164Investment managers

#### 164 Investment managers (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the Education Investment Fund. (2) The Future Fund Board must not: (a) invest amounts under subsection 151(1); or (b) acquire derivatives under subsection 161(1); or (c) enter into a securities lending arrangement under subsection 163(1); or (d) realise financial assets that are investments of the Education Investment Fund; unless the Future Fund Board does so: (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or (f) in a manner approved, in writing, by the responsible Ministers. (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act. (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to: (a) the Future Fund Board; and (b) the Agency; on the state of the investments of the Education Investment Fund at such times and in such manner as the Future Fund Board determines.