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A BILL TO BE ENTITLED
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AN ACT
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relating to the investment of the permanent university fund and |
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other funds under the management and control of the board of regents |
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of The University of Texas System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 66.08, Education Code, is amended by |
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adding Subsection (b-1) to read as follows: |
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(b-1) In awarding investment contracts to private |
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professional investment managers or in otherwise seeking or |
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acquiring private financial services in relation to its investments |
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under this section, the corporation shall make a good faith effort |
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to award contracts to or to seek or acquire services from qualified |
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emerging fund managers. |
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SECTION 2. Section 66.08(o), Education Code, is amended by |
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adding Subdivisions (1-a) and (1-b) to read as follows: |
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(1-a) "Emerging fund manager" means a professional |
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investment manager that manages assets of not more than $5 billion. |
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(1-b) "Financial services" includes pension fund |
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management, financial consulting, investment advising, brokerage |
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services, hedge fund management, private equity fund management, |
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and real estate investment. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |