The public entities participating in an investment pool under this chapter shall provide for management of investments in the pool by contracting for investment management and related services with
(1) a securities broker-dealer registered under AS 45.56.300 and under 15 U.S.C. 78o (Securities Exchange Act of 1934);
(2) an investment adviser registered under AS 45.56.340 or a federal covered investment adviser that has made a notice filing under AS 45.56.360(c);
(3) the Department of Revenue; or
(4) a financial institution that is a state or federally chartered commercial or mutual bank, savings and loan association, or credit union if the institution's accounts are insured through the appropriate federal insuring agency of the United States and if the institution has trust powers under state or federal law.