ASSET SERVICING

Utah School and Institutional Trust seeks director to lead new investment office

Utah School and Institutional Trust Fund, Salt Lake City, hired EFL Associates to assist in its search for a director/chief investment officer, said Richard Ellis, state treasurer.

A job posting could become available in the next month with a potential hiring decision by fiscal-year end on June 30.

The $2 billion fund, which primarily supports Utah’s public schools, is currently invested by Mr. Ellis’ office.

Prodded by concerns from the education community about the fiduciary responsibility of the treasurer’s office and elected officials, and significant growth of the fund, the General Assembly passed legislation in March to create a new office to oversee investments, Mr. Ellis said.

The selected candidate will report to the school and institutional trust fund board.

The trust fund has a current asset allocation of 70% equities, 20% fixed income and 10% real estate. Callan Associates is the fund’s current investment consultant.