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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.

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

Updated 2 hours ago - World

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The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.

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