RALEIGH, N.C. (AP) – The chief investment officer for North Carolina’s $94 billion state pension fund has unexpectedly resigned.
The News & Observer of Raleigh reports Kevin SigRist submitted his resignation on Friday. State Treasurer Dale Folwell said in a prepared statement that he’s confident the department will continue to provide stable management for the pension fund.
SigRist was hired by Folwell’s predecessor, Democrat Janet Cowell, in 2013. Folwell is a Republican who was elected last November.
Folwell has shifted billions of dollars previously invested in stocks into investment-grade bonds. The newspaper said memos it reviewed showed Folwell has occasionally overruled the recommendations of the pension fund’s investment staff in shifting those funds out of stocks.
Critics have said the pension fund’s potential returns are being reduced because stocks typically outperform bonds and cash.
Information from: The News & Observer, http://www.newsobserver.com