(a) Generally. The Board may retain external investment managers and advisers.
(b) Selection by Board. The external investment managers and advisers shall be selected by the Board on the recommendation of the investment committee, and shall perform such duties as are assigned by the investment committee, subject to the approval of the Board.
(c) Real estate as investment. Any directly-owned real estate purchased as an investment by the Board for the System shall be managed by an external investment manager.
(d) Standard of conduct imposed on a fiduciary. An external investment manager or adviser must certify in writing that it will adhere to the standard of conduct imposed on a fiduciary under §§ 5-2-401 et seq. and must be registered as an investment adviser under the Investment Advisers Act of 1940, as amended; a bank, as defined in the Investment Advisers Act of 1940, as amended; or an insurance company qualified to perform investment management services under the laws of more than one State.
(e) Removal by Board. An external investment manager or adviser may be removed by the Board.
(1985 Code, Art. 7, § 2-203) (Bill No. 88-96; Bill No. 90-01)