Pension Funds

North Carolina begins search for CIO

North Carolina Retirement Systems, Raleigh, is searching for a chief investment officer, state Treasurer Dale R. Folwell announced Monday.

Since former CIO Kevin SigRist resigned in July 2017, day-to-day investment operations have been managed by Jeff Smith and Christopher Morris, interim directors for the investment management division of the state treasurer's office, which is the sole trustee of the pension fund.

The search will be discussed in more detail at the pension fund's investment advisory committee on Feb. 15.

In November, the $93.9 billion fund began managing passive equities in-house. The internal index program started with $50 million in cash and $50 million reallocated from Piedmont Investment Advisers, which helped North Carolina make the change.

The move to in-house management was the result of an initiative started under Janet Cowell, Mr. Folwell's predecessor, and Mr. SigRist. Since taking office in January 2017, Mr. Folwell has also renegotiated manager fees.