The State Board of Administration of Florida (SBA) is the investment organization managing the assets of the Florida Retirement System (FRS) and other funds. With more than $206 billion in total assets under management, the SBA is one of the largest institutional investors in the world. A key responsibility is the management of the FRS Pension Plan, the 5th largest public pension fund in the U.S.
The SBA is committed to seeking individuals who will enhance their team by contributing to the knowledge pool, while adhering to the ethics and integrity that underscore their investment strategies and management.
Global Equity is the largest asset class in the FRS, managing over $85 billion of public market equity assets in the U.S. and international markets. The team directly manages passive and active strategies internally and engages the services of leading institutional asset managers across the globe. Passive strategies, designed to deliver the returns of a specific equity market index, are employed to obtain low-cost market exposure in efficient equity markets. Active strategies are utilized to generate returns in excess of indices in markets that are perceived as less efficient and where the risk of such investments is rewarded. The equity holdings of the asset class are relatively liquid, and, as such, the asset class is critical in meeting the ongoing liquidity needs of the plan.
The Portfolio Manager will be an integral member of a 17-person team managing over $85 billion of public market equity assets in U.S. and international markets. The Portfolio Manager will focus on two key objectives of the asset class, the identification, research and monitoring of return generating investment strategies, and investment risk management. Investment strategies include traditional long-only equity funds and opportunistic/non-traditional equity strategies. The position will have an important role evaluating the risk and structure of the asset class, using a variety of risk management models to analyze and interpret risk and to recommend investment changes.
25% - Supports activities related to Global Equity’s search for opportunistic strategies and internal solutions
- Identifies and/or quantitatively evaluates new “opportunistic” investment strategies for Global Equity, including internal solutions, with oversight by the Portfolio Manager II-GE External Oversight or Senior Investment Officer-Global Equity
- Performs in-depth analysis of potential strategies including estimated structural impacts at the aggregate and sub-aggregate levels, and forecasted characteristics of individual diligenced strategies (tracking error, standard deviation, etc.)
- Provides support for investment manager searches, including overseeing investment and operational diligence reviews, as requested
25% - Provides quantitative support for the analysis of the Global Equity asset class
- Develops and maintains expertise of risk management and attribution tools (Aladdin, Barra, etc.) to gain insights into all Global Equity managers, including internal and external strategies
- Identifies and monitors structural biases within the Global Equity aggregate and sub-aggregate portfolios, communicating such risks and positions to the group and recommending changes as necessary
- Researches and, as necessary, suggests improvements to monitoring and/or risk management tools used by Global Equity
- Works with the Director of Reporting & Analytics to foster communication, analysis and efficiencies across the team
20% - Serves as fund-of-funds portfolio manager for assigned manager aggregate(s) by monitoring investment activity, performance and manager structure
- Provides ongoing qualitative and quantitative analysis of external equity asset managers, including but not limited to aggregate performance, attribution, trading and risk characteristics
- Recommends, as necessary, changes to aggregate structure, terminations and funding levels
- Prepares comprehensive talking points in advance of quarterly manager calls, leads calls/meetings and completes detailed meeting notes, and ensures follow-up items are addressed by the investment manager
- Manages relationship with assigned external investment managers and addresses any organizational, operational, compliance and/or portfolio holding issues
- Participates in quarterly manager meetings outside of primary assigned managers
20% - Identifies and evaluates new investment strategies
- Identifies relevant peer managers, develops focus list of potential managers for hire, and coordinates with asset class consultant to identify new opportunities within assigned aggregate
- Provides support or leads investment manager searches including overseeing investment and operational diligence reviews
- Collaborates with other team members on structuring issues that span beyond assigned aggregate
05% - Supports activities related to Global Equity contracts, legal issues, custody relationship and compliance
- Participates in drafting of investment management agreements and other contract documents and activities, as requested
05% - Performs other duties as assigned
A bachelor's degree from an accredited college or university in finance, mathematics, accounting, economics, statistics, business, or a related field and three years of related experience. Or any combination of education and/or experience equal to the minimum requirements.
- Broad experience in the application and analysis of quantitative techniques used in investment management
- Experience with fund-of-funds portfolio oversight including use of risk management reports
Knowledge, Skills and Abilities:
- Working knowledge of fund of funds portfolio construction and risk management techniques
- Extensive Microsoft Excel skills
- Strong analytical and quantitative skills, with comprehensive knowledge of finance and investment concepts
- Effective oral and written communication skills, including the ability to write clear memos and develop and deliver presentations
- Skill in developing performance analyses, including attribution of fund performance
- Ability to interpret quantitative performance and risk data to make complex decisions
- Ability to work both independently and collaboratively
- Ability to manage multiple projects and tasks simultaneously
- Intellectual curiosity, critical reasoning skills and knowledge of the equity markets
- Travels periodically to various locations throughout the U.S. and internationally. Involves work outside of normal business hours and working remotely to maintain contact with others and normal office-related duties