Unprecedented
Investment
Growth
Over the past two years, the investment team at the State Treasurer’s Office has repeatedly beaten their investment benchmarks, and it appears likely that they are about to do so for a third straight year!
That is really impressive when you consider that over 80% of investment professionals fail this level of achievement for just one year, let alone three.
There are just so many things that are going right in our office, and what is really rewarding to the people working there is that they get to make a difference in people’s lives.
That’s why it is not surprising that the Institutional Investor Publication nominated your team for
“Best Turnaround” for Wyoming’s Private Equity Fund.
Your returns went from 7.2% to over 39% and then we followed that up by hitting 37% the very next year. Future returns are on track for similar manager performances thanks to Matt Smagacz and his leadership as a Wyoming Senior Investment Officer.
I am also proud to report that the Peterson Institute for International Economics has examined our office in the areas of governance, transparency, accountability, structure, and behavior and found that Wyoming is now the #1 rated sovereign wealth fund in the United States…and #3 in the world behind only Norway and New Zealand!
We have achieved these marks because we wisely increased risk adjusted returns by prudent asset allocation aided by the advice of the Investment Funds Committee. I plan to apply the same care to
my new goal, which is to raise The Permanent Mineral Trust Fund standing in our peer group to the top quartile. Presently it is right at median, and while may never be #1 in the area because we simply will not risk your money in that way, I believe we can — should — certainly do better.
Modernizing Accounting Processes
Though time-consuming, we are fully modernizing the State Treasurer’s Office. KPMG, a top four accounting firm, will assist in implementing an unprecedented level of financial expertise and professionalism in your State Treasurer’s Office.
When first elected as your State Treasurer three years ago, I inherited an accounting software system from 1996 and a woefully understaffed Accounting Department.
Our accountants are the best in the business but our growth has continued to outpace the capacity of the onboarding and budget process of a sufficient number of accounting professionals.
I believe we have at last sourced the positions necessary. After training, the office will be at two-thirds strength. This will be enough for internal compliance and oversight, providing the best possible transparency to taxpayers and lawmakers.
We are launching a new 2022 software platform in July that will provide faster reconciliation, verification, and accountability to taxpayers.
Unclaimed Property Returned to Taxpayers
The Unclaimed Property Division has done it again!
Setting new records for recipients and amount of dollars and stocks returned to the lawful owners of the claimed property. Jeff and the team did another great job for Wyoming.
5,487 checks issued, $7.42 Million paid back to its rightful owners last year alone!
Check your name at this public site!