Michigan voters yesterday approved a ballot proposal allowing the state treasurer's office to more aggressively invest assets in eight state conservation trust funds including the Natural Resources Trust Fund, the State Parks Endowment Fund and the Veterans Trust. State law had restricted investment of the $603 million in the trust funds to cash and bond investments. Treasury officials now can invest those assets in stocks and other securities.
Terry Stanton, public information officer for State of Michigan Bureau of Investments, Department of Treasury, Lansing, said the department supported the ballot initiative and that conservation trust assets likely would be invested similarly to those of the state's $45 billion in pension assets. Michigan treasury staff internally manage most of the assets under the department's control.