BB&T Capital Markets is expanding its education finance team in Charlotte and has named a new leader for the group, the bank says.
The group focuses on capital raising and advice for universities, colleges, charter schools, private schools and student housing. Education finance has certainly been in demand over the past few years as budget cuts at institutes of higher learning have put pressure on their business models. North Carolina has also seen a charter school boom after the state removed the legal cap on the number that can operate here.
Rich Harmon, who is based in Charlotte, will lead the team, BB&T said. He's a 30-year veteran of investment and commercial banking and has run $1 billion-plus in bond deals, the bank says.
Michael Braun also joins the group in Charlotte. Paula Permenter will be part of the group in Houston.
PENSION FUND BEATS BENCHMARK: State treasurer Janet Cowell's pension fund grew 9.52 percent in the fiscal year that ended in June, her office said Thursday. That's ahead of the target of 7.25 percent that's been tough to match lately. The results were bolstered by a strong stock market: The fund's equities portfolio was up more than 18 percent. Fixed income lost money.
Should Gov. McCrory sign the bill, Cowell's office will have more flexibility to invest pension fund assets. Currently, she's statutorily limited in where she can park money.
N.C. EXPORTS HIT RECORD: Exports from North Carolina grew 6 percent year over year in the first half of this year, hitting a record $14.8 billion the International Trade Administration says. Goods sent to India grew 86 percent, and exports to France were up 67 percent. Key exports, according to the government: chemicals, machinery, transportation equipment, computers and electronics, and textiles.
****This is a preview of The Charlotte Observer's Bank Watch Morning Report, bringing you banking news from the region, the top financial headlines, and the news driving activity in the Charlotte market. *****
Sign up for our morning email newsletter to read more.