About the Trust Company
In 1986, the 69th Legislature authorized the State Treasurer to incorporate the Texas Treasury Safekeeping Trust Company (the "Trust Company") as a "special purpose trust company"; the State Treasurer was to serve as the sole officer, director, and shareholder of the Trust Company. The incorporation of the Trust Company was necessary to obtain direct access to services provided by the Federal Reserve System, namely Fed wire and custody services.
By obtaining direct access to services provided by the Fed, the State of Texas did not have to pay commercial banks to provide these services; the cost savings to the State is over $2 million annually.
Trust Company is only one of two state-owned trust companies with direct access to the Federal Reserve system.
The enabling legislation authorized the Trust Company to "manage, disburse, transfer, safe keep, and invest" whatever funds the Comptroller chooses to deposit in our organization. Historically, the Trust Company has been responsible for investing funds held outside of the Treasury.
In 2001, the Trust Company was given autonomy and separated from the Comptroller's Office; however, the State Comptroller is the Chairman and sole shareholder of the Trust Company.
Trust Company Team
Paul Ballard, CEO & Chief Investment Officer
Mr. Ballard joined the Texas Treasury Safekeeping Trust Company in February 2003. As CEO and CIO, he is responsible for the overall operation of the Trust Company and all investment management activities.
Danny Sachnowitz, Deputy Director & Deputy Chief Investment Officer
Mr. Sachnowitz joined the Texas Treasury Safekeeping Trust Company in July 2003. As Deputy, he assists in managing the overall operations of the Trust Company and its investment management activities, with emphasis on alternative investments.
Byron Beasley, Private Markets Manager
Byron joined the Texas Treasury Safekeeping Trust Company in October, 2003 as Program Administrator of the Certified Capital Companies (CAPCO) program. He was responsible for working with other Texas agencies and the various departments under the Comptroller to develop, adopt and implement the administrative rules for the initial CAPCO program. Byron continues to oversee the administration of Program I and II, and is also responsible for the management of a portfolio of Private Equity investments.
Corrine Hall, CAPCO Program Administrator
Corrine joined the Texas Treasury Safekeeping Trust in 2010. She is responsible for the day to day operations of CAPCO Program I and II.