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The CalPERS Investment Office is seeking a Deputy Chief Investment Officer (DCIO) - Growth Assets to oversee and manage global growth asset class portfolio construction, asset allocation, and risk budgeting to drive CalPERS Mission. Reporting to the Chief Investment Officer (CIO), the DCIO will provide implementation oversight, thought leadership, and guidance for delivering strong investment performance on a relative and absolute basis over the long term for growth asset investment strategies, portfolios, programs, and policies to sustainably pay benefits.
Under the general direction of the Chief Investment Officer (CIO), California State Teachers’ Retirement System (CalSTRS), to assist in the overall management and administration of the investment programs of the CalSTRS; direct the work of investment staff responsible for the development and implementation of comprehensive investment strategies and the management and oversight of specific investment disciplines; serve as an investment expert in developing, recommending, and implementing investment policies and programs; to act for the CIO in his/her absence; and do other related work.
Advises the CIO on investment theories and investment styles, quantitative strategies, active strategies and characteristics, and changing conditions of domestic and international markets; provides investment expertise to staff and the Teachers’ Retirement Board (TRB) in the management of multi-billion dollar portfolios including formulating and recommending comprehensive investment policies and strategies; reviews, evaluates, and recommends investment policies and objectives on a continuous basis in conjunction with the TRB; makes strategic and tactical investment recommendations to the CIO, advising on a variety of sophisticated investment portfolio management strategies, programs, and models; manages and oversees specific investment disciplines that include, but are not limited to, alternative investments, U.S. and non-U.S. equities, corporate governance, real estate, and fixed income, directly or through subordinate supervisors; works with senior investment staff, consultants, and the TRB in the development of investment policies and their implementation strategies; determines shifts in the asset allocation within ranges approved by the TRB; oversees CalSTRS full spectrum of internally managed assets, ensuring solid performance, cost effectiveness, and strategic fit with the overall investment portfolio; structures the investments so that the overall portfolio is better positioned to earn returns above established benchmarks with prudent risk levels; and evaluates investment risk/return relationships, and monitors portfolio activities for conformity with fiduciary standards, compliance with policies and procedures, investment committee guidelines, legal requirements, reasonableness of value, and possible market impact of purchases and sales.
Plans, develops, and directs subordinate investment staff in the research, analysis, portfolio management, and implementation of activities for investment portfolio; oversees investment staff in the reviewing and monitoring of asset allocation strategy; determines asset allocation among various investment types, classes, strategies, and/or structures, and make adjustments within policy ranges; makes proposals to expand internal management capabilities as appropriate; oversees the identification of investment vehicles and opportunities and evaluates their terms, legal documents, agreements, risk, potential returns, and economic characteristics; coordinates the development of strategies to ensure effective resources, appropriate infrastructure, and successful implementation of investment committee policies; coordinates and facilitates communication among the senior investment staff on policy matters, program initiatives, and implementation strategies that cross asset lines, and facilitate policy consistency across asset classes; tracks implementation and performance risk against policy targets across asset classes; maintains portfolio integrity through risk and compliance, and technology integration; manages reviews of CalSTRS investment performance for compliance with established performance objectives, investment policies, compliance procedures, and audit findings, and takes appropriate action to resolve problems and discrepancies; monitors existing investments, approves contract revisions, and recommends changes in commitment of funds based on investment performance; and oversees the search and contracting process for external investment managers and consultants, including retaining, funding, performance monitoring, and termination, and determining the structure of external investment management.
Experience: Two years of experience in the California state service performing the duties at a level of responsibility equivalent to that of an Investment Director, CalSTRS.
Experience: Five years of experience in planning and directing the work of staff engaged in the management or trading of a varied and complex investment portfolio for a major financial institution or firm, or government agency. and
Knowledge and Abilities
Knowledge of: Global economic principles and trends, and their impact on multi-faceted investment programs with a wide variety of assets; markets and investment styles and vehicles used for various types of investing, including domestic and foreign equities, fixed income assets, real estate, and alternative investments; domestic and international and emerging markets; management techniques and practices related to institutional investments; social and political issues affecting public pension investment programs; corporate governance issues and best practices; principles and practices of investment policy development, asset allocation, and portfolio design, construction, management, and performance evaluation; sources of information and data, analytical and research techniques, and methods to evaluate, analyze, and value various investment alternatives; methods used to calculate performance evaluations, the CFA Institute General Investment Performance Standards (GIPS), and attributions for assigned portfolios; acquisition and sale of investments; risk management; contents, interrelationships, and workings of balance sheets, income statements, and cash flow statements; monitoring techniques for adherence to fiduciary and prudence guidelines and restrictions; practices for contracting for and overseeing services of external investment consultants and managers; laws, regulations, and procedures covering investment agreements and transactions; laws governing the administration of public pension funds; legal structures including partnerships; CalSTRS laws, rules, policies, and procedures impacting investment policy, procedures, and requirements; and strategic planning, leadership techniques, and coordination of people, resources, and principles and practices of supervision, including the responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a safe work environment that is free of discrimination and harassment.
Ability to: Manage a large, diverse, and complex investment program; integrate various investment classes and approaches to achieve overall investment objectives; provide expert, policy-level investment consultation to the TRB; perform various investment management and internal administrative functions to ensure investment policies and objectives are met; develop investment options and strategies that are consistent with investment objectives and policies; coordinate and develop a wide range of investment policies; identify and manage investment policy and transactions issues; manage assigned portfolios consistent with risk and return objectives; participate in the development of tactical and strategic portfolio allocation guidelines; evaluate a broad variety of investment options and reach prudent investment management decisions; evaluate investment actions and results for conformance with established performance standards and policies; set reasonable benchmarks and performance criteria for investments; perform evaluation of securities; use a variety of analytical and quantitative techniques and tools to develop asset allocation recommendations; compile, organize, and interpret written and numeric information to perform financial and investment analysis and reach sound investment conclusions; gather and analyze a broad range of economic and investment related information, and synthesize it into concise and coherent conclusions and recommendations; maintain up-to-date knowledge of economic, investment, political and social issues, and trends affecting investment programs and use that knowledge to develop innovative investment strategies; select, manage, and evaluate the work of external investment managers and consultants; negotiate investment agreements that are consistent with CalSTRS interests; adapt to changing market conditions; interact with public and private sector entities to carryout investment activities of a public pension fund; establish and maintain cooperative relationships with those contacted in the course of work; communicate effectively with individuals across a broad spectrum of disciplines and promote cross-functional collaboration efforts; interact with individuals at all levels, including board members, staff at a variety of levels, and political and public officials; appear before various committees and boards; work with TRB and gain their confidence; coordinate the interface between the Investments Branch and the TRB, including the coordination and review of investment committee agenda items; implement measures to develop a team culture within the Investments Branch; and understand, plan, and direct the work of subordinate staff in a manner that adheres to and supports organizational goals and workplace guidelines, while effectively promoting equal opportunity in employment and maintaining a work environment that is free from discrimination and harassment.
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