The State of Wyoming announced today that Oregon State Treasury’s Senior Investment Officer Karl Cheng will become the state’s next Chief Investment Officer. In his new role, Cheng will oversee approximately $35 billion in assets, including Wyoming’s sovereign wealth funds. His last day with Treasury will be January 22, 2026.

Cheng has spent more than 14 years at the Oregon State Treasury, most recently serving as Senior Investment Officer for Portfolio Risk and Research within the agency’s Investment Services division. During his tenure, he played a key role in strengthening Treasury’s investment risk framework and advancing portfolio research capabilities. He previously served as an Investment Officer on the Public Equity portfolio team at Treasury.

“Karl’s selection as Wyoming’s Chief Investment Officer is a tremendous accomplishment and a reflection of his talent and leadership,” said Rex Kim, Chief Investment Officer for the Oregon State Treasury. “Karl joins a growing group of Treasury alumni serving as chief investment officers across the country. We wish Karl every success in this next chapter.”

Cheng joins Michael Viteri (State of Arizona) and John Skjervem (State of Utah) as from Treasury investment staff currently serving as Chief Investment Officers at other states.

Treasury thanks Karl Cheng for his many contributions to the organization and the state of Oregon.

About Oregon State Treasury
Oregon State Treasury improves the financial well-being of all Oregonians. We provide low-cost banking, debt management, and investment programs for governments and empower Oregonians to invest in themselves and their loved ones through Upward Oregon savings programs: Embark, Oregon ABLE Savings Plan, and OregonSaves. Treasury also manages the state's Unclaimed Property Program.