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
Encouraging Climate Change Leaders
The Lawson Climate and Sustainability Awards are designed to encourage future climate change leaders. The awards are a vital dimension of the new Lawson Climate Institute, created with generous support from Brian and Joannah Lawson.
UTAM’s timeline
Significant events in UTAM’s history, highlighting our focus on governance, risk management, transparency and responsible investing.
- 2025
-
UTAM marks 25 years of stewardship of the university’s Endowment portfolio and short-term working capital portfolios. We remain focused on our stated purpose: to deliver enduring investment returns in support of the University of Toronto’s pursuit of excellence in education and research
-
- 2024
-
Achieved target set in 2021 to allocate at least 10% of the Endowment portfolio to sustainable and low-carbon investments by 2025. At December 31, 2024, 11.7% of the Endowment’s net asset value is invested in such strategies. Continued our progress towards other climate objectives, including carbon footprint reduction and fossil fuel divestment
-
Completed transition of the Reference Portfolio’s asset class benchmarks to indexes that exclude fossil fuels
-
- 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
- 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
- Fossil fuel divestment: eliminated direct exposure in the Endowment and all material indirect exposure in EFIP (there was no direct exposure in EFIP)
- 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
- Endowment portfolio climate commitments: fossil fuel divestment, net zero greenhouse gas emissions by 2050, allocating 10% of 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
- 2017
- Published first annual responsible investing report
- Joined Climate Action 100+ as a founding participant
- 2020
- 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 – and published TCFD disclosures
- Received the highest possible scores (A+) in our third PRI assessment, above median in all six categories
- 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
- 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
- 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
Attracting Top Faculty
In March 2025, the Munk School announced that three highly regarded scholars were leaving Yale University and heading north to U of T.
Carbon Offsets
In 2025, for the third consecutive year, UTAM voluntarily participated in U of T’s Air Travel Emissions Mitigation Initiative (ATEMI). The goal of this institutional carbon offset program is to mitigate the impact of essential air travel by investing, through the university’s Carbon Reduction Fund, in projects that reduce U of T’s overall carbon footprint. UTAM’s participation in 2025 provided funding to offset 100 tonnes of CO2 emissions.
In addition to the ATEMI program, UTAM also purchased carbon offsets for our 2025 operations – representing 52 tonnes of CO2 equivalent – to mitigate emissions from electricity and gas consumption, as well as ground travel. As a result, we continue our commitment to substantially neutralize UTAM’s carbon emissions. We’ve purchased offsets each year since 2017 and, by the end of 2025, reduced the cumulative impact of our travel and operations by the equivalent of nearly 1,100 tonnes of carbon dioxide.
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
Attracting Top Faculty
In March 2025, the Munk School announced that three highly regarded scholars were leaving Yale University and heading north to U of T.
Carbon Offsets
In 2025, for the third consecutive year, UTAM voluntarily participated in U of T’s Air Travel Emissions Mitigation Initiative (ATEMI). The goal of this institutional carbon offset program is to mitigate the impact of essential air travel by investing, through the university’s Carbon Reduction Fund (see sidebar), in projects that reduce U of T’s overall carbon footprint. UTAM’s participation in 2025 provided funding to offset 100 tonnes of CO2 emissions.
In addition to the ATEMI program, UTAM also purchased carbon offsets for our 2025 operations – representing 52 tonnes of CO2 equivalent – to mitigate emissions from electricity and gas consumption, as well as ground travel. As a result, we continue our commitment to substantially neutralize UTAM’s carbon emissions. We’ve purchased offsets each year since 2017 and, by the end of 2025, reduced the cumulative impact of our travel and operations by the equivalent of nearly 1,100 tonnes of carbon dioxide.
Senior Leadership
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, most of the senior leaders have worked together at UTAM for a decade or longer, providing important continuity to the team.
Senior Leadership
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, most of the senior leaders have worked together at UTAM for a decade or longer, 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.
UTAM has stayed focused on ensuring that the investment decisions it makes today will continue to address the needs of tomorrow.
UTAM has stayed focused on ensuring that the investment decisions it makes today will continue to address the needs of tomorrow.
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. Our Chief Compliance Officer ensures that we know our obligations, and is responsible for achieving compliance and reporting regularly to the Board on compliance matters.