Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
SZfarmer/Wikicommons
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.
- Flashback: North Carolina's fee folly
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."