HB0295

Creates the Invest in Wyoming program requiring the state to invest a portion of permanent funds through Wyoming-based investment managers to support economic diversification.

• Establishes the Invest in Wyoming program (intrastate investment manager program) to promote use of Wyoming-based investment managers for state fund management. (W.S. 9-4-722(a), Sec. 2)
• Requires the state treasurer to maintain and publish an annual list of qualified intrastate investment managers by August 1 each year, including their compliance status with specified conditions. (W.S. 9-4-722(b), Sec. 2)
• Sets selection criteria for intrastate investment managers, including submission of audited financial statements, independent performance records, financial industry regulatory certification, and demonstrated investment track record of at least two years or prior employment with a chartered trust company. (W.S. 9-4-722(c), Sec. 2)
• Requires intrastate investment managers to manage between 3% and 5% of permanent funds authorized for investment, with no single manager receiving more than 10% of that manager's total assets. (W.S. 9-4-722(d), W.S. 9-4-722(e), Sec. 2)
• Specifies that intrastate investment managers must be Wyoming firms or entities with majority control by a Wyoming-based individual, maintain a principal place of business in Wyoming, and employ at least two professionals at a physical Wyoming location. (W.S. 9-4-714(a)(ix), Sec. 3)
• Requires intrastate investment managers to submit quarterly performance reports to the state treasurer and board comparing performance to industry benchmark indices and disclosing all fees and expenses. (W.S. 9-4-722(h), Sec. 2)
• Allows either party to terminate contracts with intrastate investment managers with 30 days notice and permits contract selection by majority board vote in consultation with the investment funds committee. (W.S. 9-4-722(c), W.S. 9-4-722(g), Sec. 2)
• Specifies that intrastate investment managers are compensated through negotiated flat fees or performance-based fees based on net assets invested. (W.S. 9-4-722(f), Sec. 2)