Texas 2011 82nd Regular

Texas Senate Bill SB1555 Introduced / Bill

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                    82R11392 KEL-D
 By: Rodriguez S.B. No. 1555


 A BILL TO BE ENTITLED
 AN ACT
 relating to the investment of the permanent university fund and
 other funds under the management and control of the board of regents
 of The University of Texas System.
 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 SECTION 1.  Section 66.08, Education Code, is amended by
 adding Subsection (b-1) to read as follows:
 (b-1)  In awarding investment contracts to private
 professional investment managers or in otherwise seeking or
 acquiring private financial services in relation to its investments
 under this section, the corporation shall make a good faith effort
 to award contracts to or to seek or acquire services from qualified
 emerging fund managers.
 SECTION 2.  Section 66.08(o), Education Code, is amended by
 adding Subdivisions (1-a) and (1-b) to read as follows:
 (1-a)  "Emerging fund manager" means a professional
 investment manager that manages assets of not more than $5 billion.
 (1-b)  "Financial services" includes pension fund
 management, financial 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, 2011.