Investment banker, political novice, challenges Dole

A Chapel Hill investment banker hopes to challenge U.S. Sen. Elizabeth Dole in 2008.

Jim Neal, 50, is a relative unknown who has never run for political office. But he does have experience in an area that will matter a great deal in the race: fundraising.

In 2006, Neal took the year off from work to raise money for retired Army Gen. Wesley Clark's and U.S. Sen. John Kerry's presidential campaigns.

He said he plans to take another year off and tap into that same network of donors to raise the millions necessary to challenge Dole, an incumbent who is nationally known.

"I'm looking forward to introducing myself to the electorate," Neal said. "I don't have any name recognition, so I'm going to spend the next year winning the confidence of the people of North Carolina."

Neal said he opposes the war in Iraq, which Dole has supported. He said he was moved to bump up the timing of his campaign announcement by Dole's recent vote against expanding a federal children's health program.

"Sen. Dole's performance has certainly put a target on her back," he said.

Neal grew up in Greensboro and earned a business degree from UNC-Chapel Hill and an MBA from the University of Chicago. He has worked as an investment banker for Salomon Brothers, E.F. Hutton and Bear Stearns & Co.

In 2006, he moved from New York to Chapel Hill and started The Agema Group, a boutique financial advisory firm that serves CEOs and major shareholders.

Neal has donated to the campaign of U.S. Rep. Brad Miller, a Raleigh Democrat, and said he would have supported Miller if Miller had challenged Dole. When Miller decided not to run in June, Neal said, he began considering a campaign of his own.

Already, he has held a fundraiser in California and assembled a team of advisers.

He has hired Jim Spencer of the Campaign Network, a Boston-based consulting firm that has advised Kerry and worked on several congressional races. On Saturday, his campaign will host a hospitality suite at the Vance-Aycock Dinner in Asheville, an annual Democratic function.

Two other Democrats, state Sen. Kay Hagan of Greensboro and state Rep. Grier Martin of Raleigh, are considering running.

But Neal said he is undaunted.

"I'm running this race to win," he said.