The terms ‘Investment Manager’ and ‘Investment Advisor’ are used convertibly. Somebody is an ‘Investment Manager’ with regard to a retirement system or annuity fund under the Illinois Annuity Code if such person : one. Is a fiduciary chosen by the board of curators of a retirement system or annuity fund as agreed by Section 1-109.1, two. Has the power to control, obtain or dump any asset of the retirement system or allowance fund, three. Is either – a. Registered as an Investment counsellor under the Investment counsels Act of 1940, b. A bank, as outlined by that Act, or c. An insurance corporation, and four. Has recognized in writing that he could be a fiduciary with regard to the retirement system or allowance fund.

The Investment Chief / adviser / Broker with restraint over purchasing or selling instruments for the fund won’t be the custodian of the investment instruments. All Continue reading →