New Mexico native will oversee the state’s $49B savings portfolio amid windfall from petroleum

SANTA FE, N.M. (AP) — A state cabinet secretary and former economist to the Legislature has been selected to oversee New Mexico’s $49 billion nest egg of savings and trust accounts at the State Investment Council. As state investment officer, Albuquerque native Jon Clark will oversee assets including the New Mexico land grant permanent fund. That fund is built largely from petroleum production on state trust lands since the 1970s and benefits schools, hospitals and other public institutions. A nationwide search for the position generated more than 80 applications. Management of New Mexico’s state investments has taken on increasing significance amid an unprecedented surge in state government income and savings from oil and natural gas production.