RICHMOND, Va. (AP) -- The Virginia Retirement System will study a proposed venture to manage investments for other public and potentially private funds.
That decision stops short of seeking permission from the 2014 General Assembly to embark on the new enterprise.
The Richmond Times-Dispatch (http://bit.ly/18pLvYd ) reports that the VRS board of trustees voted 7-1 on Thursday to form the study panel to examine the proposed subsidiary, known as Project Frontier.
The dissenting vote was cast by Edwin T. Burton III, the longest-serving member of the board. He opposes the $61 billion public retirement system competing against private investment management firms.
VRS officials who support the branching out have said retirement system staff's attention would not be diverted from managing the investment of public pension funds.
Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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