November 9, 2013
RICHMOND, Va. (AP) - The $59 billion Virginia Retirement System is seeking the General Assembly's approval to manage other investments for a fee.
The Richmond Times-Dispatch reported Saturday the system's board voted 7-1 last month to seek the Legislature's blessing to branch out.
The retirement system wants to manage outside assets through a subsidiary, called Project Frontier, with the idea of generating additional revenue.
Charles W. Grant is managing director of internal asset management at the retirement system. He says the Project Frontier initiative represents a "very good investment opportunity" for VRS.
Not everyone agrees.
Project Frontier already has come under the scrutiny of the legislature's watchdog agency, and the board's longest-serving member opposes the plan.