Marlo M. Oaks, the managing director of an investment banking firm, has been appointed treasurer for the state of Utah. He replaces David Damschen, who resigned at the end of April to become the president and CEO of the Utah Housing Corp.
Damschen was appointed state treasurer in 2015 when his predecessor resigned; he was elected in 2016 and re-elected in 2020. Oaks’ appointment will continue until January 2023. Voters will go to the polls in November 2022 to elect a state treasurer, whose term will begin in January 2023.
Oaks was one of three finalists for the job chosen by the Utah Republican central committee members.
“Marlo’s broad experience in investment banking, risk management and portfolio oversight makes him an excellent choice as custodian of public funds,” said Gov. Spencer Cox, who appointed Oaks. “I’m also impressed with his involvement in two nonprofits and Utah Valley University.”
Kirt Slaugh has been serving as acting state treasurer. He had been the state’s chief deputy treasurer.
Oaks is the managing director at Crewe Capital in Salt Lake City. Before that, he spent almost 18 years overseeing multibillion-dollar portfolios at Farmers Insurance Group in Los Angeles and Intermountain Healthcare in Salt Lake City. He sits on the investment committee of the Utah Valley University endowment fund, and cofounded two nonprofit organizations — the Stella H. Oaks Foundation, which provides educational scholarships to single moms; and FIRST Utah Robotics, which provides STEM sporting events throughout Utah designed to inspire K-12 children to pursue STEM careers.
Oaks has a bachelor’s degree in economics from Brigham Young University and an MBA from the UCLA Anderson School of Business. A Davis County resident, he and his wife, Elaine, are the parents of six children.