Wanted: Wall Street mavens seeking state government salaries
Lawmakers who met in Buffalo on Sept. 19 are angling to bring management of Wyoming’s investments in-house — cutting out the contracted financiers who collect tens of millions of dollars in fees managing those funds.
To do so successfully, Wyoming will have to lure investment analysts from the finance industry to state government. As such, lawmakers might have to set aside their traditional disdain for high government employee salaries.
Officials in the State Treasurer’s office told lawmakers on the Joint Appropriations Committee and the Select Committee on Capital Finance that doing so will pay big dividends in cost savings and build a reservoir of expertise in managing Wyoming’s investments, which are an increasingly relied-upon revenue source for the state.
But to compete for employees with a notoriously lucrative segment of the private sector, the state will have to offer compensation packages that include performance-based bonuses modeled on those offered by investment firms, experts told lawmakers. In Buffalo, lawmakers appeared open to the idea but weren’t without skepticism.
Read more: https://www.wyofile.com/wanted-wall-street-mavens-seeking-state-government-salaries/