VRS Seeks to Expand Investment Portfolio

By: News Staff Email
By: News Staff Email

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.

The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we ask that you follow our rules for commenting. E-mail is required to comment on a story, but it will not be displayed with your comment. For complete rules, CLICK HERE. The Newsplex reserves the right to not post or to remove any comment.
powered by Disqus
The Charlottesville Newsplex 999 2nd Street S.E. Charlottesville, VA 22902 434.242.1919 – Main 434.220.7522 - Newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 231299351 - newsplex.com/a?a=231299351
Gray Television, Inc.