsets for its 2023 operations – representing 35 tonnes of CO2 equivalent – to mitigate carbon emissions as a result of our electricity and gas consumption and our ground travel. As a result, UTAM continues to be substantially carbon neutral.
Senior Leadership Team
UTAM’s senior leadership team is headed by Chuck O’Reilly, President and Chief Investment Officer, who joined UTAM in May 2011. The team has extensive collective experience and expertise in investing, risk management, operations and compliance. Moreover, many of the senior leaders have worked together at UTAM for over five years and several have worked together for almost a decade, providing important continuity to the team.
Internal Committees
UTAM’s internal committees play a vital role in the oversight and management of our activities. These committees have been created for significant areas of our activities – investments, risk, operations and responsible investing. Each has a defined mandate established by policy, and we draw participants from the relevant areas of UTAM. These committees are collaborative groups led by senior management.
The groundbreaking research and innovative thinking that make U of T a global leader balance analytical rigour with a focus on the longer view. We bring a similar perspective to managing the University’s financial assets. As we work closely with the UTAM team, we know they have the systems, processes and expertise to continue meeting our long-term investment objectives.
Governance
UTAM strongly believes in good governance, not only at the companies in which we invest, but also in our own corporation. The structure and relationships by which we’re governed reflect a set of values shared with the University, as well as a commitment to transparency, accountability and collaboration.
Code of Ethics
All UTAM employees are subject to a Code of Ethics, which sets the standards for employee behaviour and the management of actual, potential and perceived personal conflicts of interest.
All of us at UTAM are responsible for Code of Ethics compliance. The Chief Compliance Officer ensures that we know our obligations, and is responsible for achieving compliance and reporting regularly to the Board on compliance matters.