Wyoming State Treasury CIO Fleming to Retire in June 2025

The Wyoming State Treasurer’s Office, which manages the state’s $30 billion sovereign wealth fund, announced that CIO Patrick Fleming will retire on June 30, 2025.

“I really enjoy my work and am proud of how our office has grown and what we have accomplished,” Fleming said in a statement. “There are still a few things I’d like to see us complete before I step aside at the end of June, but I felt it was appropriate to announce this decision now so I can help the Treasurer work with the Legislature and create a generational fund—which I also believe is vital for our state’s future—as well as provide ample time to implement a succession plan.”

Fleming, who initially made his retirement announcement in September, 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.

Fleming succeeded Michael Walden-Newman, who left in 2014 to become CIO of the Nebraska Investment Council. Newman retired from that post in 2023.

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“Patrick’s stewardship, unwavering commitment to Wyoming and ability to explain complex financial ideas in a way that gave confidence to policymakers paved the way for the program to evolve into the bellwether sovereign wealth investment house it has become,” said Wyoming Governor Mark Gordon, a former state treasurer, in a statement.

Prior to his appointment in 2014, Fleming was the CEO of Barclays Investments and held positions at Lehman Brothers, Salomon Brothers and Pinnacle World Investments. Fleming earned a bachelor’s degree in economics from Harvard University.

The treasury will begin searching for a new CIO in the next few months, according to the statement.