The Utah School & Institutional Trust Funds Office (SITFO) is an independent team of investors working to create a brighter future and more equitable present for Utah's education programs.


A strong democracy is founded on education for all. That's the vision that Thomas Jefferson held over 200 years ago. To make this ideology a reality, Jefferson proposed that land be reserved in each new state for schools.

When Utah became a state in 1896, the U.S. Congress granted approximately six million acres of land to benefit public education in perpetuity. Since then, the management of these lands has raised approximately $2 billion (and counting) for Utah schools.

To further benefit our children, the Utah School & Institutional Trust Funds Office (SITFO) was created to optimize these funds. The state assembled a team of investment professionals with significant financial experience in both government and the private sector.

SITFO is united with the education community, legislature, and state government. Together, they fulfill Jefferson's vision by managing and growing revenue for Utah schools, opening the door for a future of well-educated, successful citizens.


To responsibly maximize the return on the invested principal of the School and Institutional Trusts for the current and future benefit of Utah's education programs.

We are an independent team of outcome-oriented investors for the School and Institutional Trusts of Utah. We aim to carry this torch of fiduciary responsibility forward to create a brighter future and more equitable present for Utah's public education programs.

To that end, we ground our decision-making in objective research and sound portfolio theory. We value long-term growth over short-term gains, impartial analysis over conventional wisdom, and will always conduct investment decisions outside the reach of political influence and act with undivided loyalty to the schools, universities and state institutions for which we serve.

We consider education to be an invaluable public resource, and believe the School and Institutional Trusts are an enduring investment in our community as a whole.

The Team

Peter Madsen Image

Director, Chief Investment Officer

Peter was brought on by SITFO in 2015, and has been critical in establishing the direction of the organization. Working in the investment management industry since 1999, his most recent experience includes Managing Director of Cube Capital, an investment group in London. His career includes a range of experience in global investing for large institutional clients such as pension funds and endowments, as well as permanent school fund experience from another state. Peter holds a Bachelor of Arts degree from the University of Utah in International Political Economy and Russian. He also holds an MBA focused in International Finance from the Middlebury Institute of International Studies.

Rylan Kulig

Investment Officer

Scott joined SITFO in 2020 to support asset allocation decisions, provide capital market and portfolio research, and perform manager due diligence. With over 25 years investment experience, his most recent experience includes serving as Managing Director at Goldman Sachs and Verus Investments where he was the OCIO for a $15 billion pension fund. Over the course of his career, he has led capital market investment strategy, developed and implemented asset allocation and capital market assumption studies, led public and private market manager due diligence, and internally managed $25 billion in global fixed income assets for Microsoft and $8 billion for the Employees Retirement System of Texas. Scott holds a Bachelor of Science in Accounting from George Mason University and received the Chartered Financial Analyst (CFA) designation in 2001.

Rylan Kulig

Finance and Operations Officer

Ryan joined SITFO in 2016 to manage office operations, portfolio administration, and investment analysis. Before joining SITFO, he worked for Sax Angle Partners, specializing in fundamental and technical analysis of equity investment opportunities. Prior to that, he performed financial analysis of federal grant activity at MRK Advisors. Ryan holds a Bachelor of Business Administration in Global Business with an Emphasis in Finance and a Minor in Economics from the University of Portland and an MBA from the University of Southern California.

Rylan Kulig

Senior Investment Analyst

Johnny joined SITFO in 2019 to support in the evaluation, due diligence and ongoing monitoring of investments. He previously performed manager research across a variety of alternative investment strategies for Aksia, an international alternatives consultant. Prior to that, Johnny spent time with Sorenson Impact where he collaborated with venture funds and foundations to identify and fund socially impactful businesses. Johnny earned a Bachelor of Science in Finance from the University of Utah.

Rylan Kulig

Investment Analyst

Kirti joined SITFO in 2022 to support evaluation, due diligence and ongoing monitoring of investments. Her most recent experience includes performing risk management functions to assist in establishing performance reporting and monitoring processes at Deseret Mutual Benefit Administrators. Prior to that, Kirti performed credit analysis for structured deals in the Corporate Banking department at ICICI Bank and Axis Bank in India. Before pivoting to finance, she worked in IT consulting and product engineering for retail banks. Kirti holds a Master of Management Studies in Finance from Jamnalal Bajaj Institute of Management Studies, Mumbai and a Bachelor of Engineering in Electronics and Telecommunication from the University of Mumbai. She is also a CFA Charterholder.

Rylan Kulig

Investment Analyst

Hayden joined SITFO in 2021 to assist in establishing risk and reporting frameworks in support of the ongoing evaluation, due diligence, and monitoring of investments. He was previously an Intern for SITFO from 2020-2021 where he supported the team in a variety of functions. Hayden earned a Bachelor of Science in Financial Economics from Brigham Young University Idaho and a MSF from the University of Utah.

Rylan Kulig

Finance and Operations Analyst

Tatiana joined SITFO in 2021 to assist in portfolio finance and operations. She previously worked in finance operations at Goldman Sachs in support of client on-boarding, KYC (know your customer), and anti-money laundering initiatives. Prior to that, Tatiana worked in non-profit fundraising for the University of Utah and People Helping People. Tatiana holds a Bachelor of Arts in Political Science and a Minor in Public Policy from Georgia State University.

Rylan Kulig

Finance and Operations Analyst

In 2024 Rainey was added to the SITFO team to support portfolio finance and office operations. Prior to joining SITFO she worked for Utah-based technology companies, Pluralsight and RedIQ, gaining experience in business strategy, data analytics, and operations optimization. Additionally, Rainey spent time working for venture capital firm, Impression Ventures, where she applied her analytical skills to aid in investment decisions. Rainey holds a Bachelors of Science from Emory University, and a Masters of Business Administration from the University of Utah David Eccles School of Business.

Peter Madsen Image

Assistant Investment Analyst

John joined the team in 2023 to further develop risk and reporting tools and to assist the manager research team. Before joining as an Assistant Investment Analyst, John was an intern for SITFO from 2021 to 2023. John graduated from Utah State University with a Bachelor's degree in Economics, though he studied a variety of topics including programming, finance, and statistics.

Peter Madsen Image

Assistant Investment Analyst

Jace joined the team in 2024 to support in the evaluation, due diligence, and ongoing monitoring of investments. Prior to joining as an Assistant Investment Analyst, Jace worked at SITFO in 2023 as an intern where he supported the team in a variety of functions. Previously, he interned for Moreton Asset Management where he supported portfolio managers in monitoring separately managed fixed income portfolios for institutional clients. Jace graduated from Utah State University with a Bachelor’s degree in Finance and a Minor in Real Estate.

Rylan Kulig

Assistant Administrative Analyst

Symone joined SITFO in 2021 to support all facets of the non-investment agency affairs. She previously worked at Verizon Wireless as a Global Enterprise Advisor, where she managed a portfolio of business and government multimillion dollar accounts. Prior to that, she began her professional career at Utah State University, where she worked as a Teaching Fellow for the Department of Anthropology, Recruitment Fellow for the Center of Women and Gender and a Diversity Coordinator at the Museum of Anthropology. Symone holds a Bachelor of Science in Anthropology, a Minor in Women and Gender Studies and a Museum Certificate.

The Board

Chair, Board of Trustees

Marlo was appointed Utah State Treasurer in 2021 after a 25 year career in investment banking and investment management. He oversaw institutional portfolios at Farmers Insurance Group ($24 billion) and Intermountain Healthcare ($7.5 billion). Marlo holds the CFA and CAIA credentials.

Vice Chair, Board of Trustees

David worked at Coopers & Lybrand and as Assistant Treasurer and Director of Global Investments at EDS, responsible for assets totaling $15 billion. David has an accounting MBA. His extensive international experience includes work in both developed and emerging markets and living in Colombia, Belgium, and England.

Board of Trustees

Jason worked as head of secondary investments at Adams Street Partners with $30 billion of assets under management. He serves as a member of the BYU Cougar Capital Advisory Board and the BYU Marriott School National Advisory Board. Jason has an MBA from Yale.

Board of Trustees

David is Managing Partner of Lead Lap Enterprises. He has 30 years of experience as an executive in across multiple sectors and prominent companies such as Disney and ESPN. David also serves as board chair for a leading healthcare organization with a $4 billion foundation.

Board of Trustees

Mark is President of Cynosure Advisors, where he manages advisory team and investment process for $1.5 billion of client assets. He was previously the Head of Client Relations of Grandeur Peak Global Advisors, a Portfolio Manager and Asset Allocator in the Lehigh University Investment Office, and Deputy Chief Investment Officer at Utah Retirement Systems. He has an MBA from BYU and holds the CFA and CAIA credentials.