80th Texas Legislature, Regular Session, Senate Bill 1447, Chapter 124 Page: 2 of 5
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S.B. No. 1447
1 institutional investors to manage institutional investment
2 portfolios.
3 (a-2) The board of trustees may delegate investment
4 authority and contract with one or more private professional
5 investment managers for investment and management of not more than
6 30 percent of the total assets held in trust by the retirement
7 system. In a contract made under this subsection, the board of
8 trustees shall specify any applicable policies, requirements, or
9 restrictions, including criteria for determining the quality of
10 investments or the use of standard rating services, that the board
11 of trustees adopts for investments of the system. The board of
12 trustees may not contract under this subsection for investment and
13 management services to be performed on or after September i1, 2012.
14 (a-3) For the purpose of carrying out policy decisions made
15 by the board of trustees, the board may delegate investment
16 authority with respect to assets held by the retirement system to
17 the executive director or the staff of the retirement system.
18 (b) In addition to the board's authority under Subsection
19 (a-2), the [The] board of trustees may contract with private
20 professional investment managers, advisors, and consultants to
21 assist and advise the board and the staff of the retirement system
22 in investing the assets of the retirement system.
23 (b-l) By accepting a delegation of investment authority
24 under Subsection (a-2) or an engagement to assist or advise the
25 board or the staff of the retirement system under Subsection (b), a
26 professional investment manager, advisor, or consultant submits to
27 the jurisdiction of the courts of this state in all proceedings2
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Texas. Legislature. Senate. 80th Texas Legislature, Regular Session, Senate Bill 1447, Chapter 124, legislative document, May 17, 2007; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth155689/m1/2/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.