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Utah’s $1.6 billion education trust fund overhauled
Investing » An independent board will oversee the fund; the change aims to boost its investment returns.


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Elizabeth Tashjian, a University of Utah finance associate professor and task force member, replied there are no guarantees, but said other endowments using these best practices have shown greater returns.

A study by Callan & Associates predicts that after eight years under the new structure, the trust fund would have a market value of about $2.8 billion that would generate about $66 million for public schools.

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Board members also asked who and how people will be nominated to the new independent board, but the task force did not make recommendations about how to create it.

Next, state education officials will work with the Legislature to craft how to form the new board, which also will oversee two much smaller funds that support deaf and blind students.

Task force member David Hemingway, a senior investment officer at Zions Bank, said he would have liked the new board to have been integrated into the state treasurer’s office, saving the money needed to create a new government agency. But that option didn’t make it into the final list of recommendations.

"Do we really want to take $500,000 to a million dollars out of the fund to form a new department?" Hemingway asked.

Rparker@sltrib.com

Twitter: @RayUtah




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