Utimco has appointed Thomas Harris as its new chief executive and chief investment officer effective August 1.

Britt Harris (pictured) was appointed chief executive and chief investment officer today of University of Texas and Texas A&M Investment Management Company (Utimco).

Harris will join Utimco on August 1. He has served as chief investment officer of pension plan Teacher Retirement System of Texas (TRS) since 2006.

Utimco was established in 1996 to manage the endowment funds of University of Texas and Texas A&M University and to invest in funds and companies. The firm has grown to holding more than $40bn in assets under management, up from $23.5bn just over a decade ago.

Harris will be responsible for managing existing assets, including the Permanent University Fund.

Harris replaces interim chief executive and chief investment officer Mark Warner, who took over after Bruce Zimmerman stepped down from the job in 2016. Zimmerman had held the position since 2007 and his resignation prompted a nationwide search for a replacement.

Harris said: “I consider it a distinct honour to be joining Utimco. I appreciate the strong tradition and profound responsibility that comes with stewarding and significantly increasing the value of endowment funds that fuel the missions of University of Texas and Texas A&M University systems.

“I am especially pleased to be joining such an accomplished investment organisation, and I look forward to serving as a fiduciary for the many stakeholders throughout the great state of Texas.

“I remain grateful for the years I was able to serve TRS, one of the state’s and nation’s premier institutions.”

Jeffery Hildebrand, chairman of Utimco and vice-chairman of University of Texas System’s board of regents, said: “Britt is a highly successful endowment manager with an outstanding track record.

“He has provided both steady leadership and strong returns everywhere he has served. He brings expertise in global financial management and a critically important understanding of endowment management to support education.

“We look forward to welcoming Britt to Utimco, and we extend our sincerest gratitude to interim CEO and CIO Mark Warner and the team for doing a masterful job of leading Utimco during the search process.”

– Image courtesy of LinkedIn