Investments

Who’s Utah’s new treasurer? Governor appoints former funding banker

Marlo M. Oaks, a former funding banker who has expertise managing multibillion-dollar portfolios, has been named Utah’s new state treasurer.

Gov. Spencer Cox appointed Oaks to the place earlier this week after the earlier state treasurer, David Damschen, resigned to take a job within the personal sector, in line with a information launch from the governor’s workplace in Salt Lake Metropolis.

“Marlo’s broad expertise in funding banking, threat administration and portfolio oversight makes him a superb alternative as custodian of public funds,” Cox stated. “I am additionally impressed together with his involvement in two nonprofits and Utah Valley College. I commend his want to serve the general public on this new capability.”

Oaks was most not too long ago the managing director of Salt Lake Metropolis-based funding banking agency Crewe Capital, in line with the information launch. Earlier than that, he spent nearly 18 years managing multibillion-dollar portfolios for Farmers Insurance coverage Group in Los Angeles and Intermountain Healthcare in Salt Lake Metropolis as an allocator, the discharge stated.

Oaks can also be a member of the Utah Valley College endowment fund’s funding committee. He is the co-founder of two nonprofit organizations: the Stella H. Oaks Basis, which supplies schooling scholarships to single mothers; and, FIRST Utah Robotics, which places on STEM-related sporting occasions in Utah to encourage Ok-12 college students to pursue careers in STEM.

Oaks graduated from Brigham Younger College with a level in economics and likewise holds an MBA from UCLA, in line with the discharge.

Utah Senate President J. Stuart Adams added his help for Oaks, saying that he was chosen from a top-caliber subject of candidates for the treasurer place.

“I congratulate Marlo Oaks for being chosen by the governor and imagine Marlo will do a fantastic job because the state’s new treasurer,” Adams stated in a information launch. “His earlier expertise ready him for this function, and I’ve confidence in Marlo’s skills to guide our state funds and shield public funds.”

Oaks shall be up for election in 2022.

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