Two years before the 2008 primaries for governor, the biggest buzz has been about state Treasurer Richard Moore's emergence as the leading fundraiser.

Much of Moore's money -- 42 percent -- has been raised out of state. A large part of it has come from companies hired by the treasurer's office to help invest the state's $65 billion portfolio.

Moore raised at least $108,000 in 2005 from financial companies on Wall Street and elsewhere that do business with the treasurer's office. He received contributions from executives with such companies as Wellington Management and State Street Corp. of Boston, Ariel Capital Management of Chicago, the Quellos Group of Seattle and Raymond James & Associates of Tampa, Fla. All have a role in managing the state pension fund.

Robert Johnson, the founder of Black Entertainment Television and owner of the NBA's Carolina Bobcats, raised at least $23,000 for Moore in September. Johnson's company, RLJ Development, is branching out to money management. The company was hired in March 2005 by the treasurer's office and now manages $325 million of the state pension fund.

In October, Moore was in San Francisco for a fundraiser hosted by Douglas Shorenstein, chairman and CEO of Shorenstein Properties. Shorenstein executives gave $18,000 to Moore's campaign. The previous year, Shorenstein's firm was hired to manage $260 million of the pension fund.

Moore, in a statement, noted that The Wall Street Journal said North Carolina had the second-best-funded pension fund in the country, trailing only Florida.

"It would be incredibly shortsighted of me to make investment decisions based on political favoritism, rather than sound financial principles," Moore said.

Jay Reiff, Moore's political consultant, said Moore is doing nothing that other candidates are not doing. He noted that Moore's predecessor, Harlan Boyles, raised money on Wall Street.

"Every serious candidate for the state office, including Governor Easley, Lieutenant Governor Perdue and Attorney General Cooper, has received contributions from individuals that do business with the state," said Reiff, who managed Easley's two campaigns for governor.

Reiff noted that Dave Horne, who was Easley's campaign treasurer, was a lobbyist for EDS, a major state contractor, and that one of Attorney General Roy Cooper's fundraisers, Brad Wilson, is legal counsel for Blue Cross Blue Shield, the major health insurer.

"The key is transparency," Reiff said. "The contributions and state Treasurer Moore's performance are open to public scrutiny. By any measure, Treasurer Moore's management of retirement funds is second to none."

Moore has also shown considerable crossover appeal. He has received contributions from Republicans such as James Goodnight, founder of SAS Institute, the Cary software company; Charles Shelton, a Charlotte real estate executive; Steve Stroud, a Raleigh real estate executive; former state Rep. David Miner of Cary; and Helen Powers, a former state revenue secretary.

A corner on Democrats

One reason Moore has turned to out-of-state money is because Lt. Gov. Beverly Perdue has locked up many of the state's traditional Democratic donors.

Those include lobbyist Zeb Alley, former Lt. Gov. Bob Jordan, Raleigh lawyer Ed Turlington, state Sen. David Hoyle, former Gov. Jim Hunt, and Crandall Bowles, a Charlotte textile executive and wife of Erskine Bowles, the president of the University of North Carolina system.

One of Perdue's biggest fundraisers was held in November at the Raleigh home of Jeanette Hyde, a former ambassador. The event raised more than $100,000 for Perdue's campaign.

"I am committed to Bev Perdue," Hyde said. "I think she has paid her dues. She has worked hard for North Carolina. She has been a good legislator and a good lieutenant governor. ... Obviously, I would welcome seeing North Carolina having a female governor."

Cooper has raised at least $150,000 from lawyers. About 35 lawyers with Schiffrin & Barroway, a Philadelphia-area class-action firm, contributed $34,115.

Among those who have hosted fundraisers for Cooper are Ken Thompson, chief executive of Wachovia, and Wilson of Blue Cross Blue Shield, who is chairman of the UNC Board of Governors.

Cooper is weighing whether to run for governor or to seek a third term as attorney general.

The GOP lineup

Among Republicans, state Sen. Fred Smith, a Clayton construction executive, has collected money from people in the construction business, small business owners and others. Smith is seeking re-election to his state Senate seat.

U.S. Rep. Sue Myrick, who also faces re-election this year, has raised $79,500 from health care industry political action committees, $49,500 from communications/technology PACs, $42,000 from finance industry PACs, and $32,000 from transportation industry PACs, according to the PoliticalMoneyLine, which tracks federal campaign contributions.

Salisbury lawyer Bill Graham will have spent $1 million of his own money on a TV and radio campaign against a gasoline tax increase by the time he holds an anti-tax rally May 9 in Raleigh, said Tom Fetzer, his consultant.