By Muskan Arora
The $31bn Wyoming State Treasurer’s Office has begun its
search its next CIO, following the retirement of the current CIO Patrick
Fleming.
Fleming expects the new CIO to be placed by June, and the
search is being led by Hudepohl & Associates.
Fleming, who joined the plan in 2014, applies the KISS
principle (keep it simple stupid) to avoid costs associated with unwinding
complex trades.
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During his tenure, Fleming grew his “one man shop” from
$19bn to $30bn with building a team of 10
investment professionals.
In
an exclusive interview with Markets Group, Fleming stated that the new CIO
should have “10-plus years of experience of managing $500 million or
more for various asset classes alongside managing funds internally.”
The fund returned 13.6%, 4.6% and 6.1% respectively for its
1-,3- and 5-year return against a benchmark of 13.2%, 3.6% and 5.4%, as of
fiscal year ending September 30.
The plan is divided
into 13 distinct pools, permanent and non-permanent funds, many with their own
mandates, asset allocations, and spending policies.
