The Wyoming State Treasurer's Office seeks an accomplished senior investment executive to serve as Chief Investment Officer (CIO) and lead the Investments Division overseeing approximately $31 billion in trust assets. This is an exceptional opportunity to lead one of the preeminent sovereign wealth funds, ranked #1 in the United States. The position is open because the current CIO, who has led this high-performing investment program for the past decade, recently announced his retirement.

The CIO leads a team of 10 investment professionals and is responsible for the State’s investment program consisting of $31 billion of non-pension assets, which is highly complex. The program is divided into 13 distinct pools, permanent and non-permanent funds, many with their own mandates, asset allocations, and spending policies. The largest pool is the Permanent Mineral Trust Fund (PMTF) with $11.6 billion in assets representing 37.7% of total assets. The investment team internally manages ~$10 billion of equity and fixed income assets, with the remainder managed by ~70 external managers. JP Morgan serves as the custodian and manages the Securities Lending program. The asset allocation for each of the funds is determined by the investment team in consultation with the Treasurer and the IFC, which is then reviewed and approved by the SLIB. RVK supports this process by providing capital market assumptions, efficient frontier analysis, pacing schedules, and general asset allocation analysis. As of June 30, 2024, the overall asset allocation for all pools is Fixed Income, 44.19%; Equities, 25.82%; Alternatives, 19.03%; Cash, 9.76%; and PPIs, 1.20%. An asset allocation review took place in March 2025, with approval by the SLIB anticipated in Summer 2025. For additional information, please visit https://statetreasurer.wyo.gov/investments.

CIO Responsibilities

The CIO, appointed by the Treasurer in consultation with the IFC, reports to the Treasurer and the Deputy Treasurer, and is a member of the Treasurer’s Leadership Team. The responsibilities and duties include:

▪ Ensure the Investments Division operates in alignment with the IPS; the Treasurer Office’s mission, vision and core values; and state and federal law.

▪ Achieve the highest risk-adjusted return within the parameters outlined in Wyoming statutes and the IPS.

▪ Lead the development of procedures and processes to effectively implement the IPS. ▪ Assist in developing recommendations to the Treasurer and the SLIB, in collaboration with the IFC and RVK, on various aspects of fund management, such as investment policy, asset allocation, risk-return parameters, internal management, and manager selection and termination.

▪ Provide guidance and advice to the Treasurer, IFC, and SLIB on financial, economic, and political trends and developments impacting the investment program.

▪ Serve as a subject matter expert on investments, engaging with the IFC, SLIB, elected officials, and other stakeholders as needed.

▪ Report to the Treasurer, IFC, SLIB, and Legislature on investment performance and the strategic direction of the investment program. Additionally, provide testimony at legislative hearings on proposed bills that may affect the investment program.

▪ Oversee the daily operations of the Investments Division, supervise the internal management team, and manage the investment budget.

▪ Monitor and evaluate investment managers and service providers to ensure compliance with performance expectations and contractual terms, addressing any issues as needed.

▪ Negotiate and recommend contracts with consultants, investment managers, and service providers for the Treasurer and SLIB’s consideration.

REQUIREMENTS AND PREFERENCES

The Treasurer is seeking a strategically focused thinking investment leader who is a disciplined and prudent investor to achieve the highest risk-adjusted returns in the context of the IPS. The ideal candidate possesses broad asset class knowledge and has institutional experience, with significant expertise in portfolio construction, asset allocation and risk management.

Requirements

▪ Alignment with Wyoming investment philosophy and mission.

▪ Bachelor’s degree in finance, economics, or related field of business.

▪ Minimum 10 years of experience managing institutional portfolios; in excess of $500 million is required by statute, $5 billion or more preferred.

▪ Experience hiring and managing internal and external investment managers.

▪ Extensive experience in any two or more of the following asset classes: domestic equity, fixed income securities, international equity, or alternative investments.

▪ In-depth understanding of global economics and capital markets, investment strategies and vehicles, institutional investing principles and practices, investment operations, and investment policy development.

▪ Experience managing investments across various economic cycles.

▪ Proven track record of positive investment performance versus relevant benchmarks.

▪ Comprehensive knowledge of back office integration with investing. Preferences

▪ Experience managing a complex institutional investment program involving multiple funds.

▪ Experience or demonstrated knowledge about investing in private markets.

▪ Experience supervising, coaching and mentoring employees.

▪ Experience interacting with elected officials, including testifying at state legislative hearings.

▪ Advanced degree.

▪ Chartered Financial Analyst (CFA).

▪ Chartered Alternative Investment Analyst (CAIA).

COMPENSATION

The CIO is an exempt and "at-will" position serving at the pleasure of the Treasurer. Wyoming offers a competitive compensation package, including a base salary and a performance bonus up to 100% of the base salary.

The State provides a comprehensive benefits package, including healthcare coverage and multiple retirement plans. The CIO’s retirement program includes benefits from both the Wyoming Retirement System and the Social Security Administration.

RELOCATION / REMOTE WORK POLICY

The CIO position is not a remote position. The office is in Cheyenne and the CIO is required to reside in the greater Cheyenne area or within a reasonable commuting distance of the office. Wyoming has a lower cost of living than the national average and has no state income tax. Relocation assistance is available for those that choose to live in Wyoming.

As the state capital and largest city, Cheyenne provides a high quality of life with easy access to Fort Collins and Laramie, both approximately a 45-minute drive away. The region is also home to five major universities within a 90-minute drive, including the University of Wyoming, ranked one of the most affordable universities in the country.

The Treasurer’s Office remote work policy requires three days in the office (Tuesday, Wednesday, and Thursday) and allows for remote work on Monday and Friday.

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To apply please contact Hudepohl & Associates, info@hudepohl.com or (614) 854-7300.