Amid some controversy at the North Carolina Department of State Treasurer, Kevin SigRist has resigned from the $94 billion North Carolina Retirement Systems, where he served as CIO since December 2012.

A July 14 article in The (Raleigh, N.C.) News & Observer noted new State Treasurer Dale Folwell had overruled the recommendations of the pension fund’s investment staff as he shifted money out of stocks and into bonds and cash. It appears the treasurer and CIO did not see eye to eye on strategy or the direction of the pension fund’s investment portfolio.

Folwell, who took office in January, has implemented aggressive fee-cutting measures, in line with his campaign promise to reduce fees paid to investment managers by $100 million during his four-year term. He has accomplished that goal already, reducing fees by more than $60 million on an annualized basis.

In fiscal year 2016, the North Carolina pension fund paid $513 million in management and inc