You have reached your limit of free articles this month.

Enjoy unlimited access to myStatesman.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myStatesman.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myStatesman.com.

Investment chief at teachers’ pension fund jumps to same job at UTIMCO


Highlights

Chief investment officer Thomas “Britt” Harris managed fund more than three times as large at TRS of Texas.

At UTIMCO, Harris replaces former CIO Bruce Zimmerman, who resigned abruptly in October 2016.

The longtime chief investment officer of the Teacher Retirement System of Texas is leaving to take the same position at the smaller University of Texas/Texas A&M Investment Management Co., both funds announced Friday.

Thomas “Britt” Harris, who oversaw investment strategy at TRS for more than a decade, will begin as chief executive and chief investment officer at UTIMCO on Aug. 1.

“Serving TRS has been one of the great honors of my professional life,” Harris said in the TRS press release. “Our teachers and educators are such important people, and it has been a privilege to serve them.”

Harris joined TRS, one of the country’s largest pension funds, as chief investment officer in November 2006. At the time, the fund was worth around $100 billion.

Its value dropped sharply during the recession, falling to $67 billion during the 2007-2008 financial crisis. But in the years since, Harris and his colleagues rebuilt its value to $140 billion today, according to the TRS release.

Deputy CIO Jerry Albright will take over as interim chief at TRS, and the fund’s board will consider plans for a permanent replacement at its July meeting.

At UTIMCO, Harris will replace interim CEO Mark Warner, who had led the fund in an interim capacity after former CIO Bruce Zimmerman resigned abruptly in October 2016.

RELATED: UTIMCO investment chief gets $1.3 million in severance, bonus pay

With the move, Harris takes over an influential but far smaller pension fund. As of May, UTIMCO listed assets worth $40.3 billion — less than a third of TRS’s value.

Harris “brings expertise in global financial management and a critically important understanding of endowment management to support education,” said Jeffery Hildebrand, UTIMCO’s chairman and vice chairman of The University of Texas System Board of Regents.

Harris has a track record of more than three decades at some of the largest investment funds in the country, according to the UTIMCO release. Chief Investment Officer magazine named him one of the world’s top five asset investors in each of the past five years.

“I consider it a distinct honor to be joining UTIMCO,” Harris said in the UTIMCO release. “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 The University of Texas and Texas A&M University systems.”



Reader Comments ...


Next Up in Business

Up the Ladder

Banking & finance Chase has named Marcus Kline vice president and Austin-area manager of business banking. Community The Greater Austin Hispanic Chamber of Commerce has named Luis Rodriguez president and chief executive officer. Manufacturing & retail Factory Mattress has named Sarah Johnson chief financial officer. Technology Umbel has named Mike...
Have a great workplace? Let us know

Help us spread the word about the best places to work in Austin. Nominations remain open for the American-Statesman’s 2017 Top Workplaces of Greater Austin project, with the nomination deadline extended until July 7. The project recognizes employers that stand for the best in leadership, vision, an employee-centered culture and other qualities...
If Social Security overpays you, you’re still on the hook

Suppose Social Security makes a mistake in determining your benefits. Guess what? Their mistake becomes your mistake, and they will bill you for any amount they overpaid you, even if they told you the benefits in question were yours to collect. This happened to the husband of a woman who I’ll call Dana to protect her identity. Let me call her...
‘Jenga tower’ starting to make mark on Austin’s skyline
‘Jenga tower’ starting to make mark on Austin’s skyline

This week, some Austinites might have noticed a change on the downtown skyline. Construction has progressed to the point that the Independent — nicknamed the “Jenga tower” — has started taking on elements of its defining look as the 58-story condominium project rises toward its place as the city’s tallest building...
Report: Walmart won’t make rival bid for Whole Foods
Report: Walmart won’t make rival bid for Whole Foods

A week after Amazon unveiled plans to acquire Austin-based Whole Foods Market in a deal valued at $13.7 billion, Walmart has decided it won’t put in a rival bid, according to published reports. The Bentonville, Ark.-based retail giant is one of several companies that had reportedly been looking at trying to match or beat Amazon’s $42-per-share...
More Stories