DURHAM, N.C. (AP) - The North Carolina official responsible for managing the state employees' pension fund is branching out in a search for investment returns that also boost up-and-coming companies.
State Treasurer Janet Cowell's office said Monday it hired Switzerland-based financial giant Credit Suisse to administer a new Innovation Fund. The pool of money from the state's $67 billion pension resources will invest in companies that have major operations in North Carolina.
The fund will invest up to $230 million as it tries to maximize profits and then boost the state's economy. More than 20 states make similar investments with pension funds.
Credit Suisse employs about 1,000 in Research Triangle Park. Cowell said it was chosen through competitive bidding.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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NC pension funds to invest in state businesses
DURHAM, N.C. (AP) - The North Carolina official responsible for managing the state employees' pension fund is branching out in a search for investment returns that also boost up-and-coming companies.
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Published: March 15, 2010
Published: March 15, 2010
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