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Britt Harris Shocks Industry, Moves to UTIMCO

The well-known CIO of the Teacher Retirement System of Texas is leaving to head up the investment office of the University of Texas’s endowment.

  • Imogen Rose-Smith

His new office is less than a mile across town, but one short drive for Thomas Britton Harris IV is a giant shake-up in the leadership ranks of the institutional investment community.

Britt Harris, who has been CIO of the $134 billion, Austin, Texas-based Teacher Retirement System of Texas since late 2006, is leaving to become CIO of the University of Texas Investment Management Company (UTIMCO).

The investment management company, which oversees the assets of the University of Texas, has $40 billion under management and is also based in Austin.

Harris’s hire is expected to be discussed in an executive session at the UTIMCO board meeting taking place on Friday in the UTIMCO offices. The news was first reported late Thursday on Axios. Institutional Investor confirmed the move from a source at UTIMCO.

Harris replaces Bruce Zimmerman, who resigned from UTIMCO last October. The move raises questions about who will replace Harris at TRS.

Harris joined TRS after a short six-month stint at Ray Dalio’s Bridgewater Associates, prior to which Harris, 59, was head of the Verizon Communications pension plan.