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State Treasurer seeks staffing and due-diligence funding as investments and unclaimed property grow
Summary
The State Treasurer's office asked the Joint Appropriations Committee for new investment staff, due-diligence funding and unclaimed property resources, citing asset growth (about $19B to $33B) and a $300 million unclaimed property trust balance following large recent inflows.
The Joint Appropriations Committee heard the State Treasurer’s office describe several exception requests driven by growth in assets under management and recent surges in unclaimed property receipts. The treasurer and deputy highlighted requests for a senior investment officer, ongoing due-diligence funding, and unclaimed-property operational spending.
Deputy Treasurer Dawn Williams summarized exception requests across the office’s four divisions (investment, financial accounting, unclaimed property, administration). The treasurer described internal investing and a multi-year increase in assets under management—citing a rise from approximately $19 billion in 2018 to roughly $33…
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