It has been three months since Kevin SigRist stepped down as chief investment officer for the $94 billion North Carolina Retirement Systems, but the NC Treasurer's Office has yet to formally post a listing for his full-time successor. In fact, only one investment job is currently listed for NCRS, even though around a quarter of the staffers present for a March 2017 investment committee meeting have since left.

Bottom line: The NCRS investment staff has been in turmoil since Treasurer Dale Folwell took office in January, promising to reduce fees paid to Wall Street firms but not much of anything else.

Activity: Folwell has pulled NCRS out of some hedge funds for the sake of fee-savings, but plugged that money into cash and bonds instead of into public equity vehicles like passive indexes. He also has not approved any new investments since taking office — including re-ups with existing managers — even though various asset class exposures are currently below approved allocations.

Per Folwell spokesman Frank Lester: "Currently, Christopher Morris and Jeff Smith are serving in the capacity of Interim Chief Investment Officer (CIO). The previous CIO, Kevin SigRist, resigned less than three months ago. In 2009-2010, the Investment Management Division had an Interim CIO for more than 9 month. In 2012-2013, IMD had an Interim CIO for more than 10 months. We are always looking for qualified individuals to assume leadership roles with IMD and the Department of State Treasurer.... We are very pleased with Mr. Morris and Mr. Smith's performance and have not felt the need to post as of yet."

Go deeper

Election influence operations target journalists

Illustration: Aïda Amer/Axios

Foreign and domestic actors looking to influence the 2020 election are trying to trick real reporters into amplifying fake storylines. This tactic differs from 2016, when bad actors used fake accounts and bots to amplify disinformation to the population directly.

Why it matters: The new strategy, reminiscent of spy operations during the Cold War, is much harder for big tech platforms to police and prevent.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,081,725 — Total deaths: 997,777 — Total recoveries: 22,926,896Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,115,338 — Total deaths: 204,758 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
  4. Health: The long-term pain of the mental health pandemic
  5. World: India the second country after U.S. to hit 6 million cases

Democrats demand Trump release his tax returns after NYT report

Compilation images of House Nancy Pelosi and President Trump. Photo: Joshua Roberts/Getty Images/Chip Somodevilla/Getty Images

Democrats called on President Trump to disclose his tax returns following a New York Times report alleging he paid $750 in federal income taxes in 2016 and 2017 and nothing in 10 of the past 15 years.

Details: Trump said the report was "total fake news," that he's unable to release the returns as they're "under audit" by the IRS, "which does not treat me well." House Speaker Nancy Pelosi (D-Calif.) said in a statement the report "provides further evidence of the clear need" for a House lawsuit to access the tax returns and "ensure the presidential audit program is functioning effectively, without improper influence."