Investment Manager

University of Minnesota Office of Investments and Banking

POSITION BRIEF

The Investment Manager will be a senior professional within the University of Minnesota’s Office of Investments and Banking (“OIB”), focused primarily on supporting the investment activities of the endowment fund. The newly formed position is designed to be generalist in nature, with extensive involvement across the full spectrum of liquid and illiquid strategies employed within the endowment. Primary responsibilities will involve investment manager due diligence, portfolio strategy and construction and thematic research efforts.

OVERVIEW OF UNIVERSITY OF MINNESOTA OFFICE OF INVESTMENTS AND BANKING

The charge of OIB is to effectively steward the financial asset programs that support the University of Minnesota’s broader mission of changing lives through research, education and outreach. OIB currently manages approximately $2.3 billion across the endowment (~$1.3 billion) and operating pools (~$1 billion) while also overseeing the defined contribution retirement plans (~$5 billion) and a miscellany of smaller pools of capital (e.g. captive insurance company portfolio).

The OIB currently consists of nine professionals, four of whom are dedicated to treasury, operations and/or administrative roles, the remaining five of whom comprise the investment team, which includes the following positions: Chief Investment Officer, Senior Director of Investment Strategy and Research, Director, Investment Manager and Investment Analyst. The Investment Manager will become the sixth member of the investment team and report directly to the Senior Director of Investment Strategy and Research.

The OIB team seeks to foster an open and collegial culture in which each of the investment team members are expected to work collaboratively, contribute to idea generation and debate the merits of investment ideas with both rigor and respect.

OVERVIEW OF RESPONSIBILITIES

The Investment Manager will focus primarily on researching, sourcing, diligencing, recommending, and monitoring investments across the full spectrum of liquid and illiquid asset classes and strategies utilized in the endowment, including: traditional rates and credit, public equities, private credit, private equity, real assets and hedge funds. Area(s) of focus at any point in time will be directed by the Chief Investment Officer and Senior Director of Investment Strategy and Research based on an amalgamation of considerations such as market environment and opportunity, current portfolio dynamics, and/or the Investment Manager’s particular areas of expertise or familiarity.

Specific responsibilities and expectations include:

• Conducting deep-dive initial and ongoing due diligence on investment strategies and managers across various asset classes. Producing detailed investment memorandums and summaries for presentation to the Investment Advisory Committee.
• Playing a key role in shaping portfolio strategy and design in partnership with other members of the OIB investment team.
• Leading research projects regarding various asset classes, investment strategies and/or thematic market opportunities
• Collaborating (e.g. tag-teaming or playing devil’s advocate) with other members of the OIB investment team on research and manager diligence efforts.
• Cultivating networks and relationships across the industry to improve sourcing quality and stay abreast of key trends and best practices
• Assisting in the preparation of investment committee meeting materials
• Partnering with internal general counsel to review and negotiate legal documents
• Depending on the chosen candidate’s experience, skillset and/or interest level, additional involvement could include: performance and risk analytics, data management, operating pool investment strategy, defined contribution retirement program design and oversight and/or broader finance-related projects supporting the University
• Operations and administrative support is likely to comprise less than 5% of the Investment Manager’s time.
• Both domestic and international travel are expected, likely representing between 5-25% of the Investment Manager’s time.

POSTION REQUIREMENTS / QUALIFICATIONS

• A bachelor’s degree in economics, finance, accounting or related disciplines is required. A CFA is strongly desired. Other degrees and/or certifications viewed favorably include: CAIA, FRM, MBA and/or other advanced degree in finance or related disciplines.
• 5-10 years of relevant, generalist investment experience at an asset owner (e.g. pension, endowment, foundation, etc.) is desired. Consideration may be given to candidates with little or no direct experience as an asset owner but who have instead been employed in investment research capacities, buy-side roles, consulting and/or allocator roles such as OCIO, fund-of-funds, etc.
• The ideal candidates will possess the following characteristics / traits:
• A passion for investing with demonstrably high-quality investment acumen and judgment
• Experience sourcing, diligencing and monitoring investment strategies across both public and private markets, with the ability on ‘Day 1’ to conduct robust soup-to-nuts diligence with minimal supervision
• The ability to effectively develop relationships and credibility with the institutional asset management community. A strong existing network of relationships will be viewed favorably.
• Detail oriented and highly analytical with a curious and investigative approach to diligence and problem solving.
• Strong verbal and written communication skills. Must be able to articulately and persuasively state and support a thesis.
• Embracing of a less-structured, generalist role
• Desire to work as part of a high-functioning team, with strong interpersonal skills and an approach to collaboration that reflects both confidence and humility.
• Expertise in data and information management systems and processes.
• Commitment to high standards of moral and ethical behavior

COMPENSATION AND BENEFITS

• Compensation will be commensurate with the position’s roles and responsibilities and the chosen candidate’s experience level, educational background and skillset. The Investment Manager will be eligible to participate in the incentive compensation program, which is predominantly tied to endowment performance compared to absolute and benchmark-relative metrics.
• Employee benefits package includes: medical, pharmacy and dental plans, a defined contribution retirement plan with a generous match, life insurance, flex spending accounts, tuition reimbursement programs and vacation policies.

APPLICATION PROCESS AND REQUIREMENTS:

All interested candidates should apply via the University of Minnesota’s online application portal: http://www.umn.edu/ohr/employment. Please search for the job ID based on experience:

• Job ID # 316738 - minimum 6 years experience

• Job ID # 316763 - minimum 8 years experience

• Job ID # 316734 - minimum 10 years experience

Submissions will be expected to include the following:

• Cover letter
• Resume
• A memo, not to exceed 2,000 words, summarizing your philosophy to investing as well as the two best, and one worst, investment ideas you have diligenced then subsequently recommended and/or implemented. (We want to get a sense for how you think about investing, approach diligence, communicate a thesis and ultimately make decisions.)

The University of Minnesota recognizes and values the importance of diversity and inclusion in enriching the employment experience of its employees and in supporting the academic mission. We strongly encourage applications from prospective employees with varying backgrounds.