University of Toronto Asset Management, which oversees the university's C$1.5 billion (US$1.25 billion) endowment, in the next few weeks will begin a review of the managers handling its US$624 million equity portfolio. Felix Chee, UTAM's chief operating officer, said the review could lead to managers being replaced. "The endowment has performed well and has beaten its benchmark, but we have kind of had mixed results from our equity managers," he said. He declined to say how many equity managers the fund uses, only saying that it is a mix of U.S., Canadian and international managers. Mr. Chee added that the review should be wrapped up by June. UTAM does not use a consultant.