Wyoming Seeks a CIO for State Sovereign Fund

The position, in the state treasurer’s office investments division, oversees a team of 10 people managing assets, including about $31 billion in non-pension assets.

The Wyoming State Treasurer’s Office is seeking a CIO to lead the investments division and oversee the state’s investment program, including the state’s $31 billion sovereign wealth fund.

The current CIO, Patrick Fleming, announced plans to retire in June.

Fleming joined the state treasury as CIO in 2014 and ran the fund as a “one-man shop,” before growing the team to 10 people over the years. Since joining, the assets of the fund have grown to $30 billion from $19 billion, and the fund has distributed nearly $9 billion to support state budgets.

The CIO role oversees the fund, which is divided into 13 distinct pools, including permanent and non-permanent funds, many with their own mandates, asset allocations, and spending policies, according to the state’s job posting.

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The position is based in Cheyenne, the state capital, and duties include achieving “the highest risk-adjusted return within the parameters outlined in Wyoming statutes and the [investment policy statement],” according to the post.

Hudepohl & Associates is leading the search.

Tags: Patrick Fleming, recruitment, Wyoming State Treasury

Dan Bienvenue

The California Public Employees’ Retirement System announced that Dan Bienvenue, longtime deputy CIO for capital markets, will leave the country’s largest pension fund after nearly 21 years of service.

Bienvenue, who has served as CalPERS’ interim CIO during the last two CIO transitions at the pension fund, will join General Atlantic as a managing director, leading the firm’s capital solutions initiatives for pension plans, according to a CalPERS’ memo earlier this week. His last day at the pension fund will be April 18.

Bienvenue served as interim CIO in CalPERS in 2020, following the departure of then CIO Ben Meng and in 2023, following the departure of CIO Nicole Musicco.

Bienvenue resumed his deputy CIO role in 2024, when Stephen Gilmore was hired as CalPERS’ CIO.

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“Dan has been an exceptional leader, a trusted colleague, and a driving force behind our investment strategies, always working to ensure the financial security of our members,” CalPERS CEO Marcie Frost wrote in the memo. “Throughout his tenure, Dan has made significant contributions to our organization. He built the internal management capability for international equity, streamlined the external management of global equity from more than 60 managers to approximately 15, and aligned the corporate governance function within global equity. He also assumed responsibility for management of our affiliate funds from the enterprise.”

Bienvenue has held several leadership roles within CalPERS since joining in September 2004, including concurrent roles as the interim chief operating investment officer and deputy CIO total portfolio, as well as managing investment director of global equity. He served as the managing investment director overseeing Global Equity from 2014 to 2020, and as senior portfolio manager in Internal Equity.

In addition to his work at CalPERS’, Bienvenue in 2024 was named to a three-year term on the board of the Chartered Alternative Investment Analyst Association and is expected to stay in that role once he assumes his new job, according to CAIA.

Tags: California Public Employees’ Retirement System, CalPERS, Dan Bienvenue, General Atlantic