SALT LAKE CITY – June 5, 2023 – Utah Treasurer Marlo M. Oaks today announced the appointment of Mark Siddoway and David Zucker to the School and Institutional Trust Funds Office (SITFO) Board of Trustees.
When Utah became a state in 1896, Congress granted approximately seven million acres of land into 12 separate trusts for the support of state institutions, the largest being a trust for the perpetual support of public schools. In 2014, the Utah Legislature created SITFO as an independent state agency with a five-member Board of Trustees, chaired by the State Treasurer, to invest the funds produced by the School and Institutional Trust Lands Administration’s (SITLA) management of the land.
“The depth and quality of Mr. Siddoway’s and Mr. Zucker’s experience complement the strong institutional investment management expertise our existing board members bring to the table,” Treasurer Oaks said. “They each add a unique dimension of perspective and inquiry to our work as fiduciaries, policymakers, and overseers.”
Siddoway has served as the President of Cynosure Advisors since 2022, where he manages the firm’s client advisory team and oversees the asset allocation and investment process for $1.5 billion of client assets, including charitable foundations and family trusts. Prior to Cynosure, he spent 11 years as the Head of Client Relations at Grandeur Peak Global Advisors. Siddoway was previously a Portfolio Manager and Asset Allocator in the Lehigh University Investment Office and Deputy Chief Investment Officer at Utah Retirement Systems.
“As a lifelong Utahn and a product of the Utah public education system, I feel strongly that the proper management and governance of the Trust Funds is imperative to the wellbeing of Utah’s communities and a bright future for upcoming generations,” Siddoway said. “I look forward to serving as a board member to ensure SITFO continues to make solid investment decisions that will benefit Utah’s education programs for years to come.”
Zucker is Managing Partner of the private investment firm Lead Lap Enterprises. He has 30 years of experience as a Chairman, CEO, and General Manager of public and private companies and company divisions in the media, business services, marketing services, consumer, healthcare, and technology sectors. He has overseen and completed more than 20 business acquisitions of varying sizes during his career. Zucker also serves as board chair for a leading healthcare organization with a $4 billion foundation.
“Public education is the path to the future for Utah’s youth,” Zucker said. “I look forward to working with the SITFO team to help ensure resources are available for current and future beneficiaries of Utah education programs.”
The SITFO Board Nominating Committee, under the direction of the Land Trusts Protection and Advocacy Office, met four times since February to identify and interview candidates. Treasurer Oaks interviewed the committee’s final nominations before appointing Siddoway and Zucker to the board.
Siddoway is appointed to fill the open seat concluding John Lunt’s term. His service begins July 1, 2023 and will conclude June 30, 2029. Zucker will serve the remainder of Kent Misener’s unexpired term that ends June 30, 2026. He will begin on June 6, 2023 and is eligible for reappointment at the end of his term.
About the School and Institutional Trusts System
As part of Utah’s 1894 Enabling Act, Congress granted millions of acres of land, called trust lands, to our state. Constitutional provisions require that revenue earned from the land be placed into permanent endowments for specific institutions, including public education, state hospitals, and universities. The land has been administered by SITLA since 1994. In 2014, the Utah State Legislature created SITFO as an independent state agency to invest the funds produced by SITLA’s administration of the land. During the 2018 General Session, the legislature authorized the creation of the Land Trusts Protection and Advocacy Office to advocate for Utah trust lands beneficiaries and help the public and beneficiaries understand the mission of the trust lands system.