Report Spurs Debate on Ideal Model for Wyoming Sovereign Wealth and Public Fund Portfolios
Posted on 12/02/2021
RVK was hired to conduct a report to compare peer institutions and best practices for Wyoming’s sovereign wealth and state funds. Wyoming House Bill 244 enabled the creation of this report and sparked debate among Wyoming politicians and public investment professionals. Wyoming could end up creating a separate management corporation to manage sovereign wealth and other state-owned assets. The Select Committee on Capital Financing and Investments Meeting for Wyoming was held on November 30, 2021.
Part of Section 1 of the bill reads, “(a) The legislature finds there is a consensus among the state treasurer’s office, the governor’s office, the investment funds committee and the legislature that the investment funds committee should undertake a study to assess options for improving the investment operations relating to state funds and to address the following goals and objectives:
(i) To bring Wyoming’s management of its sovereign wealth funds and other permanent and nonpermanent funds into the top tier in each field thereby ensuring the state and its citizens are receiving the best possible value from these key public resources;
(ii) To identify legal and fiduciary requirements of the state in investing various fund types and clarify best practices regarding the state’s oversight role as owner or trustee of invested funds;”
Bill Link: https://legiscan.com/WY/text/HB0244/2021
Keywords: Wyoming State Loan and Investment Board.