The $90 Billion Investor Who’s Out to Fire Wall Street
North Carolina’s treasurer thinks the state pension fund pays too much.
Folwell campaigning on his motorcycle.
Source: Dale FolwellThis article is for subscribers only.
If you had $90 billion to invest, how would you do it? For Dale Folwell, it’s a serious question. As the newly elected treasurer of North Carolina, he’s by law the one person who gets to decide how to manage the state pension fund for government employees, the world’s 26th-largest pool of public money.
Folwell, 58, became the state’s first Republican treasurer in 140 years partly on the strength of a simple investment strategy he proposed: Instead of paying money managers big fees, the state should use a slim menu of cheap, mostly indexed investments and manage them in-house when possible.