UTAM, as a corporation, is governed by the UTAM Board of Directors, whose members are appointed by the University. UTAM works closely with the University administration and the Investment Committee, which reports directly to the President of the University. In addition, UTAM reports on certain of its activities to the Governing Council through its Business Board, and to the Pension Committee.

Below we provide additional information on how UTAM interacts with the UTAM Board, the Investment Committee, the Business Board and the Pension Committee.


UTAM, as a corporation, is governed by the UTAM Board of Directors, whose members are appointed by the University. The Board is not an Investment Board, but rather its mandate is to approve UTAM’s annual corporate budget and to oversee the development and implementation of an effective investment management infrastructure and organization.

This includes confirming that UTAM has established policies and procedures to identify and manage risks that may materially impact UTAM’s ability to fulfill its investment management responsibilities. UTAM reports to the Board quarterly. We are fortunate that senior representatives from the University are members of the Board, and we benefit greatly from their guidance and direction.

Richard B. Nunn

Chair of the Board, Independent Director

Richard is an independent director who joined the UTAM board as chair in 2017.  He is a senior client service partner at Deloitte specializing in leading large complex audits.  In that role, he has responsibility for some of the most significant client relationships in the Canadian firm.  He has extensive experience in the financial services industry. In addition to his industry and client service roles, Richard has held multiple management roles within Deloitte including serving as the managing partner of the Toronto Audit & Advisory practice from 2008-2011.

Richard served as Chairman of the Governing Council of the University of Toronto from 2011-2013.  He was extensively involved with the University of Toronto in a senior governance capacity since 2004, including Vice Chair of Business Board 2004-6, Chair of Business Board from 2007-2009, Vice Chair of Governing Council from 2010-2011.

Richard is currently a member of the OSFI Advisory Committee and is past Chairman of the Panel Auditors’ Committee of the Investment Industry Regulatory Organization.  He was appointed to the Council of the Institute of Chartered Accountants in England and Wales in 2013 as the international member representing Canada and the Caribbean.

Richard holds a Degree in Banking and Finance from Loughborough University in the UK and is a Fellow of the Institute of Chartered Accountants of Ontario, a Fellow of the Institute of Chartered Accountants of England and Wales, a member of the Institute of Taxation, UK and holds the Institute of Corporate Directors designation.

Sheila Brown

Chief Financial Officer, University of Toronto

Sheila Brown is the Chief Financial Officer of the University of Toronto. She has been at U of T for many years, in a variety of roles with financial responsibilities. She has been CFO since 2005. She has an MBA from the University of Toronto and a BA from McGill University.

Meric S. Gertler

President, University of Toronto

Meric S. Gertler began his term as the 16th President of the University of Toronto on November 1, 2013. Prior to that, he served as the Dean of the Faculty of Arts & Science—the largest faculty at the University—from 2008 to 2013, where he championed many important innovations in undergraduate teaching and learning. He is a Professor of Geography and Planning, and the Goldring Chair in Canadian Studies at the University of Toronto. He is a co-founder of a large research program at U of T’s Munk School of Global Affairs investigating the role of city-regions as sites of innovation and creativity in the global economy.

His work engages in comparative analysis of North American and European cities to understand how local social and cultural dynamics create the foundations for economic success and prosperity. President Gertler has authored or edited nine books, and has served as an advisor to local, regional and national governments in Canada, the United States and Europe, as well as to international agencies such as the Organisation for Economic Cooperation and Development (Paris) and the European Union. A graduate of McMaster University (BA), the University of California, Berkeley (MCP) and Harvard University (PhD), Professor Gertler has received many national and international awards and honours. In December 2015, he was appointed to the Order of Canada.

Professor Alan D. White

Rotman School of Management

Alan joined the UTAM board in 2017.   He is the Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy and Professor of Finance at the Rotman School of Management teaching courses in Corporate Finance, Financial Management, Business Finance, Derivative Securities, Options, Futures, and Money Markets.  Alan is an internationally recognized authority on financial engineering.

Alan is the Associate Editor of Journal of Investment Management and the Journal of Derivatives.  He is a graduate of the University of Toronto (Ph.D.), and McMaster University (MBA), and McGill University (BEng).

Daren M. Smith, CFA

President and Chief Investment Officer, UTAM

Daren joined UTAM in November 2008 and over time assumed increasing levels of responsibility. Immediately prior to becoming President and Chief Investment Officer, Daren was the Managing Director and head of UTAM’s manager selection team that is responsible for all investment related manager selection and monitoring activities. Daren has also been actively involved in all aspects of UTAM’s investment process including reference portfolio reviews, risk management, and performance attribution.

Prior to joining UTAM, Daren spent four years at Keel Capital where he was a partner and a senior member of the investment team that managed all of the assets for a Nova Scotia based pension plan. Daren spent the early part of his career at Sun Life Financial and then Maritime Life working in an actuarial capacity.

Daren holds an undergraduate degree in Actuarial Science (B.Sc.) from the University of Western Ontario, a Master’s degree in Statistics (M.Sc.) from the University of British Columbia and a Master’s degree in Economics (M.A.) from McMaster University. He is a Fellow of the Society of Actuaries (FSA), and a Fellow of the Canadian Institute of Actuaries (FCIA). Daren holds the Chartered Financial Analyst (CFA), the Chartered Alternative Investment Analyst (CAIA), and the Financial Risk Manager (FRM) designations.


In April 2016, the Investment Committee (IC) was created to replace the Investment Advisory Committee (IAC), which was established in 2010. The IC currently consists of five members, each appointed by the President of the University and with significant investment experience. The mandate of the IC is substantially different from that of the IAC and is designed to foster much greater direct interaction and collaboration with UTAM. The IC and UTAM have regular formal meetings (initially monthly and, since November 2016, every other month), as well as ongoing dialogue and communication between meetings. The University and UTAM are extremely fortunate to have such a high quality group of volunteers actively engaged in the oversight of the investment management of the Pension and Endowment assets. UTAM benefits greatly from the insights and experience of the IC.

The IC reports to the President of the University and provides expert advice to the University administration, collaborating extensively with the University administration and with UTAM management staff on investment objectives and investment activities.

The IC is responsible for interacting with the UTAM Board and, as required, with the management staff of UTAM to convey the President’s views and instructions, and to act on the President's behalf regarding relevant investment-related activities that are within the authority of the President. It is constituted so as to have significant expertise and the President and the UTAM Board have agreed that it can provide direct input to UTAM staff as they carry out their duties.

Among other activities, the IC is responsible for the following:

  • Recommending investment risk and return objectives to the University Administration
  • Recommending investment strategy to the University Administration for the Pension and Endowment
  • Approving various elements of strategy execution proposed by UTAM management
  • Providing on-going oversight of strategy execution by UTAM management
  • Monitoring investment performance
  • Providing input into the hiring, compensation, and performance assessment of UTAM’s Senior Management Team

Investment Committee members

The President of the University, the Chief Financial Officer of the University, and the Chair of the UTAM Board are ex officio observers to the IC.

David Denison


Mr. Denison is a corporate director with extensive experience in the financial services industry. He served as President and CEO of the Canada Pension Plan Investment Board from 2005 to 2012.

Geoff Matus


Mr. Matus co-founded Tricon in 1988 where he remains a director, chairs the Company’s Executive Committee and is a member of its Investment Committee. He is also the Chair and co-founder of Cidel, an international financial services group.

Brent Belzberg

Mr. Belzberg is the founder and Senior Managing Partner of TorQuest, a private equity firm based in Toronto.

Heather A. T. Hunter

Ms. Hunter recently retired after almost 40 years of experience in the investment industry, most recently as Vice-President and Head of Canadian Equities at Invesco, a global investment manager.

Craig Rimer

Mr. Rimer is Chief Executive Officer of Cidel Bank Canada and Chairman of Cidel Asset Management.


UTAM reports to the University’s Business Board regarding the investment management and performance of all portfolios (i.e. Pension, Endowment and EFIP). Under its terms of reference, the Business Board approves investment risk tolerance and return targets for the University’s funds (i.e. Endowment and EFIP) and delegates approval of investment strategy and execution to the President of the University.

The Business Board is one of the three Boards of the Governing Council. Its responsibilities include: ensuring that resource allocations are responsible and cost-effective, and approving policy and major transactions in the business-management of the University. It is also responsible for the areas of advancement, public and community relations, and alumni affairs. The Business Board has one standing committee - the Audit Committee.

Additional information on the Business Board, including its terms of reference can be found here.


UTAM reports to the Pension Committee regarding the investment management and performance of the University of Toronto Pension Plan. Under its terms of reference, the Pension Committee is responsible for approving investment risk tolerance, return targets, and policy asset allocation for the Pension Fund as recommended by the University administration.

The Pension Committee is responsible for consideration of policy and for monitoring matters affecting the administration of the University’s registered pension plan: University of Toronto Pension Plan. The Committee is also responsible for consideration of policy and for monitoring matters affecting the administration of the Supplemental Retirement Arrangements (S.R.A.). These are referred to collectively as the "pension plans”.

The Pension Committee is not responsible for recommending or determining the terms of the pension plans, including the benefits to be paid to the retired members of the pension plans, the contributions required from the active members of the plans to earn those benefits, and the groups of employees who are to be members of the plans. Such matters are determined through the University's usual processes including the budget process and, where applicable, collective bargaining or some similar process.

Additional information on the Pension Committee, including its terms of reference can be found here