North Carolina CIO Resigns Unexpectedly

The 10th-largest US public pension fund reported solid Q2 results just last week.

“I was surprised when Mr. SigRist gave me his resignation letter,” said Folwell in a statement. “It was not asked for, but I feel confident that we will continue to provide stable management for the pension fund.”

In his letter of resignation, SigRist said he thanked his “department teammates for the honor of working alongside them.”

SigRist joined the North Carolina Department of State Treasurer in 2013 as its CIO. Prior to working for the state of North Carolina, he was an employee of the Florida State Board of Administration for 16 years, most recently as its deputy executive director in 2012. Prior roles also include positions as an economist at Norwest Corporation as well as for the state of Missouri’s division of budget and planning.

Folwell didn’t name an interim replacement, but said “we will be announcing plans for the department in the very near future.”

Just last week, Folwell announced preliminary state pension fund returns for Q2, reporting gains of 2.7% for the quarter and 10.6% for the fiscal year ending June 30, 2017. The fund’s assets were valued at $93.9 billion, up from $92.2 billion at the end of Q1. During Q2, the fund achieved its highest valuations ever, according to Folwell.

The North Carolina Retirement Systems fund is the 10th-largest public pension fund in the US, and provides retirement benefits and savings for more than 900,000 North Carolinians.



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