Arizona State Treasurer

What Arizona State Treasurer does

The Office of the Arizona State Treasurer is a constitutional state government office established in 1912 at Arizona statehood, headquartered in Phoenix and currently led by Treasurer Kimberly Yee, the 36th holder of the office. As Arizona's chief banking and investment officer, the office safeguards approximately $33.3 billion in assets and stewards the cash management of the state's $64.7 billion budget. Its core mandates include exclusive management of the Permanent Land Endowment Trust Fund (a constitutional endowment benefiting K-12 schools and 12 other statutory beneficiaries), administration of the Local Government Investment Pool (LGIP) serving 82 cities and towns, 48 special taxing districts, 11 counties, community colleges, and tribal governments, and administration of the AZ529 Education Savings Plan for Arizona families. The operating platform combines in-house investment specialists managing fixed-income and equity portfolios with outsourced banking infrastructure: JP Morgan serves as the state servicing bank under a contract running through 2028 (with extensions to 2029), State Street Bank acts as custodian, Fiserv handles merchant services, and four additional banks (Bank of America, Bank of the West, National Bank of Arizona, Wells Fargo) provide geographic coverage. Because the office is a government entity, it generates no commercial revenue; instead, value flows back to beneficiaries as investment earnings distributions and state banking services. Recent initiatives include AI and technology enhancements to the ESA platform announced in June 2026, partnership-driven outreach to the Navajo Nation, and sustained recognition including a Forbes "Best 529 Plan of 2026" designation and Morningstar Silver Rating.

Name

Arizona State Treasurer

Legal name

Office of the Arizona State Treasurer

Website

https://aztreasury.gov

Company type

Private

Founded year

1912

Operating status

Operating

Headcount range

1–10 employees

Short description

The Office of the Arizona State Treasurer is a constitutional state government office established in 1912 that safeguards approximately $33.3 billion in assets, manages the state's $64.7 billion budget, and serves Arizona state agencies, local governments, tribal nations, and families through investment pools, banking services, and the AZ529 Education Savings Plan.

Ownership category

akta.pro rank

Product category

Public Treasury and Investment Management

NAICS

Public Finance Activities (921130), Executive and Legislative Offices, Combined (921140), Executive, Legislative, and Other General Government Support (921), Other General Government Support (921190)

SIC

Finance Services (6199)

akta.pro primary industry

Municipal Finance, Treasury, Budget & Procurement (BPAIACAC)

akta.pro secondary industries

Government Investment Pools & Treasury Funds (FSAAAGAE), Finance, Budgeting & Treasury Administration (EDADAKAF), Institutional Financial Aid Offices (Schools/Colleges/Universities) (EDADAHAB), Fund Governance Support (Board/Trustee, Minutes, Policies, Oversight) (FSAAAMAH)

Keywords

• Public fund management
• Government banking services
• Education savings plans
• Investment pool services
• State treasury operations

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Management: The office manages approximately $33.3 billion in assets and stewards cash management of Arizona's $64.7 billion state budget. Revenue is generated through investment returns on managed funds, with distributions made to beneficiaries including local governments, public schools, and state agencies.
2. AZ529 Education Savings Plan Administration: The Treasurer serves as Administrator of AZ529, Arizona's Education Savings Plan, which has grown to over $3.07 billion in assets with 71,971 new accounts opened since Fall 2020. The plan helps families save for higher education and workforce development.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

The Office of the Arizona State Treasurer serves as the state's chief banking and investment officer, safeguarding approximately $33.3 billion in assets and stewarding the cash management of Arizona's $64.7 billion state budget. Core services include state agency banking (wires, deposits, payment processing), the Local Government Investment Pool (LGIP) for municipalities, the Permanent Land Endowment Trust Fund (PLETF), the Arizona Endowment Trust Fund, and administration of the AZ529 Education Savings Plan for Arizona families.

Product overview

The Arizona State Treasurer's Office provides a portfolio of financial services including banking, investment management, and education savings. The core offerings include the AZ529 Education Savings Plan (Arizona's 529 college savings program), the Local Government Investment Pool (LGIP) for municipal entities, the Permanent Land Endowment Trust Fund (PLETF) managing State Trust Land proceeds, and the Arizona Endowment Trust Fund for longer-term agency investments. The office also provides State Agency Banking Services, manages cash flows for the state's $64.7 billion budget, and operates the Financial Literacy Task Force. These services are delivered through web portals and the state's banking partners, with investment pools offering varying liquidity and yield profiles.

Differentiator

Problem solved

Functional benefit

Brands

• AZ529 Education Savings Plan: Arizona's Education Savings Plan helping families save for higher education and workforce development, administered by the State Treasurer.
• Permanent Land Endowment Trust Fund
• Local Government Investment Pool (LGIP)

Products and services

• AZ529 Education Savings Plan Arizona's official 529 college savings plan administered by the State Treasurer, enabling families to save for higher education and workforce development with tax-advantaged investment vehicles.
• Local Government Investment Pool (LGIP) A pooled investment vehicle allowing local governments (cities, counties, special taxing districts, tribal governments, universities, community colleges) to deposit money for investment with 100% liquidity, providing safety of principal and competitive interest rates.
• Permanent Land Endowment Trust Fund (PLETF) Arizona Constitutional endowment fund established under Article 10, Section 7, receiving proceeds from State Trust Land sales. The largest beneficiary is the Permanent Common School Fund, with 13 different beneficiaries including K-12 education, universities, and state institutions.
• Arizona Endowment Trust Fund An investment vehicle established pursuant to A.R.S. 35-314.03 for state agencies, political subdivisions, and tribal nations seeking longer-term investment objectives with co-mingled participant shares.
• State Agency Banking Services Banking services for Arizona state agencies including cash concentration, wire transfers, ACH processing, and agency deposit management coordinated through the State Treasurer's Office.

Quantifiable outcome

• Nearly doubled assets under management from $15.4 billion to $33.3 billion since January 2019
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Partnerships

Eleven partnerships are on record, tiered supporting and core.

• Chilchinbeto Chapter of the Navajo NationsupportingStrategic or Co-development Partner · 25 October 2024Historic partnership to serve Navajo Nation communities with education savings and financial literacy resources.
• University of ArizonasupportingStrategic or Co-development Partner · 29 June 2023Partnership to create the Arizona Award for Excellence in Teaching Financial Literacy, recognizing educators who demonstrate exceptional commitment to financial education.
• JP MorgancoreTechnology or Integration · 1 June 2023JP Morgan was awarded the servicing bank contract effective June 1, 2023 for a term of three years with two one-year extensions (expiring May 31, 2028 with possible extensions to May 31, 2029). JP Morgan processes the state's receipts and disbursements, money and security transfers, payment activity, and related banking services.
• Earn to Learn Matched Scholarship ProgramsupportingStrategic or Co-development Partner · 18 October 2022Continuing partnership between AZ529 and Earn to Learn to provide matched scholarship opportunities for Arizona students saving for college.
• Bank of AmericasupportingTechnology or IntegrationAlternative banking partner maintained for state agency locations not in proximity of state servicing bank branches.
• Bank of the WestsupportingTechnology or IntegrationAlternative banking partner maintained for state agency locations not in proximity of state servicing bank branches.
• National Bank of ArizonasupportingTechnology or IntegrationAlternative banking partner maintained for state agency locations not in proximity of state servicing bank branches.
• Wells FargosupportingTechnology or IntegrationAlternative banking partner maintained for state agency locations not in proximity of state servicing bank branches.
• FiservcoreTechnology or IntegrationFiserv was awarded the state's merchant services contract effective August 7, 2023 for a term of three years with two one-year extensions. Fiserv enables the state to accept and collect card payments from major networks including Visa, MasterCard, Discover, and American Express.
• Board of Investment MemberscoreStrategic or Co-development PartnerBoard reviews all investment activities of the Treasurer and serves as trustees of the Permanent Land Endowment Trust Fund. Members include Hon. Kimberly Yee (Chairwoman), Harry Papp (L. Roy Papp & Associates Managing Partner), Hon. SueAnn Mello (Mohave County Treasurer), Ashley Retsinas (Designee for Director of Arizona Department of Administration), and Director of Department of Insurance and Financial Institutions (Vacant).
• Arizona Financial Literacy Task ForcecoreStrategic or Co-development Partner17-member statewide body chaired by Treasurer Yee dedicated to advancing personal money management and financial awareness for students, senior citizens, military families, and vulnerable populations.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• California State Treasurer's Office: California's constitutional state treasurer performing the same banking, investment, and debt management functions for a much larger state economy. Directly comparable as a peer state treasury office with similar statutory authority over state investments and public finance.
• Florida Department of Financial Services: Florida's state-level financial administration office that includes treasury functions, investment management, and unclaimed property. Comparable as a state government financial services agency with similar administrative mandate to the Arizona Treasurer.
• Texas Treasury Safekeeping Trust Company: Manages investment portfolios for Texas state agencies and provides trust/custody services analogous to Arizona's LGIP and AZ Endowment Trust. Directly comparable as a state-level investment management entity serving public entities.
• New York State Comptroller: New York's statewide elected fiscal officer responsible for investment of the state pension fund and Common Retirement Fund. Comparable as a public-sector chief investment officer managing large investment portfolios for beneficiaries including state and local entities.

Broad incumbents

• State Street Bank and Trust Company (custodian): Arizona's custodian bank (DTC Participant No. 997) and one of the largest global custodian banks. Comparable as the broader incumbent serving state treasury clients with custody, settlement, and asset servicing at institutional scale.
• Fidelity Investments (529 Plan Management): Operates and manages several state-sponsored 529 college savings plans as program manager. Comparable as an incumbent in the 529 administration space adjacent to AZ529's direct administration model.
• Vanguard (529 / Education Savings): Manages investment options and program administration for multiple state 529 plans. Comparable as an incumbent in the 529 industry where AZ529 competes for advisor and family mindshare.
• JPMorgan Chase (Public Sector / Government Banking): JPMorgan holds Arizona's servicing bank contract and operates one of the largest U.S. government banking franchises. Comparable as the incumbent banking partner delivering payments, wires, and account services to state agencies.

Others

• Goldman Sachs Asset Management (Public Pensions/Endowments): Large institutional asset manager serving public pension, sovereign, and endowment clients. Comparable as an ecosystem participant that could serve as an external manager for portions of Arizona's investment pools.
• BlackRock (Public Sector Asset Management): World's largest asset manager with a dedicated public-sector franchise serving state treasurers and sovereign clients. Comparable as an ecosystem participant providing index/fixed-income products relevant to state investment pool construction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AZTreasury
• Facebookfacebook.com/AZTreasury
• LinkedInlinkedin.com/company/state-treasurer-arizona

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arizona State Treasurer