MDGFOA Investment and Treasury Management Affinity Group: State Treasurer's Office

The Maryland State Treasurer’s Office has recently updated the State Investment Policy (https://treasurer.state.md.us/wp-content/uploads/2024/01/Investment_investmentpolicystateofmaryland103123.pdf). Join us for a chance to hear from the State’s Chief Investment Officer about what is new with the policy and how it may affect your local organization’s investment options and policy. There will be an opportunity to ask questions of our guest speaker during the presentation.

Guest Speaker: Keith Morris, Chief Investment Officer, Maryland State Treasurer’s Office

Keith Morris is the Chief Investment Officer for the State of Maryland Treasury. Keith joined the STO in late October 2021 after a lengthy and extensive career in New York working in the Fixed Income business for JP Morgan and its predecessor organizations as well as Amherst Pierpont Securities (now Santander Capital) another Investment firm and Primary Dealer in US Treasuries. Keith started his career in one of the Money Center Banks in NYC starting in the Operations Division learning banking from the bottom up. Keith moved into Non-Credit Services and the Investment bank thereafter where he has spent most of his career. Keith and his wife relocated to Annapolis from New Canaan, Ct. at the end of 2018, and he spent time consulting and refereeing lacrosse and ice hockey before joining the STO.

Keith’s Wall Street career included selling the full gambit of fixed income securities, managing a global sales force, trading US Treasury Securities from short maturities issues out through 30-year debt.  Keith was instrumental in assisting the US Treasury in the design, establishing trading parameters in addition to aiding in the creation of the analytics, research and technology for Treasury Inflation Protected Securities (TIPS).  Keith was the Global Head of US Inflation Trading and the Product Manager traveling well over 35% of the time to teach and introduce the TIPS globally to Central Banks, Sovereign Wealth Funds, Insurance Companies, Pension Funds, US States, and other governmental bodies as well as Money Managers of all sizes globally.

Keith’s decision to come to work at the STO was a desire to use his industry knowledge to add to the level of expertise in the organization and to ensure the State’s investments align with the safety, security, and productivity that they should for the State’s taxpayers. Since joining STO Keith has worked on redesigning and reorganizing the workflow using new technology preparing for any potential issues to include the next pandemic or other issue while also creating an environment that will attract younger qualified talent to State government. Keith worked to get the STO’s Investment Policy updated. It was well overdue as it was last updated in 2006 and the changes in the State’s finances and the markets over that time period have been significant.  The new STO policy has gone through the Legislative process, signed by the Governor and gone through the Regulatory review posting process.

Keith manages the State’ General Fund and all excess funds that separate agencies keep with the State.  He and his team are responsible for the Investments in the State’s investment pool, MLGIP managed by PNC and is responsible for the Investment portion of the MD529 offerings managed by TRowe and multiple other money managers among other responsibilities.

Keith’s lives on the South River in Edgewater with his wife a local designer and substitute teacher whom he met at Syracuse University & SUNY ESF with their black lab Mojo. Their oldest son is with USAID as a Sr. Desk Officer on the ASEAN Desk focusing on US Policy in the Asian region. He has been with both the DOD and State Dept. part of being a Presidential Management Fellow early in his career.   With true MD ties he attended Johns Hopkins getting an undergrad in International Studies and a Master from Hopkins’ School for Advanced International Studies.  With more MD ties, Their younger son lives and works in Israel after finishing with degrees in Communications and a Master in Business at UMD. He also was part of the National Championship Men’s Lacrosse team in 2022, playing for the Terps for 5 years. He played in the World Lacrosse Championships in San Diego in 2023 and now is responsible for youth lacrosse development in Israel as well as Coaching the U20 Israeli Men’s National Team while training and playing for Israel’s Men’s National Field and National Indoor Box Lacrosse teams. Their goal is to get the team into the 2028 Olympics in LA that will include Lacrosse for the 1^st time.