Marlo M. Oaks, a former investment banker who has experience managing multibillion-dollar portfolios, has been named Utah's new state treasurer.
Gov. Spencer Cox appointed Oaks to the position earlier this week after the previous state treasurer, David Damschen, resigned to take a job in the private sector, according to a news release from the governor's office in Salt Lake City.
"Marlo's broad experience in investment banking, risk management and portfolio oversight makes him an excellent choice as custodian of public funds," Cox said. "I'm also impressed with his involvement in two nonprofits and Utah Valley University. I commend his desire to serve the public in this new capacity."
Oaks was most recently the managing director of Salt Lake City-based investment banking firm Crewe Capital, according to the news release. Before that, he spent almost 18 years managing multibillion-dollar portfolios for Farmers Insurance Group in Los Angeles and Intermountain Healthcare in Salt Lake City as an allocator, the release said.
Oaks is also a member of the Utah Valley University endowment fund's investment committee. He's the co-founder of two nonprofit organizations: the Stella H. Oaks Foundation, which provides education scholarships to single moms; and, FIRST Utah Robotics, which puts on STEM-related sporting events in Utah to encourage K-12 students to pursue careers in STEM.
Oaks graduated from Brigham Young University with a degree in economics and also holds an MBA from UCLA, according to the release.
Utah Senate President J. Stuart Adams added his support for Oaks, saying that he was selected from a top-caliber field of candidates for the treasurer position.
"I congratulate Marlo Oaks for being selected by the governor and believe Marlo will do a great job as the state's new treasurer," Adams said in a news release. "His previous experience prepared him for this role, and I have confidence in Marlo's abilities to lead our state finances and protect public funds."
Oaks will be up for election in 2022.