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Marlo M. Oaks, a former investment banker who has experience managing multi-billion dollar portfolios, has been named the new state treasurer of Utah.

Gov. Spencer Cox appointed Oaks to the post earlier this week after previous state treasurer David Damschen resigned to take a private-sector post, according to a press release from the governor’s office in Salt Lake City.

“Marlo’s extensive experience in investment banking, risk management and portfolio oversight makes him an excellent choice as a custodian of public funds,” said Cox. “I am also impressed with his involvement in two nonprofit organizations and the University of the Valley of Utah. I applaud his desire to serve the public in this new capacity.”

Oaks was most recently the managing director of Salt Lake City-based investment banking firm, Crewe Capital, according to the press release. Prior to that, he spent nearly 18 years managing multi-billion dollar portfolios for Farmers Insurance Group in Los Angeles and Intermountain Healthcare in Salt Lake City as an allocator, the statement said.

Oaks is also a member of the Utah Valley University Endowment Fund Investment Committee. He is the co-founder of two non-profit organizations: the Stella H. Oaks Foundation, which offers scholarships to single mothers; and FIRST Utah Robotics, which hosts STEM-related sporting events in Utah to encourage K-12 students to pursue careers in STEM.

Oaks graduated from Brigham Young University with a degree in economics and also holds an MBA from UCLA, the statement said.

Utah Senate Speaker J. Stuart Adams added his support for Oaks, saying he had been selected from a pool of high-profile candidates for the position of treasurer.

“I congratulate Marlo Oaks on being selected by the governor and I think Marlo will do a great job as the new state treasurer,” Adams said in a press release. “His previous experience has prepared him for this role, and I have confidence in Marlo’s ability to run our public finances and protect public funds.”

Oaks will run for office in 2022.

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