Bill Title: Reinserts the provisions of the introduced bill with the following changes. Provides that "emerging investment manager" means a qualified investment adviser that manages an investment portfolio of at least $10,000,000 but less than $20,000,000,000 (instead of $10,000,000,000) at the time of the initial contract with the retirement system, pension fund, or investment board and is a minority-owned business, women-owned business, or business owned by a person with a disability. Defines "qualified manager of emerging investment managers services". In a provision requiring a competitive process for awarding investment contracts, adds an exclusion for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. In a provision requiring contracts for investment services to include certain disclosures regarding subcontractors, excludes from the definition of "subcontractor" qualified managers of emerging investment managers services. Provides that based upon a written recommendation from an investment adviser providing qualified manager of emerging investment managers services for the selection or appointment of an emerging investment manager that has been providing investment services in the multimanager portfolio for at least 24 months, the board of a retirement system, pension fund, or investment board may select or appoint such emerging investment manager based upon such recommendation. Requires a qualified manager of emerging investment managers services to comply with specified requirements concerning written contracts.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB1671 Detail]

Text: Latest bill text (Engrossed) [HTML]

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