University of Minnesota Office of Investments and Banking
Submissions will be expected to include the following:
- Cover letter
- 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 Investment Manager will be a senior professional within the University of Minnesota’s Office of Investments and Banking (“OIB”), focused on supporting the investment activities of the University’s ~$1.5B endowment fund. The Investment Manager will focus primarily on equity-oriented strategies, though the position is designed to be generalist in nature, with extensive involvement across the full spectrum of liquid and illiquid strategies employed within the endowment. Key responsibilities will involve investment manager due diligence, portfolio strategy and thematic research efforts. The Investment Manager will report directly to the Deputy Chief Investment Officer.
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 $2.7 billion across the endowment (~$1.5 billion) and operating pools (~$1.2 billion), while also overseeing the defined contribution retirement plans (~$6 billion) and a miscellany of smaller pools of capital (e.g. captive insurance company portfolio).
The OIB currently consists of nine professional positions - five are dedicated to treasury, trading, operations and/or administrative roles, the remaining four comprise the investment team, which includes the following positions: Chief Investment Officer, Deputy Chief Investment Officer, Investment Manager and Investment Analyst. The Investment Manager will become the fifth member of the investment team and report directly to the Deputy Chief Investment Officer. Concurrent with this Investment Manager search process, OIB will also be recruiting a new professional to join in the Investment Analyst role as well as an Investment Operations Manager.
The OIB team seeks to foster a diverse, 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 sourcing, researching, diligencing, recommending, and monitoring equity-oriented investments, though the position is intended to be generalist in nature with extensive involvement across the full spectrum of liquid and illiquid asset classes and strategies utilized in the endowment, which includes: traditional rates and credit, private credit, public equities, private equity, venture capital, real assets and hedge funds. Area(s) of focus at any point in time will be directed by the Deputy Chief Investment Officer 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, managers and co-investment opportunities 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 presentation materials
- Partnering with internal general counsel and OIB’s operations manager to review and negotiate legal documents
- Depending on the chosen candidate’s experience, skillset and/or interest level, additional areas of involvement could include: environmental, social and governance policy and strategy, 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 (e.g. debt management, real estate, etc.)
- Operations, legal and administrative support is likely to comprise less than 10% of the Investment Manager’s time.
- Both domestic and international travel are expected, likely representing between 10-25% of the Investment Manager’s time.
The above job description is intended to describe the general nature and level of work being performed by individuals assigned to this position. Additional duties and projects may be assigned depending on the needs of OIB and the University.
- 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.
- 6+ of relevant investment experience at an asset owner (e.g. pension, endowment, foundation, etc.) is required. Compelling candidates will likely have 8+ years of experience. Consideration will 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 charactoristics/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 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.
- Ability to function as a self-starter, exercise excellent time and project management skills and manage challenging workflow and multiple assignments
- 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.
- Familiarity with and comfort using various data and information management systems.
- Strong work ethic, reliable and dependable
- Professional maturity
- Commitment to high standards of moral and ethical behavior
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