Local News

State Treasurer Urges Residents To Be Cautious About Investments

Posted Updated

RALEIGH — State Treasurer Richard Moore is advising North Carolinians to beextremely cautious before they make any changes to their personal investmentportfolios due to the recent attacks on the World Trade Center and thePentagon.

The State Treasurer's Office, which invests and maintains the state's $57 billion pension fund, is doing just that on Monday.

"Our office haspaid particularly close attention to Wall Street today for obvious reasons,"Moore said. "We have been busy this morning consulting with our managersand digesting both the fed rate cut and the fluctuations on Wall Street.Now, more than ever, is the time to remember that the long-term approach toinvesting is best."

The State Treasurer's Office maintains the retirement accounts for nearlyone in eight working North Carolinians with just under 600,000 beneficiariesin its plan.

After consultations with Alliance Capital Management and Wellington Management Company (two of the leading institutional asset management firms in the country), as well as others, the consensus is that most seasoned investors are staying their current investment course, resisting the urge for rash sell-offs, and looking for buying opportunities where appropriate.

Copyright 2024 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.