The Pennsylvania Treasury has created a new position within its Bureau of Cash Management to help local governments and nonprofits meet their financial goals.
Treasurer Stacy Garrity said Ryan Buxton has been named to the newly created INVEST manager position to grow INVEST’s assets and increase program participation statewide.
INVEST is a family of investment pools similar in concept to money market funds, offering two rated pools with short-term maturity as well as periodic custom investment opportunities for longer-term investment needs, the treasury said.
The treasury’s investment staff, which also oversees investments and custody of more than $150 billion in public funds, manages INVEST portfolios.
“INVEST is a powerful program, and with Ryan taking this leadership role, I know more nonprofit organizations and local governments will benefit from it,” Garrity said. “INVEST is tremendously flexible, and it’s a great tool to help organizations safely achieve growth without sacrificing liquidity. Ryan’s experience in community outreach in the treasury’s Bureau of Consumer Programs, and his many previous years working with INVEST, make him the perfect person for this important job.”
Buxton, who thanked Garrity for her leadership and getting INVEST into both rural and urban communities across Pennsylvania, said, “I’m excited to continue that vision by moving the program forward by making it easier to enroll in INVEST and spreading the word about our investment products to both nonprofit organizations and government entities.”
Buxton has worked for the treasury since 1995, including 16 years with the INVEST Program. Prior to his new role, he worked as an Outreach Specialist with the Bureau of Consumer Programs, promoting the PA 529 College and Career Savings Program, Keystone Scholars, the PA ABLE Savings Program and unclaimed property.
INVEST features include no minimum balance requirement, daily liquidity, unlimited transactions with no transaction fees, and no minimum or maximum deposits, the treasury said.
More than 260 entities currently use INVEST, and the program has assets totaling about $1.3 billion.
INVEST has received the highest credit rating possible, AAA, from Standard & Poor’s Global Ratings (S&P) for both pool offerings, the treasury said.