Recently the principals of a New Mexico-based money manager firm attended an "emerging manager" conference in Chicago only to learn that they would effectively be barred from doing business with the State of Illinois. Illinois has actually enacted a law regarding emerging money managers that not only profiles for the express purpose of racial discrimination, it also profiles so that gender and disabilities discrimination can be practiced.
Below is a portion of the applicable legal language:
Goals for Utilization of Minority-Owned Businesses, Female-Owned Businesses, and Businesses Owned by Persons with a Disability
It is the goal of the Board that, subject to its fiduciary responsibility, the use of emerging investment managers shall be significant in each of the broad asset classes in which ISBI is invested and not concentrated in any particular asset class.
The Board has adopted the following minimum goals for the utilization of emerging and minority investment managers:
1 Effective April 3, 2009, Public Act 96-0006 revised the definition of “emerging investment manager.” As a result, the current definition applicable to ISBI is found in 40 ILCS 5/1-109(4) and is defined as “a qualified investment adviser that manages an investment portfolio of at least $10,000,000 but less than $10,000,000,000 and is a “minority owned business,” female owned business or business owned by a person with a disability as those terms are defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.”
2 For purposes of this policy, the term “Minority Investment Manager” includes emerging investment managers and/or minority owned businesses, female owned businesses, or businesses owned by a person with a disability as those terms are defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.
3 Public Act 96-0006 requires the establishment of “3 separate goals for (i) emerging investment managers that are minority owned businesses; (ii) emerging investment managers that are female owned businesses; and (iii) emerging investment managers that are businesses owned by a person with a disability.”
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