Positive Impact

Treasurer seeks White House support - 05/14/2019

CHEYENNE - Wyoming State Treasurer Curtis E. Meier on Tuesday sent letters to President Donald J. Trump and other key officials asking them to advance "stable and secure" domestic uranium mining. "Wyoming is home to the largest uranium mining operations in the United States," Meier stated in the letters. "This industry is vital for the nation and for the economic well-being of our communities."

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Wyoming State Treasurer's 2017 Investment Conference

The State Treasurer's Office hosts this conference as an opportunity for Wyoming's legislative and executive leadership to meet, talk informally, and think about the investment horizons, opportunities and challenges the State might anticipate over the coming year. Investment returns are becoming ever more important to both Wyoming's economic well-being and the Retirement System's overall health. This conference provides an excellent forum for those conversations. It offers legislators, executives and staff an unsurpassed opportunity to meet, interact with and discuss with many of our best managers what lies ahead and how important performance is to us all.

There was an impressive group of speakers who attended this conference:

Joe Revill, Founder and Portfolio Manager - Two Ocean Capital. He presented "An Investor's Look at Wyoming."

Michael Cembalest, CIO - J.P. Morgan. His presentation was a "Global Outlook for Mineral Revenues."

Brien Smith, Managing Director - Neuberger Berman. Mr. Smith spoke on Large Project Loans and Best Investment Ideas.

Frank Mendicino, Managing Director - Access Venture Partners. He joined Mr. Smith on the topics of Large Project Loans and Best Investment Ideas.

Martin Walke, V.P. of Economic Development - Louisiana Public Facilities Authority. Mr. Walke's presentation referred to "Economic Development - How Others Have Done It and Wyoming's Take."

Matt Clark, CIO - South Dakota Investment Council. Mr. Clark had three topics to discuss: Best Investment Ideas, Direct Investment Opportunities and Optimal Investment Structure.

The final speaker was Russell Read, CIO - Alaska Permanent Fund Corp. His discussion involved "Doing More with Our Peers and Right-Sizing Office Capacity - Balancing Internal vs. External Management."

  • Alaska Permanent Fund Corporation - Russell Read, Chief Investment Officer
  • J.P.Morgan Asset Management (Economic Discussion) - Michael Cembalst, Chairman of Market & Investment Strategy
  • J.P.Morgan Asset Management (Energy Discussion) - Michael Cembalst, Chairman of Market & Investment Strategy
  • Louisiana Public Facilities Authority - Martin Walke, Vice President
  • Neuberger Berman - Brien Smith, Managing Director
  • South Dakota Investment Council - Matt Clark, State Investment Officer
  • Two Ocean Capital - Joel Revill, Founder & Portfolio Manager
  • Photo Gallery

  • Stroock Sovereign Wealth Forum in Jackson Hole

    The Stroock Sovereign Wealth Forum provided an opportunity for conversation and reflection among global sovereign wealth fund leadership on issues important to a crucial sector of the global savings pool. This inaugural session has come during a period of unusual uncertainty in the global economy and financial markets, and thus an especially good time for further discussion on core questions:

    1. Role. Has the evolving global economy altered the underlying rationales for which sovereigns have accumulated wealth funds? Historically, these have included "rainy day" resources to assist in managing short- to medium-term fiscal pressures, facilitating the public's participation in natural resource extraction and ensuring the intergenerational sustainability of living standards through accumulation of "future funds".

    2. Scale. How large should a SWF be relative to the size of population, the fundamentals of the economy and the role expected of the fund?

    3. Governance. Who is ultimately responsible for the design, governance, and management of a SWF? What are the advantages and disadvantages of the different approaches to this "authorizing environment"?

    4. Spending and investment policy. Do evolving macroeconomic and financial market conditions call for a rethink of the spending and investment policy frameworks for SWFs, whether established to mitigate fiscal pressures, generate reliable current income for the public or accumulate resources for the longer term? Have changing conditions altered long-term return and volatility expectations? If so, what is the appropriate direction for important spending and investment decisions? Are there considerations that would lead to different responses for SWFs than for other pools of savings with similar objectives?

    5. Natural resource dependency. For SWFs heavily dependent on natural resources for funding, what are the most effective tools available to mitigate the impact of price and production volatility on a SWF? Longer term, how can sponsors maintain a sustainable SWF in cases in which the corpus is derived from energy resources affected by carbon constraints?

    6. Risk tolerance, return expectations and investment practice. What is the current thinking on active versus passive strategies, outsourcing investment management versus building internal expertise (whether by asset class, or for the entire portfolio)

    7. Transparency. What are evolving approaches to public transparency with respect to SWF governance and oversight, management, revenues, expenditures and investment performance? How can this transparency best be enhanced without impeding effective management?

    8. Stakeholder education. Experience among a number of SWFs is that effective education of stakeholders and the general public concerning the fund's purposes and policies can be important both in its own right and as a mechanism for ensure that SWF management has public support for effective spending and investment policies. What is the best way to accomplish this?

    We anticipated a robust discussion and an opportunity to find consensus and direction on many of the issues facing SWF leadership, public decision-makers and their constituents, and the financial industry that serves them.

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    Wyoming in Top 100 in the World?!

    Wyoming Treasurer Mark Gordon received accolades for the third year in a row as he was named in the "Top 100 Most Significant and Impactful Asset Owner and Public Executives of 2015." This is a worldwide recognition awarded by the Sovereign Wealth Fund Institute (SWFI).

    Gordon was named in the top 100 along with Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, United States; Karsten Kallevig, Chief Investment Officer Real Estate, Norges Bank Investment Management, Norway; and Brian Tipple, Global Head of External Equities, Abu Dhabi Investment Authority, United Arab Emirates. Gordon was listed 58th in the world.

    Gordon was appointed by Wyoming Governor Matt Mead to be the 31st State Treasurer of Wyoming on October 26, 2012 upon the death of then Treasurer Joseph B. Meyer. Gordon was subsequently elected to the position of State Treasurer in November 2014.

    One of the major factors that determine inclusion on the list of top 100 Most Significant and Impactful Asset Owner and Public Executives is the individual's contribution to important trends in the asset owner industry. "I'm thrilled to be included in this recognized group, especially since it is not just based on who makes the most money, but rather on who is having a positive impact on investment practice; which is a serious consideration for our future," Gordon stated.

    According to SWFI, the men and women chosen for the 2015 list of top asset owners and public executives command billions of assets, impacting the lives of stakeholders and constituents globally. SWFI stated that the people on the top 100 list were chosen by SWFI staff- not influenced by asset managers, governments or consultants. They come from medium to large-sized asset owners - sovereign wealth funds, public pensions, superannuation funds, endowments, central banks and other retirement funds.

    Governor Matt Mead congratulated Treasurer Gordon. "I know - first hand - how hard the Treasurer and his team work. They take pride in everything they do and watch every dollar and every penny. This is a high praise for Mark and his office and it is good news for Wyoming."

    Gordon, said he is humbled by his inclusion in the top 100 worldwide. "It's a nice accolade; and it shows we are in the big leagues," Gordon said. "I love Wyoming and it is an incredible responsibility and honor to be integrally involved in Wyoming's financial health," Gordon stated. Gordon also was quick to give credit to the employees of the State Treasurer's Office saying, "I have an incredible staff and they do a great job for Wyoming." "I am looking forward to Patrick Fleming joining our team as CIO; he'll make an already great team even better," Gordon said.

    Wyoming's investment portfolio nears 20 billion dollars. Realized investment income from the portfolio crested one billion dollars this past year for the first time in history. "I'm honored to be at the helm of the Treasurer's Office, especially at this time. Yes, we did well last year but as everyone knows, the market has ups and downs so how we invest and manage our funds warrants much thought and consideration," Gordon stated. "It's wise to have a relatively conservative, long term plan which generates income for the present but is balanced with preserving a corpus of funds for our future," Gordon said.

    The entire list of the 100 Most Significant and Impactful Asset Owner and Public Executives of 2015 can be found at: http://www.swfinstitute.org/public-investor-100-2015.