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.

OUR HISTORY

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.

OUR MISSION

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

PETER MADSEN
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

RYAN 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

JOHNNY LODDER
Investment Officer

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

HAYDEN BERGESON
Senior 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

TATIANA DEVKOTA
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

RAINEY CORNABY
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

JOHN SORENSEN
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.

Rylan Kulig

JACE RICHARDS
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.

Peter Madsen Image

RODNEY TRAN
Investment Analyst

Rodney joined SITFO in 2024 to support in the evaluation, due diligence, and ongoing monitoring of investments. Prior to joining SITFO, he was an Investment Analyst Intern at Utah Retirement Systems. Rodney earned a Bachelor of Science in Finance and Management with minors in Data Analytics and MIS from Utah State University and will be earning a Master of Science in Finance degree from the University of Utah in May 2024.

Peter Madsen Image

OLIVER SORENSEN
Investment Analyst

Oliver joined the team in 2024 to support in the evaluation, due diligence, and ongoing monitoring of investments in the Private Equity portfolio. Prior to joining as an Investment Analyst, he worked at SITFO as an Investment Analyst Intern from 2023 to 2024, supporting due diligence across the Growth and Real Assets portfolios as well as portfolio reporting. Prior to joining SITFO, Oliver was selected to be an Analyst and a member of the Investment Committee of the BYU Silver Fund, making single-stock investments in the Russell 3000. Before the BYU Silver Fund, he worked as a Development Analyst Intern at Utah's largest multi-family developer, ICO. Oliver graduated from Brigham Young University, obtaining a Bachelor of Science in Finance.

Rylan Kulig

JESS ROWE
Administrative Assistant

Jess joined the team in 2024 to support office operations and administration. Prior to working at SITFO, she worked as a Customer Experience Specialist and Leasing Agent for Cottonwood Residential where she honed her office and people management skills. Jess graduated from Brigham Young University with her Bachelors of Science from the Marriott School of Business in Experience Design and Management. The major combines human psychology, intentional design, and business principles to maximize customer, employee, and other stakeholder experiences. She also has a minor in Family Life.

The Board

MARLO OAKS
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.

DAVID R. NIXON
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.

JASON GULL
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.

DAVID F. ZUCKER
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.

MARK SIDDOWAY
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.