| 1 | 1 | | 81R28394 TJS-F |
|---|
| 2 | 2 | | By: Alvarado, Anchia, Veasey, Parker, H.B. No. 4446 |
|---|
| 3 | 3 | | Gallego |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | A BILL TO BE ENTITLED |
|---|
| 7 | 7 | | AN ACT |
|---|
| 8 | 8 | | relating to the investment authority of the Teacher Retirement |
|---|
| 9 | 9 | | System of Texas and the Employees Retirement System of Texas. |
|---|
| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Section 815.301, Government Code, is amended by |
|---|
| 12 | 12 | | adding Subsections (g) and (h) to read as follows: |
|---|
| 13 | 13 | | (g) In awarding contracts to private professional |
|---|
| 14 | 14 | | investment managers under Subsection (c) or otherwise acquiring |
|---|
| 15 | 15 | | private financial services, the board of trustees shall make a good |
|---|
| 16 | 16 | | faith effort to award contracts to or acquire services from |
|---|
| 17 | 17 | | qualified emerging fund managers. |
|---|
| 18 | 18 | | (h) For purposes of Subsection (g): |
|---|
| 19 | 19 | | (1) "Emerging fund manager" means a private |
|---|
| 20 | 20 | | professional investment manager that manages assets of not more |
|---|
| 21 | 21 | | than $2 billion. |
|---|
| 22 | 22 | | (2) "Private financial services" includes pension |
|---|
| 23 | 23 | | fund management, consulting, investment advising, brokerage |
|---|
| 24 | 24 | | services, hedge fund management, private equity fund management, |
|---|
| 25 | 25 | | and real estate investment. |
|---|
| 26 | 26 | | SECTION 2. Section 825.301, Government Code, is amended by |
|---|
| 27 | 27 | | adding Subsections (f) and (g) to read as follows: |
|---|
| 28 | 28 | | (f) In awarding contracts to private professional |
|---|
| 29 | 29 | | investment managers under Subsection (a-2) or otherwise acquiring |
|---|
| 30 | 30 | | private financial services, the board of trustees shall make a good |
|---|
| 31 | 31 | | faith effort to award contracts to or acquire services from |
|---|
| 32 | 32 | | qualified emerging fund managers. |
|---|
| 33 | 33 | | (g) For purposes of Subsection (f): |
|---|
| 34 | 34 | | (1) "Emerging fund manager" means a private |
|---|
| 35 | 35 | | professional investment manager that manages assets of not more |
|---|
| 36 | 36 | | than $2 billion. |
|---|
| 37 | 37 | | (2) "Private financial services" includes pension |
|---|
| 38 | 38 | | fund management, consulting, investment advising, brokerage |
|---|
| 39 | 39 | | services, hedge fund management, private equity fund management, |
|---|
| 40 | 40 | | and real estate investment. |
|---|
| 41 | 41 | | SECTION 3. This Act takes effect immediately if it receives |
|---|
| 42 | 42 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 43 | 43 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 44 | 44 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 45 | 45 | | Act takes effect September 1, 2009. |
|---|