Value of assets reached $16.64 billion
The State Investment Council on Tuesday announced 14.45 percent returns for the Land Grant Permanent Fund for the year ending Dec. 31.
Overall, SIC assets hit a new high of $16.64 billion on Friday.
“After years of questionable management and poor returns, I am encouraged by the ambitious reforms achieved by the State Investment Council, especially in such a short period,” said Gov. Susana Martinez, who chairs the investment council.
State Investment Officer Steve Moise said he also saw progress.
“When the Legislature restructured the SIC membership and powers just three sessions ago, overall returns were poor, and the investment portfolio was not of institutional quality,” he said.
“We still have some work to do, but it’s clear that by implementing highly professional and ethical standards and thoughtful investment practices, the council’s efforts are paying off..."
Legislators are pushing for more reforms to further professionalize the investment council.
One bill by Sens. Timothy Keller, D-Albuquerque, and Steve Neville, R-Aztec, would remove the governor, state treasurer and state land commissioner from the 11-member council.
Neville and Keller want the council stocked with investment management professionals who have at least 10 years of experience. That proposal is Senate Bill 9.