University of Toronto Names New CIO | Chief Investment Officer

daren smith utam Daren SmithUniversity of Toronto Asset Management (UTAM) has promoted Daren Smith to president and CIO, the endowment manager announced Friday.

Smith takes over from former chief William Moriarty, who retired from the C$6.5 billion (US$5 billion) endowment earlier this year. Smith had served under Moriarty since 2008 as a managing director focusing on manager selection and portfolio construction.

UTAM said the appointment followed a “series of changes… aimed at reducing investment risk and making the asset manager more accountable to the university.”

“Daren understands the importance of this role, and has built a strong track record as part of UTAM’s senior team,” said University President Meric Gertler.

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UTAM chair John Switzer, who served as interim chief following Moriarty’s departure, said he was “delighted with this appointment and with the selection process.”

“It will be a smooth transition,” he added.

As CIO, Smith said he would continue to focus on generating “strong value-added returns” for the endowment.

“The only reason for an organization like UTAM to exist is if it can outperform its benchmarks,” he said. “We believe that we have the governance, team, infrastructure, and culture in place to maximize the chances of outperforming in the future.”

Smith holds master’s degrees in economics and statistics from McMaster University and the University of British Columbia.

Related: Power 100: William Moriarty

Robert Lee Art by Steve WacksmanThe Employees Retirement System of Texas’ (ERS) director of investments is leaving for an endowment, CIO has learned.

Robert Lee will join Texas Tech University System as deputy CIO come October, working as Associate Vice Chancellor and CIO Tim Barrett’s right-hand man.

Lee—who was named on the Forty Under Forty and Power 100 lists—has been at the $26 billion pension fund for five years, largely overseeing the hedge fund, liquid alternatives, and hybrid allocations.

He also implemented ERS’ new hedge fund program since 2011, which has grown to include a variety of portfolios across traditional and nontraditional asset classes.

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Since joining the Austin, Texas-based pension plan, Lee has been active in a number of organizations bridging the hedge fund industry with allocators. He is an investor advisory board member of the Alternative Investments Forum, and a member of the board of directors of the Texas Hedge Fund Association and the Alignment of Interest Association.

Prior to his role at ERS, Lee worked as the associate director of portfolio management for HFR Asset Management and Riverside Portfolio Management (an HFR spinout). He began his career as a hedge fund analyst at Switzerland-based 47 Degrees North Capital Management.

Lee holds a bachelor’s degree in mathematics and economics from Texas State University and a master’s degree in economics from the University of Konstanz in Germany.