Amy Hsiang-Wei joined Oregon State Treasury as the Senior Investment Officer for Fixed Income in July 2024, bringing 25 years of investment expertise to the role. Her career spans leadership positions at firms including Meketa Investment Group, where she led a 20-person research team, RVK Inc, where she headed fixed income and private credit research for over $900 billion in assets, and PIMCO, where she managed strategic client relationships totaling $12.5 billion in assets under management. Amy holds an MBA from Harvard Business School and a Bachelor’s degree in Economics with Honors from the University of Chicago. She is fluent in Mandarin and proficient in Spanish.

What is your professional background and what brought you to this role?

As a fixed income specialist with twenty-five years working in the investment industry, I’m passionate about navigating the complexities of the bond market and constructing resilient portfolios through strategic fixed income investing. My professional background spans across all areas of the investment world, including working on Wall Street (e.g. J.P. Morgan Chase and ING Financial) to high-impact experience at a major global asset management firm (e.g. PIMCO). Leading up to my joining Treasury, I spent 14 years in investment consulting (e.g., Meketa Investment Group and RVK, Inc.), where I advised Public Funds like OPERF on investment opportunities across fixed income and private credit.

I joined Treasury for the following reasons:

First, one of the most rewarding parts of consulting was assisting clients in building robust portfolios. However, as a consultant I found myself feeling more like an advisor than a true partner in the long-term success of the fund. Having the responsibility of managing the Oregon Public Employees Retirement Fund (OPERF) would allow me to feel a stronger sense of stewardship.

Next, OPERF’s significant market presence provides unparalleled exposure to diverse investment managers and strategies, which would broaden my understanding of the investment landscape and continue to feed my intellectual curiosity.

Finally, I like that my work helps safeguard the retirement and welfare of dedicated public servants, thus ensuring long-term financial security for those who serve our communities.

What trends are you watching most closely in the markets right now?

As a fixed income investor, I am trying to balance yield retention, credit quality, and duration management amid moderating inflation, potential Fed rate cuts, and ongoing economic and geopolitical uncertainties. As valuations continue to be tight in credit sectors, I believe the bulk of returns in 2026 will come from income rather than significant price appreciation. The AI and technology’s influence is also impacting the bond market with the AI boom leading to increased debt issuance from Big Tech companies to fund capital expenditures. This trend is a key area to watch as it introduces new dynamics and potential correlation risks with equities within the investment-grade credit market.

What advice would you give to someone entering this field today?

First, I would advise that person to cultivate the essential skills necessary to excel in this position. Next, learn to process large quantities of information so that you can separate noise from true information. Lastly, stay informed and curious. The economic landscape is constantly changing so I would read widely about financial history, markets, and global trends to stay ahead.

What book, podcast, or other resource(s) has influenced your thinking recently?

I recently read The Listening Book by W.A. Mathieu – This is a book of little essays about listening. It teaches your ears to pay more attention. It calls your attention to sounds you haven’t noticed.

I have also been watching Massimo Botura’s Masterclass. My favorite cuisine is Italian and seeing how he creates dishes using scraps others would throw away is insightful. This teaches me that you can find value in anything.