|FOR IMMEDIATE RELEASE|
September 23, 2019
Texas Comptroller Announces Retirement of CEO/CIO of Texas Treasury Safekeeping Trust Company
(AUSTIN) — Texas Comptroller Glenn Hegar today announced the retirement of Texas Treasury Safekeeping Trust Company (TTSTC or Trust Company) Chief Investment Officer (CIO) Paul Ballard. Ballard joined TTSTC in February 2003, and also served as TTSTC’s chief executive officer (CEO), overseeing overall operations as well as all investment management activities.
“Paul has devoted much of his professional life to serving the people of Texas,” Hegar said. “His tenure at the Trust Company has been marked by steady growth through unsteady times. He took over as the nation was emerging from the crisis caused by the dot-com bust and the 9/11 terrorist attacks, and he shepherded Texas’ assets through the great recession by consistently maintaining his commitment as a faithful steward of taxpayer dollars. His deep experience and leadership will be greatly missed, but his long-term vision for TTSTC will live on in the staff he has put in place to continue the great work of this agency.”
Hegar also announced Mike Reissig will serve as acting CEO, and Ruchit Shah will serve as acting CIO when Ballard steps down Oct. 1. Reissig and Shah will oversee TTSTC operations while Hegar considers long-term options.
Reissig takes over the overall operations of TTSTC after having served for more than three decades at the Comptroller’s office. During his tenure, Reissig has held some of the agency’s most critical positions including director of fiscal management, director of tax administration, chief revenue estimator and associate deputy comptroller. When elected in 2014, Hegar tapped Reissig as his deputy comptroller and chief clerk, and he currently serves as Hegar’s senior advisor.
Shah will lead investment management at the Trust Company when he takes over as acting CIO. As TTSTC’s head of external investments, Shah has managed over $10 billion in assets across public and private markets. Prior to joining TTSTC in 2014, Shah served as special counsel to the Texas lieutenant governor and contributed to Texas’ dynamic startup community by founding a non-profit organization that helps university students start technology companies. Students in the program have raised over $180 million and started more than 130 technology companies. Earlier this year, CIO magazine named Shah to its 2019 NextGen list, which identifies the next generation of leaders in institutional asset management.
“Mike and Ruchit together give TTSTC a wealth of experience in state government as well as the solid leadership needed to guide the Trust Company through this transition,” Hegar said. “TTSTC customers, fund managers, local governments and other entities who work with us regularly and rely on our expertise can rest assured knowing that TTSTC will continue to provide the same caliber of leadership they have come to expect under Paul’s tenure.
“More importantly, Texas taxpayers can be confident we’ll continue to put their interests first. We remain committed to acting as responsible stewards of their hard-earned money.”
The Trust Company invests, manages and oversees over $70 billion in assets. Investments include cash-equivalent funds such as the Texas Treasury Pool and separately managed portfolios for various Texas state agency clients. It oversees the state’s two largest local government investment pools: TexPool and TexPool Prime. It manages 11 separate endowment funds with assets totaling over $4 billion.
“I’m thankful to Paul for his leadership, guidance and vision,” Shah said. “And I am grateful to Comptroller Hegar for the confidence he has in me to continue the legacy of responsible financial management we have built at TTSTC.”
“This is a fantastic opportunity to further the goals Comptroller Hegar established for the entire agency when he was first elected to this position,” Reissig said. “Glenn has always been dedicated to fulfilling CPA’s core duties while focusing on our commitment to customer service and the taxpayers of Texas. I feel fortunate for the chance to continue those efforts in this new role.”
TTSTC is a special purpose trust company incorporated by the Texas Comptroller of Public Accounts in accordance with the Texas Government Code. Accordingly, the Comptroller serves as sole officer, director and shareholder of the Trust Company.
The Trust Company’s mission is to preserve and grow the state’s financial resources by competitively managing and investing them in a prudent, ethical, innovative and cost-effective manner while focusing on client needs. To learn more about TTSTC operations and policies, visit the Comptroller’s website.