New Breath of Fresh Financial Insight for N.C’s Big Bucks

Fresh Faces for the Investment Advisory Committee

State Treasurer Brad Briner has decided to give North Carolina’s $123 billion retirement system a little sprucing up with some new advisers. He’s named four fresh faces to the state’s Investment Advisory Committee, and hey, three of those are from outta town—now that’s breaking the mold.

Meet the New Team

Here’s the lowdown on the fab four. From the historic vibes of Charlottesville, Robert Durden emerges as CEO of the University of Virginia Investment Management Co.. Then we jet over to Atlanta, where Michael Kennedy, once a top brass at Korn Ferry, is making waves. San Francisco gives us Jamey Spencer, top dog at Pathstone, those wizards of private investments. Last but not least, representing the home state, Charlotte’s very own Dan Ward, Greenhawk Family Office’s chief investment officer, brings his A-game.

High Hopes and Big Changes

Briner’s pumped about this lineup, saying, “Our vision is to generate best-in-class long-term investment performance.” Now, he points out that North Carolina’s pension fell short compared to the national average by a solid 1.4% annual performance over the last decade. Clearly, Briner believes this new squad can do better, upping those returns without breaking a sweat on the risk front.

The Out-Of-Towners: Not Just a Coincidence

Now, if you’re wondering why three members aren’t local Tar Heels, Briner assures it’s not a snub to local talent. “I was looking for the best available talent with a connection to North Carolina,” he adds. And they’ve got connections! Durden once called Chapel Hill home, leading as a managing director at Morgan Creek Capital Management. Spencer too, has roots here; as a proud graduate of Wake Forest University, he’s no stranger to North Carolina.

What About Their Companies?

Now, just so we’re clear: no funny business with the companies these folks are tied to. Briner’s made it clear that they’ll remain hands-off when it comes to handling state investments—no conflict of interest here, folks.

A Bit of Committee Trivia

Just a little 411 on the committee itself: it’s a six-member advisory group, not a power-wielding behemoth. Chaired by the state treasurer, members get appointed by him. Under former Treasurer Dale Folwell, the majority hailed from North Carolina. Some new diversity in perspectives can’t hurt, right?

In the world of investments, keeping it fresh and diversified just might be key to unlocking a brighter financial future for the state’s retirees. Stay tuned to see how these new advisors shake things up!