Louisiana Administrative Code
Title 71 - TREASURY-PUBLIC FUNDS
Part I - Public Funds Investments
Chapter 1 - Education Quality Trust Fund Investment Procedures
Section I-105 - Investment Responsibility for the Assets

Universal Citation: LA Admin Code I-105

Current through Register Vol. 50, No. 3, March 20, 2024

A. The state treasurer, through the Investment Division of the State Treasury, shall invest the assets in accordance with applicable law and regulation.

B. State Treasurer's LEQTF Investment Advisory Panel

1. The state treasurer shall establish the state treasurer's LEQTF Investment Advisory Panel (the "advisory panel") to:
a. advise the state treasurer generally regarding the investment of the assets, including assisting in the development of investment policy for the assets; and

b. to perform such other duties related to advising the state treasurer regarding the investment of the assets as the state treasurer may from time to time request or deem necessary or advisable.

2. Membership; Composition; Terms. The advisory panel shall have at least seven but no more than 15 members, and be composed of, among others who may be chosen by the state treasurer, at least one representative of each of the beneficiaries, as well as at least one representative each from the academic and business communities, and at least one investment professional. Members of the advisory panel shall serve on a voluntary basis at the pleasure of the state treasurer. The state treasurer shall serve as the chair of the advisory panel.

3. The advisory panel will meet annually in October to review investment policy and performance, make recommendations, and to take up all business as appropriate, and shall meet at any other time when and if called to order by the state treasurer. All meetings of the advisory panel shall be conducted in accordance with the law applicable to public meetings of an official body, as that law may be in effect from time to time.

C. Selection of Outside Investment Manager for the Assets. The state treasurer may select, through a request for proposal process using strict selection criteria based on sound industry principles, one or more outside investment managers to invest some or all of that portion of the assets that are eligible to be invested in equity securities. If the state treasurer chooses any outside investment manager as a result of such a process, the choice, and any contract with such manager, shall be ratified and approved by a majority of the members present at a regular meeting of the Bond Commission.

D. Investment Consultant. From time to time, or on a continuing basis, the state treasurer may retain the services of an investment consultant for the LEQTF for the purposes of investment assistance, including, but not limited to, assistance in the following:

a. establishing the appropriate allocation of the assets;

b. determining appropriate investment manager styles;

c. conducting investment manager searches;

d. evaluating performance of investment manager(s).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3801(A)(1).

Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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