Arizona Revised Statutes Title 38. Public Officers and Employees § 38-848.03. Appointed investment management

1. The highest professional and fiduciary recommendations.

2. Not less than three years' experience at handling institutional investments of at least two hundred fifty million dollars.  This paragraph is satisfied if investment management, the individual retained by investment management or individual employees in a firm of investment managers meet this requirement.

3. Had responsibility for investment decision making as an insurance company investment fund, an investment division of a bank, a mutual fund, an investment organization or institution, a pension fund or an investment adviser who is designated as a chartered financial analyst by the chartered financial analyst institute.

1. May purchase and sell in the name of the system and other plans that the board administers any of the securities and investments held by the system or plans.

2. Subject to any restrictions imposed by the board, is responsible for making all investment decisions relating to the investments the board has assigned investment management to manage.

1. Except for the fees agreed to be paid by the board to investment management or as otherwise agreed by the board, have any interest in the investments being managed by investment management for the board.

2. Borrow monies, funds or deposits of the system or other plans that the board administers or use these monies in any manner except as directed under this article.

3. Be an endorser, surety or obligor on investments made under this article.