NM Investment Officer Resigns

New Mexico – State Investment Officer Gary Bland has resigned.

Bland submitted his resignation on Wednesday to Gov. Bill Richardson, who accepted it.

The state investment officer oversees the management of New Mexico's permanent funds valued at more than $11 billion.

In his resignation letter to the governor, Bland said he was "saddened and disappointed" to leave the post.

He did not offer an explanation for his decision. However, he leaves amid a federal investigation of investments in New Mexico and fees paid to placement agents.

Copyright 2009 The Associated Press.