Wall Street Vet to Lead Wyoming SWF

Ex-asset management CEO Patrick Fleming will oversee the $20 billion sovereign fund.

The Wyoming State Treasurer’s Office has named Patrick Fleming its new CIO.

Fleming, a former asset management executive, will be responsible for managing the state’s nearly $20 billion portfolio.

Fleming is replacing former CIO Michael Walden-Newman, who left in 2014 to lead the Nebraska Investment Council, manager to the state’s retirement system and operating capital.

Treasurer Mark Gordon referred to Fleming as a “great catch,” citing his Wall Street background and local ties.

“His love of the state and desire to serve is beyond compare and drew him back to his home,” Gordon said in a release. “We are very fortunate that he is willing to use his well-honed skills to help the state do its financial best.”

The sovereign vehicle managed $19.7 billion across seven funds, as of June 30. It returned 6.1% for the three years ending in 2014, and 8.3% over five years. 

Fleming, who earned a bachelor’s degree in economics at Harvard University, has spent 30 years working in the industry. During his years in the private sector, he specialized in global macro and arbitrage strategies in commodity, equity, and fixed-income markets. He led wealth manager Barclay Investments, and held positions Lehman Brothers, Salomon Brothers, and Pinnacle World Investments.

More recently, Fleming returned to his home state of Wyoming to lecture at the University of Wyoming’s College of Business. In his current position there, he works with students to manage the State of Wyoming/University of UW Portfolio Management Fund, which was established to give students the opportunity to run a portfolio for the university.

The Kresge Foundation established a similar fund to be run by students at Oakland University outside of Detroit earlier this year.

Under Fleming’s leadership, the student-run fund has seen “several years of index-beating returns,” the release said.

Fleming said he was “very excited” to join sovereign fund, calling the existing investment team an “impressive group.”

“I believe my 30 years in the industry will bring a fresh perspective to the CIO’s role and add a dimension of experience to what is already a great office, and that by working together we can achieve great results,” Fleming said.

Related: NZ’s Orr Takes SWF Association Chair

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