The Deputy Chief Investment Officer (Deputy CIO), under the supervision and direction of the Chief Investment Officer (CIO), has substantial responsibility for administering SCERS’ investment program; planning and developing recommendations for investment strategies; overseeing and evaluating investment managers, consultants, custodian, and other financial service providers; monitoring, analyzing, and reporting on investment performance and compliance; conducting complex research and analysis related to the investment program; overseeing and providing direction to the investment staff; presenting investment-related reports to the Board; and performing related duties as required.
The Deputy CIO is an exempt executive management level classification at SCERS. This position operates under the supervision and direction of the CIO and has responsibility for the implementation and oversight of the investment policies, structures, systems, and service providers in SCERS’ investment program. The Deputy CIO assists the CIO in the formulation and evaluation of investment policies and strategy, the development of the asset allocation and investment manager structures, and the risk management framework. The Deputy CIO, under direction of the CIO, is also responsible for managing assigned asset classes in the investment program at SCERS. The position provides supervision of and direction to the investment staff in carrying out responsibilities related to the monitoring, analyzing, and reporting functions of the investment program. The Deputy CIO develops recommendations regarding investment mandates, service providers, and investment management tools and systems.
Duties and Essential Functions:
Key responsibilities and duties may include, but are not limited to, the following:
• Assist the CIO in the development of an asset allocation plan, investment manager structure, and risk management framework reflecting the investment policies, objectives, and risk tolerance of the Board, and consistent with and designed to meet SCERS’ investment return and risk objectives.
• Assist the CIO in the development of Investment Policies setting forth the fundamental principles, objectives, parameters, policies, and strategies of the investment program and underlying asset categories.
• Assist the CIO in directing the implementation of the asset allocation and investment manager structure for each asset category and asset class established by the Board.
• Under direction of the CIO, manage assigned asset classes within the investment program, including developing recommendations regarding investment mandates and managers.
• Supervise the day-to-day management of the investment program in accordance with the Investment Policies, provide guidance and direction to investment staff as needed.
• Prepare, assist the CIO in preparing, or supervise the preparation by investment staff of investment-related items for Board meetings and present such items as requested.
• Direct the investment staff in measuring, monitoring, analyzing, and reporting on SCERS’ portfolio investments across asset classes.
• Direct the investment staff in monitoring investment managers and consultants for compliance with investment mandates, contractual responsibilities, and the identification of other potential issues. Develop recommendations as needed.
• Supervise the review, analysis, and negotiation of fees and contractual terms for engagement of investment managers and other investment service providers.
• Identify and develop optimal investment reporting formats, performance benchmarks, and tools and/or systems.
• Direct the investment staff in meeting reporting requirements related to the Comprehensive Annual Financial Report and the annual Actuarial Valuation Report, and in preparing, monitoring, and reporting on a budget for investment fees, commissions, and other investment-related costs.
• Recommend to and assist the CIO in the development of investment education programs designed to keep the Board informed and knowledgeable of investment concepts, strategies, emerging trends, and other investment related matters.
• Perform other duties as assigned by the CIO.
The Ideal Candidate:
The ideal candidate will be someone with a substantial and successful investment track record. The selected candidate will have a background working within a diversified institutional portfolio and across multiple asset classes. Asset classes within SCERS’ portfolio include public equities and fixed income, and alternative investments such as absolute return, real estate, and private markets (private equity; private debt, real assets). This candidate will also have exceptional communication and interpersonal skills. Lastly, this candidate will be confident and comfortable managing a team, as well as speaking in public when presenting to Board, Staff, investment managers, and the public.
• A Bachelor’s Degree, preferably in Business Administration, Finance, Economics, Accounting, or a related field.
• Seven (7) years of increasingly responsible experience as a senior member of an investment management team developing and implementing investment strategies, including identifying, evaluating, negotiating, and monitoring institutional investment portfolios for a multi-asset class public pension plan, endowment, foundation, or financial institution.
• Advanced degree in a related field, such as a master of business administration (MBA).
• Professional certifications such as Chartered Financial Analyst (CFA) Certification; Chartered Alternative Investment Analyst (CAIA) Certification; or Financial Risk Manager (FRM) Certification.
• Experience in managing private market investments, particularly private equity.
Desired Knowledge, Abilities and Skills
• Knowledge set: In-depth knowledge of both established and emerging investment trends and vehicles.
• Analytical skills: Ability to skillfully analyze and interpret complex investment information, and formulate investment recommendations off this information.
• Communication skills: Ability to communicate complex investment topics, to write effective and understandable reports, and to prepare and deliver engaging presentations.
• Quantitative computer skills: Ability to design, build, maintain, and effectively use complex spreadsheets and databases. Experience with Microsoft Excel, PowerPoint, Access, and Adobe Acrobat.
• Working style: Ability to work effectively in a public environment. Ability to work independently with minimal staff assistance.
Total compensation for this position ranges from approximately $130,000-$160,000. SCERS offers an extensive benefit package, including:
• Generous vacation and sick leave allowances
• Thirteen paid holidays • Defined Benefit Pension
• Medical, dental, and vision insurance benefits
• Flexible Spending Accounts/Health Savings Accounts
• Life insurance
• System-paid parking
• Tuition reimbursement
• Deferred compensation and 401(a) plan
• Retirement Healthcare Savings Contribution
Application and Selection Procedure:
To be considered for this challenging and rewarding career opportunity, please submit your cover letter, resume, and three work-related references (who will not be contacted early in the process) by Friday, August 10, 2018*. Resume should reflect years and months of positions held. The selection process may include multiple interviews and may consist of rating candidate education and experience, submission of writing samples, oral presentation, or any combination.
*Applications will be accepted until the position is filled.
Kathryn T. Regalia
Chief Operations Officer
Sacramento County Employees’ Retirement System
980 9th Street, Suite 1900
Sacramento, CA 95814
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