Cowell leads Daughtridge in treasurer's race

Democratic state Sen. Janet Cowell appeared headed to victory over Republican state Rep. Bill Daughtridge in the race for state treasurer.

With 12 of 100 counties reporting, Cowell had 54.2 percent of the vote and Daughtridge had 45.8 percent.

Cowell, 40, will become the state’s top financial official and will have to manage a $70 billion pension fund and oversee municipal debt as the state faces tough economic times.

Cowell has said she wants to focus on growing the pension fund, which pays benefits to state retirees.

She will replace Treasurer Richard Moore, who unsuccessfully challenged Beverly Perdue for the Democratic nomination for governor. Moore raised the profile of the treasurer by using his influence to argue for reform on Wall Street.

Daughtridge, 55, campaigned on pushing for more spending on infrastructure throughout the state and creating a friendlier business climate.

Late in the campaign, a former staffer for Cowell accused her of blurring the lines between her senate office and her campaign. Cowell downplayed the allegation.