North Carolina Retirement Systems, Raleigh, won approval for 10 new investment staff positions that were included in a budget bill signed Thursday by Gov. Pat McCrory.
The new staff positions — five portfolio managers and five investment analysts — will replace current external managers in global equity, private equity, credit strategies, real estate and inflation-sensitive strategies.
“We will expect to interview a broad set of potential portfolio managers and analysts, but do not expect to utilize a search firm,” said Schorr Johnson, spokesman for the $87 billion system.
“Once we have staff in place, we will prioritize a review of fund-of-funds contracts and other legacy relationships for retention, restructuring and/or exit.”
The budget bill also gives the treasurer’s office some flexibility in hiring procedures.
The new positions were requested by Treasurer Janet Cowell, the sole trustee, to improve the cost-effectiveness of the overall investment program by handling more investments in-house, Mr. Johnson said.