The CalSTRS Investments Branch is seeking a quantitative expert to work as an Associate Portfolio Manager on the Investment Strategy & Risk team.
This is a great opportunity to join a growing, innovative team at CalSTRS. As a quantitative expert on the Investment Strategy & Risk team, you’ll play a key role on a team that manages total fund risk and exposures, sources ideas for tactical asset allocation, implements strategies to improve the total fund risk-return profile, and manages the strategic asset allocation.
The ideal candidate will possess the following skills:
- Advanced skills in designing, developing and testing quantitative and analytical models
- Broad and deep quantitative skills
- Some experience with quantitative analysis, portfolio strategy or risk management in a multi-asset, institutional environment
This position is eligible for incentive compensation and has a maximum incentive opportunity of 45% of base salary.
An Associate Portfolio Manager who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.
This is the entry managerial level into CalSTRS investment management program. Under the direction of an Investment Director, or more senior Portfolio Manager, incumbents in this class actively participate in the day-to-day management and implementation of investment strategies for a segment of an asset class and/or provide expert consultation in their assigned functional area. Incumbents consult on and recommend asset allocation among various types and classes of investments; evaluate a wide variety of risks, processes and controls; contribute to and influence the development and implementation of new and innovative investment policies and strategies, consult on and influence investment decisions of senior investment staff; prepare and present reports to the CalSTRS Teachers’ Retirement Board; maintain appropriate contacts with professional peers in the investment community as a source of valuable investment information; assist in the recruitment, selection, and development of Investment Office staff; and may supervise and evaluate the work of subordinate staff, typically in the Investment Officer classifications.
Incumbents provide independent analysis and consultation regarding development and implementation of various risk management and investment program strategies; participate in the selection and supervision of external consultants and advisors, and the setting of objectives and performance standards; evaluate, select and/or negotiate new asset managers, partnerships and investments; conduct due diligence reviews for proposed investments; evaluate terms, documents, agreements, and economic characteristics of investment alternatives; monitor existing investments, approve contract revisions, and recommend changes in commitment of funds based upon investment performance; manage assigned program’s capital calls, cash transfers, and receipts; recommend the sale and exit timing for investments and coordinate sales, transitions, and dispositions; may represent CalSTRS on limited partnership advisory boards, various relevant index councils and before the investment community; and perform other related work.
This class is differentiated from the Portfolio Manager classification by the leadership and supervision exercised; size, type, and complexity of the particular investment area; the delegated dollar parameters for trade activity, and the extent to which the position influences investment policy.
One year of experience in the California state service performing the duties of an Investment Officer III, State Teachers’ Retirement System.
Two years of experience in the California state service performing the duties of an Investment Officer II, State Teachers’ Retirement System.
or IIIEducation: Equivalent to graduation from college with a major in business administration, economics, finance, or a closely related field. (Possession of an advanced degree in one of the fields cited above, or a closely related degree; or certification as a Chartered Financial Analyst or other equivalent financial or accounting certification such as a Certified Public Accountant, may be substituted for one year of the required experience), and
Experience: Four years of broad and extensive investment management experience for a major financial institution or firm or government agency, including experience in leading or coordinating a large portfolio. Qualifying state experience must be at a level comparable to that of an Investment Officer II.
Knowledge and Abilities
Knowledge of: Economic principles and trends, and their impact on investment portfolio; various markets and the roles of various industry participants; management techniques related to institutional investment portfolios, including design and construction of an investment portfolio, risk management, due diligence, negotiation and closure, monitoring, reporting restructuring, and exiting; the contents interrelationships and working of balance sheets, income statements, and cash flow statements; computer applications used in investment management operations; external investment consulting resources; and principles and practices of supervision, including the manager’s responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a work environment that is free of discrimination and harassment.
Ability to: Gather and analyze a broad range of economic and investment information and synthesize it into concise and coherent conclusions and recommendations; prepare and present reports to the Teachers’ Retirement Board; perform financial and investment analysis and reach sound investment conclusions; maintain an up-to-date knowledge of economic and investment trends and ideas, and use that knowledge to develop innovative investment strategies; negotiate investment agreements; adapt effectively to changing market conditions; work effectively with a broad variety of external contacts, such as external consultants and investment partners; communicate effectively; establish and maintain cooperative relations with those contacted in the course of work; and plan and direct the work of subordinate staff while effectively promoting equal opportunity in employment and maintaining a work environment that is free of discrimination and harassment.