treasurer; qualified Arizona-based investment managers

SB 1682 requires Arizona's state treasurer to invest at least 10% of trust and treasury monies with "qualified Arizona-based investment managers" listed by the Arizona Commerce Authority. To qualify, investment managers must have global headquarters in Arizona, employ at least two in-state staff, operate for three years, and manage $100 million in assets. The bill directly affects how state funds are invested, prioritizing local financial firms meeting these specific criteria. It modifies state treasurer duties under Arizona Revised Statutes §35-317, creating a new requirement for state investment practices. The policy aims to direct state capital toward Arizona-based financial management services.