Six months before former state Treasurer Richard Moore left office, the North Carolina pension fund that he oversaw invested more than $500 million in the investment fund firm that now employs him, the Insider reports.

Moore was named a managing director at San Diego-based Relational Investors in April of this year. The office of current Treasurer Janet Cowell confirmed that in July 2008 the pension fund signed an agreement to make a substantial investment with Relational Investors. The investment, as of Sept. 30, was valued at $508,623,784. It was the pension fund's first and only investment with the firm.

Ralph Whitworth, founding director of Relational Investors, said the investment and Moore's hiring were completely unrelated.

"If it creates a perception, that's unfortunate. Richard, after he left the state treasurer's office, was one of the most sought-after persons in finance," Whitworth said. "We were totally excited."

UPDATE: Moore responds to the story in an email to Dome. (After the jump.)

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Former State Treasurer and gubernatorial candidate Richard Moore works for a San Diego firm that helps companies increase their value.

Moore, a long-time fixture in Democratic politics, has been noticeably absent from campaigning for others and for himself since he lost the Democratic nomination for governor last year to Beverly Perdue.

In April, Moore became a managing director for Relational Investors, which advises large pension funds and invests in companies that are underperforming.

Hat tip: The Insider