81R28394 TJS-F
By: Alvarado, Anchia, Veasey H.B. No. 4446
Substitute the following for H.B. No. 4446:
By: Anchia C.S.H.B. No. 4446
A BILL TO BE ENTITLED
AN ACT
relating to the investment authority of the Teacher Retirement
System of Texas and the Employees Retirement System of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 815.301, Government Code, is amended by
adding Subsections (g) and (h) to read as follows:
(g) In awarding contracts to private professional
investment managers under Subsection (c) or otherwise acquiring
private financial services, the board of trustees shall make a good
faith effort to award contracts to or acquire services from
qualified emerging fund managers.
(h) For purposes of Subsection (g):
(1) "Emerging fund manager" means a private
professional investment manager that manages assets of not more
than $2 billion.
(2) "Private financial services" includes pension
fund management, consulting, investment advising, brokerage
services, hedge fund management, private equity fund management,
and real estate investment.
SECTION 2. Section 825.301, Government Code, is amended by
adding Subsections (f) and (g) to read as follows:
(f) In awarding contracts to private professional
investment managers under Subsection (a-2) or otherwise acquiring
private financial services, the board of trustees shall make a good
faith effort to award contracts to or acquire services from
qualified emerging fund managers.
(g) For purposes of Subsection (f):
(1) "Emerging fund manager" means a private
professional investment manager that manages assets of not more
than $2 billion.
(2) "Private financial services" includes pension
fund management, consulting, investment advising, brokerage
services, hedge fund management, private equity fund management,
and real estate investment.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.