By Muskan Arora

Patrick Fleming, CIO of the $30bn Wyoming State Treasurer’s
Office announced he will be retiring on June 30, 2025.

As per the statement, the search for a new CIO will begin in
a few months.

Fleming succeeded Michael Walden-Newman, who left the sovereign
wealth in 2014 to become the CIO of Nebraska Investment Council. Newman retired
from that position in 2023.

Fleming has led the office’s investment division which
oversees the state assets including the Permanent Mineral Trust, Common School Permanent
Land Fund and Workers Compensation Fund since 2015.

“I really enjoy my work and am proud of how our office has
grown and what we have accomplished,” Fleming said in the press release.

Click Here for More Information

“There are still a few things I’d like to see us complete
before I step aside at the end of June, but I felt it was appropriate to
announce this decision now so I can help the Treasurer work with the
Legislature and create a generational fund – which I also believe is vital for
our State’s future – as well as provide ample time to implement a succession
plan,” he added.

Fleming was hired by Governor Mark Gordon with an intention of
increasing returns and minimizing risks on the State’s investments while also
decreasing fees the State had been paying to out of state managers.

Under Fleming’s leadership, the Treasurer’s Office has
instituted a volatility-based risk measurement system while moving away from
traditional equity/bond approaches.

Fleming joined the Treasurer’s Office in 2014 and started as
a one-man office charged with generating the greatest fiscally responsible
return on the State’s $19 billion sovereign wealth fund.

Before joining the system, he served as the CEO of Barclays
Investments and held positions at Leman Brothers, Salomon Brothers and Pinnacle
World Investments.