Wyoming State Loan and Investment Board, Cheyenne, will soon search for an investment consultant, followed by an additional search in the first half of 2016, a notice on the board's website said.
The board approved at its meeting Thursday a proposal by board member and Wyoming state Treasurer Mark Gordon to issue an RFP soon for a one-year contract due to current consultant RVK's contract expiring on June 30.
RVK will be invited to rebid. The state requires that the board issues an RFP for the services at least once every four years.
In a memo to the board, Mr. Gordon proposed a one-year contract from July 1 to June 30, 2016, and suggested the board should issue an additional RFP in the first half of 2016 for a full four-year contract beginning July 1, 2016.
Mr. Gordon said in the memo a one-year contract “would allow the new board members, Secretary of State Edward Murray and Superintendent of Public Instruction Jillian Barlow, sufficient time to become more familiar with the state investment program” before an RFP for a longer contract is issued next year. Also, by that point, the board should have a new chief investment officer in place.
Previous CIO Michael Walden-Newman left in December to become state investment officer of the Nebraska Investment Council, Lincoln, which oversees $22 billion in assets.
The Wyoming State Loan and Investment Board oversees the $6 billion Permanent Mineral Trust Fund, $2.8 billion Common School Permanent Land Fund and five other funds. The board also oversees $5.5 billion in state operating funds, which by state law invest in only cash and fixed income.
Mr. Gordon and Cathy Lujan, spokeswoman for the office of state lands and investments, did not return phone calls by press time.