Andrew M. Silton resigned as chief investment adviser to North Carolina state Treasurer Richard H. Moore. In his resignation letter, Mr. Silton said "the state (Legislature) has not had the vision to rectify the gross inadequacy of staffing and compensation in the investment division. … In my 25-year professional career, I have never seen an investment organization so inadequately staffed or compensated." Joe Stewart, chief of staff of the state treasurer's office, could not be reached by press time for comment or to say if there are plans to replace Mr. Silton.
Mr. Silton said he will probably remain in his state job through January. He hasn't decided on further plans.
The treasurer's office invests $65 billion in pension assets, cash and operating funds for various state agencies, said Mr. Silton.