Va. Plan Decision On Alts. 'Doesn't Look Promising'

Jun 16 2006 | 9:56pm ET

The Norfolk (Va.) Employees Retirement System will discuss a potential investment in hedge funds and funds-of-hedge funds at its board meeting this month, however the discussion "doesn't look promising," according to a source close to the plan.  

Kamal Khanna, cio of the $786 million plan, declined to comment, but in January he had said that the plan was beginning an education into alternatives. The plan's consultant is Summit Strategies Group.

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