The highest paid state government administrator makes more than $525,000 a year, and most people in Wyoming have likely never heard of him.

He’s Chief Investment Officer Patrick Fleming, who recently announced he’ll step down from the post next June.

According to the state auditor’s office, Fleming made $525,959 in 2023, more than any other elected official or department head in the state. After tax deductions, Fleming’s take-home pay was $367,771.

The only Wyoming state employees making more than Fleming in 2023 were involved with University of Wyoming athletics: former UW football coach Craig Bohl, former UW men’s basketball coach Jeff Linder and the university’s athletic director, Tom Burman. That’s according to government spending website Openthebooks.com.

How It Compares

As chief investment officer, Fleming is responsible for managing the state’s more than $30 billion worth of non-pension assets.

In a statement, Fleming said he’s looking forward to spending more time with family and friends.

“I really enjoy my work and am proud of how our office has grown and what we have accomplished,” Fleming said. “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.”

Since joining the state in 2014, Fleming helped grow Wyoming’s sovereign wealth fund from $19.5 billion to more than $30 billion, with nearly $9 billion used during that time to support the state’s budget and an additional $450 million in revenue produced over the last six years.

State Treasurer Curt Meier highlighted Fleming’s record in a press release announcing his retirement.

“The job Patrick has done during his tenure has been vital to the well-being of the entire state,” Meier said in the press release. “The earnings distributed as part of the budget funding is equivalent to about a third of all the State’s revenues during that time period. This has decreased the tax burden on our citizens while preserving services vital to the Cowboy State.”

Grew Wyoming’s Investments

Masoudi Hesam, the chief investment officer for the Wyoming Retirement System, made only $440 less than Fleming in 2023 at $525,519.

Meier told Cowboy State Daily where Fleming made his biggest impact was in the mentorship he showed to his staff, which he grew to a team of 10 during his time. He also said Fleming was adept at understanding the world’s markets and how they could affect Wyoming’s investments and investment opportunities.

Under Fleming’s watch, the treasurer’s office also instituted a volatility-based risk measurement system while moving away from traditional equity and bond approaches.

Gov. Mark Gordon, who worked directly with Fleming when the governor was state treasurer, also commended Fleming’s “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.”

“Every Wyoming citizen has more money in their pocket as the result of his skill and leadership,” Gordon said. “Beyond his service to the state, though, Patrick is a real friend who has always put Wyoming first. He will be missed.”

According to the treasurer’s office, Fleming previously spent 30 years working in Tokyo, Hong Kong, London and New York specializing in domestic and global bond markets, equities and commodities. He also is the former CEO of a 77-year-old investment firm in New York and taught corporate finance, investment management and energy trading at the University of Wyoming.

Industry Standard

State Rep. Liz Storer, D-Jackson, a member of the Select Committee on Capital Financing and Investments which has been critical at times of the state’s investing decisions, said Fleming’s pay is somewhat competitive when compared to what’s offered in the investment industry.

Anything less, she said, and the state would be forced to hire people with less experience that would likely leave as soon as they were offered a higher paying opportunity.

“It’s pretty equitable with the capital finance performance pay for positions of CIO as well as investment managers and how they’re paid in the real world,” Storer said. “It’s kind of what you need to pay in order to be competitive.”

Meier went even further, arguing that the base salaries paid out in his office as well as the Wyoming Retirement System are “well below” industry standards.

“Even after exceeding our benchmarks for each of the past five years, the overall pay package barely gets them to the medium,” he told Cowboy State Daily.

Fleming made $275,959 in his base salary and an additional $250,000 in performance compensation in 2023.

“If you pay for performance, at least you can retain them for longer,” Storer said.

The treasurer’s office will begin the process of finding a CIO in the coming months.

Storer said she’d like to see a strong emphasis made on experience in private equity and an understanding of the world markets for the state’s next CIO.

Meier said he hopes to find someone with similar professionalism and experience to Fleming, who he said he will utilize for input during the hiring process.

Leo Wolfson can be reached at leo@cowboystatedaily.com.