Director of Total Fund Research

The Director of Total Fund Research assists the Senior Investment Policy Officer with investment research and analysis, Total Fund and asset class investment strategies, asset allocation, investment policy, asset/liability studies, and risk management. The Director of Total Fund Research works closely with Investment Policy & Asset Allocation staff and senior staff and reports to the Senior Investment Policy Officer.

Conducts Total Fund, asset class and new/emerging investment strategy research

• Research new and emerging investment ideas and risk mitigation strategies
• Research alternative beta strategies and new sources of alpha
• Identify and analyze return, risk premia and risk drivers/factors
• Performs and/or understands advanced statistical modeling techniques for asset allocation, portfolio construction, mean variance optimization and risk management in order to conduct research and make asset allocation and investment strategy recommendations
• Uses analytical tools/software for research, portfolio construction/optimizing, asset allocation and performance/risk measurement reporting and monitoring
• Presents research results and recommendations to senior staff and senior oversight groups (e.g., Investment Advisory Council (IAC), Senior Leaders Group (SLG) and SIO Group meetings)

Develops strategies and plans for adding value and managing risk through Total Fund overlays, alternative beta strategies, new sources of alpha, liquidity management, new asset classes, asset allocation changes, new asset class strategies and to mitigate unintended risk factor exposures where appropriate

• Researches and analyzes academic, economic and market information to support the asset allocation and investment management process, new/emerging investment strategies and risks, including, but not be limited to: analyzing written publications and conversing with academics, consultants, economists, and investment strategist
• Presents and recommends strategies for managing cash inflows and outflows (i.e., contributions, Deferred Retirement Option Program payments, capital calls, etc.)
• Understands and explains to oversight groups the implications of economic and actuarial projections on the current structure of the FRS Pension Plan and FRS Investment Plan
• Recommends and presents dynamic or tactical rebalancing strategies to capture relative value opportunities and adjust risk exposures
• Recommends and presents asset class strategies to capture relative value opportunities or to adjust risk exposures

Participates in the development and monitoring of Total Fund and asset class level asset allocation policies, work plans, investment strategies and risk budgets

• Participates and assists in activities such as asset liability studies and actuarial studies to determine their investment policy implications, and develops recommendations for investment policy, benchmarking and benchmark changes, if necessary
• Ensures timely execution of Total Fund and asset class level asset allocation policies, work plans and investment strategies
• Ensures that asset allocation polices, work plans and investment strategies are optimal from a Total Fund and asset class perspective
• Makes asset allocation, work plan and investment strategy implementation recommendations to senior staff and senior oversight groups (e.g., Senior Leaders Group (SLG), SIO Group and Risk Management & Compliance (RMC))
• Helps develop and monitor risk budgets, and makes and presents risk budget recommendations to SLG, RMC and SIO Group
• Review and opine on potential public and private market structures, investment strategies and deals

Participates in the creation and development of quantitative reporting and decision-making models and tools and utilizes current tools and platforms to support research and monitoring efforts

• Works with analyst, vendors, consultants and programmers to create analytical models/tools and reports
• Tests and documents analytical models and tools

Assists the Senior Investment Policy Officer with IAC, Board of Trustees, SLG and SIO Group meetings

• Assists in the preparation of Trustee, SLG, SIO and IAC meeting materials
• Coordinates the timely production and delivery of reports, presentations and meeting packages with staff, senior staff, SIOs, consultants, IAC members and stakeholders
• Interacts with IAC, cabinet aides, consultants and external stakeholders

Demonstrates ability to effectively manage financial resources
Manages Financial Resources

• Evaluates unit/department operations annually and prepares department budget in conjunction with the department’s senior leader and/or Budget Manager to meet anticipated needs
• Evaluates, negotiates and monitors vendor contracts to ensure goods and services are provided in the most cost-effective manner
• Manages department expenses within budgeted levels, monitors on a monthly basis and analyzes variances to determine causes
• Completes expense reports and provides supporting documentation per established policies and procedures
• Conserves department resources by efficiently utilizing time, equipment and supplies

Develops, implements and monitors strategic plans, or works in collaboration with the senior leader over the department, to contribute to the success of the department/unit and the overall organization

• Functions as a strategic business advisor to senior leaders regarding organizational strategic objectives
• Develops, or assists the senior leader over the department with developing, a department strategic plan that contributes to the overall strategic objectives of the organization
• Involves colleagues in the implementation of strategic objectives of the department
• Ensures successful implementation/deployment of department strategic plans

Performs other duties as assigned

A master's degree from an accredited college or university in accounting, finance, business, engineering, actuarial science, economics, mathematics, financial mathematics or a related field and five years of related experience.

Preferences:

• Experience in investment research, performance measurement and investment analytics, asset allocation, multi-asset class investment management, or investment risk management
• Experience writing investment related research papers
• Experience building financial models and tools
• Chartered Financial Analyst credential
• Financial Risk Management credential

Knowledge, Skills and Abilities:

• Knowledge of economic and accounting principles and practices
• Knowledge of institutional fiduciary investment policy formation and execution
• Knowledge of equity, fixed income and cash like investments and investment strategies
• Knowledge of the use and trading of derivatives and swaps
• Knowledge of private market investments
• Knowledge of investment related market and operational risks
• Advanced knowledge and use of Microsoft Excel
• Strong analytical skills
• Ability to learn and use analytical systems and software
• Ability to manage multiple projects and processes simultaneously
• Ability to exercise initiative and independent judgment
• Ability to conduct research, compile data, and present results in an articulate and useful manner, with high attention to detail

Hiring Range: $135,200 - $196,100

The State Board of Administration is an Equal Opportunity Employer

Successful completion of a pre-employment background check is a condition of employment with the State Board of Administration