Illinois Statutes Chapter 40. Pensions § 5/1-113.24. Contracts for investment services with emerging investment managers through a qualified manager of emerging investment managers services

(a) As used in this Section:

“Emerging investment manager” has the meaning given to that term in subsection (4) of Section 1-109.1.

“Investment services” has the meaning given to that term in Section 1-113.14.

“Qualified manager of emerging investment managers services” means the services of an investment adviser acting in its capacity as an investment manager of a multimanager portfolio made up of emerging investment managers.

(b) Consistent with the requirements of Section 1-113.14, all contracts for investment services shall be awarded by the board of a pension fund or retirement system or investment board using a competitive process that is substantially similar to the process required for the procurement of professional and artistic services under Article 35 of the Illinois Procurement Code; however, an exception to the requirements of Section 1-113.14 shall be allowed for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. 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 pension fund or retirement system or investment board may select or appoint such emerging investment manager. All exceptions to Section 1-113.14 granted under this Section must be published on the pension fund's, retirement system's, or investment board's website, which shall name the person authorizing the procurement and shall include a brief explanation of the reason for the exception.

(c) A qualified manager of emerging investment managers services shall comply with the requirements regarding written contracts set forth in subsection (c) of Section 1-113.14.