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State Investment Council’s chief investment officer to retire following cancer diagnosis
Robert Smith
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One of New Mexico’s top investment officials, Robert “Vince” Smith, is retiring following a cancer diagnosis, state officials announced last week.
Smith has worked at the New Mexico State Investment Council for 15 years, and as the deputy state and chief investment officer, is the highest-paid employee in the state’s executive branch, earning $455,000 annually, according to state filings.
Smith received a nearly 40% pay increase in June, when the SIC raised wages to help recruit and retain historically underpaid workers, State Investment Officer Jon Clark told the Journal at the time.
“Vince’s leadership has always been understated, but he has never backed down from a battle,” Clark said. “The Council and staff are all pulling for his speedy recovery.”
Smith has managed public funds for nearly 40 years in Montana, Texas, Kansas and New Mexico, and is “among the country’s most experienced and long-serving public fund investment officers,” a news release from the SIC said.
Under Smith’s leadership, New Mexico’s permanent funds and endowments have more than quadrupled, from $14 billion in 2010 to $66 billion this year, spurred by profitable gains from oil and gas and strong investment returns, according to the release.
The fund pays for 78% of New Mexico’s early childhood programs and 28% of public K-12 education funding, SIC officials said.
The SIC is responsible for investing and growing the state’s dozen or so permanent funds, and by 2039, state economists predict it will be the single largest source of income for New Mexico’s general fund.
Smith’s last day will be Dec. 31, according to a news release. His replacement will be selected in the coming months.
