Wyoming’s Highest Paid Administrator to Step Down, Manages $30 Billion in Assets

Wyoming’s highest-paid state administrator, Chief Investment Officer Patrick Fleming, will step down from his role in June 2025, Cowboy State Daily reports.

Fleming, who oversees $30 billion in state assets, earns $525,959 annually, more than any other state administrator. Most residents are likely unaware of Fleming, despite his critical role in managing Wyoming’s sovereign wealth fund, which supports the state’s budget.

Fleming, who has held the position since 2014, announced his upcoming departure, citing a desire to spend more time with family and friends. He expressed pride in the growth of Wyoming’s investments during his tenure. Under his leadership, the state’s assets grew from $19.5 billion to over $30 billion, contributing nearly $9 billion to the state budget and generating $450 million in additional revenue over the last six years.

In 2023, Fleming’s pay included a base salary of $275,959 and $250,000 in performance compensation. Only University of Wyoming athletic staff members earned more than him that year.

Fleming’s role in managing Wyoming’s assets has been praised by officials like State Treasurer Curt Meier and Governor Mark Gordon, who highlighted his ability to explain complex financial concepts and his mentorship of staff. During his tenure, the treasurer’s office adopted advanced risk measurement systems and shifted investment strategies away from traditional equity and bond approaches.

Fleming’s successor will be chosen in the coming months. Meier and other state officials hope to find a candidate with similar expertise in global markets and private equity.