CHEYENNE - Wyoming investment officials said Monday they were keeping a close eye on volatile financial markets, but public investment funds, covering everything from retirement plans to college scholarships, would not be affected by the sudden sale of Bear Stearns.

Bear Stearns was not managing any Wyoming public investments, and it was unlikely there would be any direct repercussions resulting from the bank's near collapse, officials said. Bear Stearns avoided bankruptcy this weekend in an agreement that sold the bank to JPMorgan Chase & Co.

Neither the state's permanent funds, managed by the state treasurer's office, nor the Wyoming Retirement System were directly affected, officials said.

Michael Walden-Newman, chief investment officer for the state treasurer's office, said he checked in first thing Monday morning with JPMorgan, which handles part of the office's $10 billion investment portfolio. The portfolio includes the Permanent Wyoming Mineral Trust Fund, the Hathaway Scholarship Endowment Fund and the State Agency Pool, among others.

"Of course our conversation turned to the Bear Stearns acquisition," Walden-Newman said. "None of that affects our portfolio."

Walden-Newman said he polled investment managers working for the state last fall to determine the extent of the investments' exposure to the subprime mortgage market.

"We have very little subprime exposure, which we're happy about," he said. "The bottom line is we continue to watch this crisis to see whatever spillover there might be in our portfolio."

Harry Wales, deputy director of the Wyoming Retirement System, said the system's investments did not have any involvement with Bear Stearns. The system manages seven retirement programs for public employees, totaling $6.7 billion in value.

Wales said the system's 11-member board and investment consultant are working to protect retirement investments during uncertain times.