The San Francisco Employees’ Retirement System ("SFERS") offers an exceptional opportunity for the right candidates to serve this historic, well-established …
The Investment Division has a total budgeted staff complement of 45. Underneath the CIO and this DCIO, the Division is comprised of 5 separate teams: Real Assets and Inflation Hedges;; Credit and Risk Mitigating Strategies; Portfolio Analytics; and, Stewardship and Corporate Governance.
LACERA has engaged Meketa Investment Group as their general investment consultant. They also utilize the services of Albourne America, LLC and the Stepstone Group, LP.
In this newly staffed role, the Deputy Chief Investment Officer (Deputy CIO) reports directly to the Chief Investment Officer as part of the senior leadership team in Investments. This role has responsibility for assisting the Chief Investment Officer in the planning, organization, and direction of all operations of LACERA’s Investment Office for the administration of the pension fund.
The Deputy CIO is responsible for duties such as internal oversight, managing Board packages; day-to-day administration of the division, such as staffing and personnel issues; monitoring of individual portfolios; and, for driving progress on the Division’s strategic initiatives, including the expansion of ESG initiatives, compliance, and governance. The position also serves as a liaison with County agencies, the public, and public agencies.
Strategic initiatives for the Division include:
- Enhance Operational Effectiveness
- Optimize the Investment Model
- Maximize Stewardship and Ownership Rights
- Strengthen Influence on Fees and Cost of Capital
- LACERA T.I.D.E: Towards Inclusion, Diversity and Equity
Examples of Essential Job Functions include:
- Oversees the Principal Investment Officers in the overall investments and administration of the Investment Office.
- Participates in developing and articulating a strategic vision and obtaining support for implementation.
- Formulates and evaluates organizational policy, operational practices, and programs by formulating revisions in policies and develops changes in organization, staffing, work processing, and management, as needed, to increase the effectiveness and efficiency of LACERA.
- Establishes reporting mechanisms to keep the BOI informed as to the status of LACERA’s investment programs and the procedures used to implement it.
- Standardizes policy and procedural guidelines to ensure consistency with investment strategies adopted by the BOI and compliance with state and federal laws
- Helps direct the process of recommendations to the BOI on the selection of external managers, funds, and contractors.
- Collaborates with BOI consultants and State Street, LACERA’s custodian.
- Advises the Chief Investment Officer as to the impact on the investment program from information released to the public, press, legislature, and other similar matters as needed.
- Directs preparation of the Investment Office budget to ensure adequate staffing and resources to meet the goals and objectives of the Investment Office.
- Evaluate the overall performance of the external investment managers and funds.
- Evaluate the overall performance of the Principal and Senior Investment Officers, including their role as supervisors of staff.
- Supervise and coordinate the activities between the Principal and Senior Investment Officers and external managers, advisors, and consultants.
- Direct, plan, and supervise the activities of the investment staff.
- Assists the Chief Investment Officer with the Administration of the Investment Office and all of its responsibilities.
- Along with the CIO, will serve as a liaison to the Executive Office and other functional areas within LACERA.
- Assists with development of business continuity and disaster recovery plans for the Investment Division.
- May act in the absence of the Chief Investment Officer.
- May be required to perform other duties as related to matters involving the investments or proposed investments, and related to managing, directing, and supervising staff engaged in the external or internal investment programs.
EDUCATION AND EXPERIENCE
A Bachelor’s degree from an accredited university with major course work in economics or finance, and six years of investment management experience with a large financial institution or government agency which included responsibility for continuous supervision and review of an extensive investment program. A Master’s degree in Business Administration of a related field may be used to substitute for one year of the required experience.
Three years’ experience at the level of a Principal Investment Officer, LACERA.
- A Master's degree or other advanced degree in a related field is highly desirable
- Designation as a CFA or CAIA preferred.
- Broad asset class familiarity across both public market and private market sectors.
- Strong familiarity with different types of investment structures (i.e., fund commitments, co-investments, separately managed accounts, etc.)
- The ability to work with, gain and maintain the confidence of the LACERA Boards, Committees, Investment Office staff, management, and other staff.
- Ability to work collaboratively with third party partners including external investment managers, consultants, advisors, legal counsel, and auditors.
- A demonstrated track record of investment program success with the ability to introduce new portfolio management techniques, risk assessment tools, and performance measurement tools.
- A proven ability to recruit, develop, and retain strong professionals in various asset classes in investment functions.
- Excellent oral and written communication skills.
- Experience with a public pension fund, government agency, insurance or financial services organization will distinguish the most attractive candidates.
- Demonstrated experience (ideally five or more years) leading, managing, and mentoring a sizeable team of professional subordinates
- Proven leadership skills; projects confidence but with humility; can inspire others; a positive force that evidences an appropriate sense of humor and optimism.
- An innovator; open to new ideas and fresh approaches.
- Trustworthy and approachable; visible to staff of LACERA and members; empathetic, with strong emotional intelligence
- Collaborative and inclusive; cultivates and values diversity of thought; motivates and leverages team members strengths; fosters trust and open communication
- A thoughtful decision-maker who values both people and process
- Integrity and backbone; impartial, will do what’s right for LACERA, its employees and members
- High energy level and strong work ethic
- Commitment to the mission and values of LACERA
- Flexible, versatile, persuasive and influential; well-developed negotiating skills
Compensation includes a base salary in the range of $323,209.44 to $489,202.44 and LACERA’s comprehensive benefits designed to provide flexibility to each employee. Benefits include: medical, dental, disability, life, and AD&D insurance; a defined benefit retirement plan, optional savings plan (401k) with LACERA match, optional deferred compensation plan (457) with LACERA match; flexible healthcare spending accounts; monthly transportation allowance; 13 paid holidays; generous paid time off policy; and rideshare benefits.
EFL Associates, an executive search firm, is assisting LACERA with this important search. All calls and inquiries should be made through the search firm. Referrals and applications will be held in confidence. Review of applications will begin immediately and will continue until the position is filled.
Our client and EFL Associates firmly support the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state or local law.
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