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Type of Role: InvestmentsRisk

Experience Level: VP/Principal/Director

Location: Olympia, Washington

Salary: $163K - $280K

The Washington State Investment Board (WSIB) is a dedicated global investment management organization with over $186.1 billion in assets under management. The WSIB’s globally diversified portfolios are comprised of more than 17,000 holdings across 93 countries on 6 continents and in 52 currencies. The WSIB’s central mandate is to maximize return at a prudent level of risk.

The Washington State Investment Board (WSIB) is seeking a qualified candidate to join our team as an Assistant Senior Investment Officer (ASIO) on the Risk Management Asset Allocation (RMAA) team.

The primary objective of the Assistant Senior Investment Officer (ASIO) – Risk Management and Asset Allocation (RMAA) is to lead and implement various research efforts as needed by the RMAA unit and the executive management.  As a dedicated investment research professional, the ASIO will work with the Senior Investment Officer (SIO) of RMAA to develop a research agenda with prioritized research projects and theme development across different investment time horizons. The ASIO is expected to have the capability to conduct research both independently and via collaboration with other RMAA team members and investment staff across teams.  In addition to research, the ASIO will also participate in various general RMAA activities such as policy development and implementation, risk monitoring, asset allocation, and formulating strategic guidance for long-term investment direction and risk management.

Duties

PRIMARY RESPONSIBILTIES:

  • Provides analytical support, using portfolio modeling techniques and established industry practices to conduct research, test assumptions, assess risks, track variances against benchmarks, recommend management action, and measure/report results.
  • Provides information, research, analysis, makes recommendations, and coordinates asset shifts that have significant impact on all assets managed by WSIB. This input may result in investment strategy and policy changes, asset allocation rebalancing actions, and decisions regarding risk levels that ultimately impact all portfolio returns.
  • This position interacts at a high level with executive management and investment staff relative to all assets under management of the WSIB and related investment and policy strategies.

DETAILED RESPONSIBILTIES:

  • Develops research projects to drive the WSIB’s fundamental understanding of linkages among portfolio investments and opportunities to facilitate investment risk assessment and management activities.  Other research activities will assist in risk assessment and monitoring activities as they relate to the three main categories of the framework: Commingled Trust Fund (CTF) retirement program, investment-driven and market-driven risks.
  • Facilitates discussions on macro-issues aimed at advancing the professionalism of the management of WSIB funds. This includes analyzing the implications of global economic trends and macroeconomic events for financial markets involving risk measurement and management, fixed income, equities, and alternative investments.
  • Provides technical, analytical, and strategic research in support of the management of both existing and proposed investment strategies of the WSIB.
  • Develops analysis of economic and capital market trends, key risks for the agency, and formulates strategic guidance for long-term investment direction and risk management.
  • Models and forecasts trends and movements in the broader economy, as well as modeling shocks to the system, as a means to facilitate discussion on macro-issues that may cause the WSIB to revisit its investment decisions.
  • Provides strategic leadership in the ongoing development of proxies for non-transparent and illiquid securities to be modeled in the investment risk measurement program, reviews risk reports for reasonableness and accuracy and compiles the data into formats that may serve as useful analysis and decision-making tools.
  • Conducts peer group research on a wide range of topics including fund structure and benchmarks, portfolio strategies, use of external management, portfolio composition, use of derivative products or synthetic strategies, and other investment related topics of interest.
  • Periodically reviews benchmarks to determine whether they are consistent with the WSIB’s investment philosophy, capital market assumptions, and asset class program implementations. Identify and monitor the benchmark risk between the assumptions used in asset allocation, program benchmarks, and actual portfolios.
  • Evaluates and recommends research services and consultants, selection of data sources, selection of risk models, and parameters.
  • Develops, monitors, and assists in the implementation of the WSIB’s investment policies for each of the various funds. Periodically review the asset allocation policies of all the WSIB’s funds to ensure that it provides the WSIB with the highest probability of achieving the established investment goals and objectives. Develop methodologies to test the credibility of capital market models employed in the investment-decision process.
  • Attends stakeholder meetings and present investment performance reports, asset allocation studies, and other relevant studies and/or educational sessions, as required.
  • Works with RMAA SIO on any other projects that might be requested by the Board or executive management.

 

Qualifications

A bachelor’s degree in business, finance, economics, math, engineering, statistics, or a related field, and at least five years of investment experience, preferably in an institutional investment setting; an advanced degree is desirable; CFA and CAIA designations are strong plus.

Excellent analytical skills: ability to research, analyze, synthesize, and apply information and results from financial literature and other sources, including the ability to apply quantitative and empirical research to real world issues in the financial management industry.

Excellent written and verbal communication skills with the ability to present concise explanations of complex analyses.

Demonstrated resourcefulness and a commitment to learning.
Strong computer skills with a wide variety of software knowledge and the ability to quickly learn new applications.

Working knowledge of capital markets and related activities, events, and trends; comprehensive understanding of macroeconomic principles as they relate to market expectations and forecasts, inflation, asset allocation, and the valuation of portfolio/securities.

Detailed knowledge of the individual investment needs and objectives of a broad variety of portfolios, including an understanding of defined benefit plans, defined contribution plans, deferred compensation programs, insurance investment portfolios, endowment funds, permanent funds, asset liability matched funds and other unique portfolios.

General knowledge of all asset classes, and ability to build internal analytical skills by performing, potentially in conjunction with other professionals in the organization, “deep dive” research into country, sector, and country/sector relationship to determine risk and return tradeoffs.

Broad thinking skills regarding risk and its importance in all aspects of WSIB’s investments.
Highest sense of integrity – honest and ethical.

Strong organizational skills, including the ability to manage multiple projects simultaneously, establish time frames for projects, and proactively communicate progress toward goals.
Team player – able to fit and work well with the existing team, but with the ability to work independently.

Experience with collaborative, cross-functional teamwork.

If your experience or qualifications vary from what we have identified and you think you can be successful in this position, please address this in your cover letter.

Supplemental Information

 

BACKGROUND CHECK:
Prior to a new hire, a background check including education verification, credit check, and criminal record history will be conducted. Information from the background check will not necessarily preclude employment but will be considered in determining applicant’s suitability and competence to perform in the position.

AT THE WSIB…
You’ll experience true work-life balance and talented, passionate co-workers focused on maximizing the investment returns for the exclusive benefit of the beneficiaries. The WSIB is a respected institutional investor and thought leader in its industry and we value diverse perspectives and life experiences. The WSIB is supportive of an H1B Sponsorship.
The WSIB is an equal opportunity employer. Women, people of color and those representing diverse ethnicities, persons of disability, persons over 40 years of age, veterans, military spouses or people with military status, and people of all sexual orientations and gender identities are encouraged to apply.

 

Employees may be eligible for the following benefits:

Medical, Dental, and Vision for employee & dependents, Public Employees Retirement System (PERS), Vacation, Sick, and other Leave, 11 Paid Holidays and 1 Personal Holiday per year, Public Service Loan Forgiveness, Long Term Disability & Life Insurance, Deferred Compensation Programs, Dependent Care Assistance Program (DCAP),  Flexible Spending Arrangement (FSA), Employee Assistance Program, Commute Trip Reduction Incentives, professional development opportunities, flexible work schedules, and participation in the Combined Fund Drive and SmartHealth.

 

An overview of benefits of state employment and WSIB specifically can also be found on our website (Download PDF reader).

 

The WSIB is committed to the full inclusion of all qualified individuals. As part of this commitment, the WSIB will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact HR@sib.wa.gov.