Credit Invest USA by FILS

4 - 5 December 2025

Omni Parker House, Boston

Keith Morris

Keith Morris

Chief Investment Officer State of Maryland Treasurers
Keith Morris
Keith Morris is the Chief Investment Officer for the State of Maryland Treasury. Keith joined the State Treasurer’s Office (STO) in late October 2021 after a lengthy and extensive career in New York working in the Fixed Income business for JP Morgan and its predecessor organizations as well as Amherst Pierpont Securities (now Santander) another Investment firm and Primary Dealer in US Treasuries. Keith started his career in one of the Money Center Banks in NYC in the Operations Division learning banking from the bottom up. Keith moved into Non-Credit Services and the Investment bank thereafter where he has spent most of his career. Keith and his wife relocated to Annapolis from New Canaan, Ct. at the end of 2018, and he spent time consulting and refereeing lacrosse and ice hockey before joining the STO. Keith’s Wall Street career included selling the full gambit of fixed income securities, managing a global sales force, trading US Treasury Securities from short maturities issues out through 30-year debt. Keith was instrumental in assisting the US Treasury in the design, establishment of the trading parameters in addition to aiding in the creation of the analytics, research and technology for Treasury Inflation Protected Securities (TIPS). Keith was the Global Head of US Inflation Trading and the Product Manager traveling well over 35% of the time to teach and introduce the TIPS globally to Central Banks, Sovereign Wealth Funds, Insurance Companies, Pension Funds, US States, and other governmental bodies as well as Money Managers of all sizes globally. Keith’s decision to come to work at the STO was a desire to use his industry knowledge to add to the level of expertise in the organization and to ensure the State’s investments align with the safety, security, and productivity that they should for the State’s taxpayers. Since joining STO Keith has worked on redesigning and reorganizing the workflow using new technology preparing for any potential issues to include the next pandemic or other issue while also creating an environment that will attract younger qualified talent to State government. Keith worked to get the STO’s Investment Policy updated. It was well overdue as it was last updated in 2006 and the changes in the State’s finances and the markets over that time have been significant. The new STO policy has gone through the Legislative process, signed by the Governor and gone through the Regulatory review posting process. The policy has been published and provided to all entities in the State required to have an Investment Policy. Keith manages the State General Fund and many of the excess funds that separate agencies keep with the State. He and his team are responsible for the investments directly and via external sources in the State’s investment pools including the General Fund; MLGIP, the Liquidity Pool open to sub entities in the state, and the Investment portion of the MD529 offerings that include Standard Age based and self-selected options, a Prepaid College Trust with funds across all asset classes and an Able Program for the State’s disabled citizens. Keith works with members of the STO on Debt Issuance, Banking matters, legal items and integrates as an conduit for information flow between the STO and the MD Retirement Fund. Keith’s lives on the South River in Edgewater a suburb of Annapolis with his wife a local designer and substitute teacher whom he met at Syracuse University & SUNY ESF with their black lab Mojo. Their oldest son was with USAID as a Sr. Desk Officer on the ASEAN Desk focusing on US Policy in the Asian region prior to separating from the government recently. He has been with both the DOD and State Dept. part of being a Presidential Management Fellow early in his career. With true MD ties he attended Johns Hopkins getting an undergrad in International Studies and a Master from Hopkins’ School for Advanced International Studies. He currently has moved onto an international educational travel group. With more MD ties, their younger son just returned from the middle east where he has lived for 3 years. He worked developing youth lacrosse and coaching international lacrosse after finishing with degrees in Communications and a master’s in business from UMD. He also was part of the UMD Terps National Championship Men’s Lacrosse team in 2022, playing for the Terps for 5 years. He played in the World Lacrosse Championships in 2023, the World Box Lacrosse Championships in 2024 and recently just won the 2025 European Men’s Lacrosse Championship and was named the #1 goalie in Europe. He has relocated back to the US and will continue to be active in youth sports and coaching. Keith and his wife are active locally in the community to include sponsoring Midshipmen at the US Naval Academy. Keith also continues to referee ice hockey and men’s lacrosse.

Day 2 | 5th December

2:20 PM Secondary Market Debate: Should private credit evolve—or preserve its edge? Debating the case for a real secondary market

Private credit has matured into a core asset class—but unlike public markets, it remains stubbornly illiquid by design. As investor demand grows and portfolios scale in size and complexity, pressure is mounting to improve agility—whether to rebalance exposures, manage risk, or meet liquidity needs.

 

But a fundamental question remains: should private credit move toward more frequent secondary trading—or would doing so undercut the very characteristics that make the asset class attractive?

Check out the incredible speaker line-up to see who will be joining Keith.

Download The Latest Agenda