CHIEF INVESTMENT OFFICER QUITS UNDER TREASURER DALE FOLWELL: Kevin SigRist, the chief investment officer for the $94 billion state pension fund the past four years, has unexpectedly resigned. Folwell has cut fees paid to outside money managers by more than $60 million on an annualized basis, easily exceeding his campaign promise to slash fees by $100 million during the course of his four-year term. In conjunction with that cost-cutting, Folwell has shifted billions of dollars previously invested in stocks into investment-grade bonds and cash – for example, investing in things such as short-term U.S. Treasury bills. At times, according to internal memos reviewed by The News & Observer, Folwell has overruled the recommendations of the pension fund’s investment staff in shifting those funds out of stocks. Critics say the pension fund’s potential returns are being reduced because stocks typically outperform bonds and cash.