Brad Briner, the previous Chief Investment Officer at the Family Office of Bloomberg, has initiated a campaign to become state treasurer of North Carolina. He has set his sights on improving the state’s pension system with strategic financial planning and reform.
A Republican with over 12 years’ experience in financial management, Briner plans to leverage his expertise to enhance and secure retirement funds for employees. His conservative background is expected to serve him well in this endeavor.
The North Carolina pension scheme, despite ranking low among the state retirement systems, could potentially flourish under Briner’s guidance. The incumbent Treasurer, Dale Folwell, has scaled back the pension fund’s involvement with private assets, but Briner’s experience might bring a more balanced approach.
Briner raises concerns about the pension fund’s heavy emphasis on cash and government bonds, with 37 percent of its total allocation, and it’s notably smaller investment in private equity. Briner is expected to advocate for more investment in tangible assets.
Despite the increased relevance of ESG and inclusivity considerations, Briner sticks to a classical approach, preferring decisions based on financial returns and risk levels alone. This focus may attract criticism from those who advocate a more holistic approach to investment.
To reform North Carolina’s fiduciary model, Briner seeks to implement a panel-style solution like Michigan did in 2018. Expectations are high that this model will increase efficiency and transparency in fund management. However, this proposal requires state legislative support and Briner is actively rallying for this cause.
Transitioning from a private to public office is seen as a major hurdle but Briner remains optimistic about a positive outcome for the state’s retirement system. She sees the transition demanding greater transparency and accountability but is confident in her ability to meet these challenges.
Briner’s ultimate goal is to ensure the financial stability and growth of North Carolina Pensions for its members. Through strategic planning and shared effort, she believes that substantial, positive change is within reach.
