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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Sacramento , California

Salary: $408K - $612K

The California State Teachers’ Retirement System (CalSTRS) has $327 billion in AUM and provides retirement, disability and survivor benefits for California’s 965,000 prekindergarten through community college educators and their families. Details below on the role.

Under the policy direction of the Teacher’s Retirement Board (TRB) and the administrative direction of the Chief Executive Officer (CEO), the Chief Investment Officer (CIO) is responsible for the overall management and administration of CalSTRS Investment program within CalSTRS administrative framework. The CIO serves as CalSTRS/TRB’s investment expert, developing, recommending, implementing, and monitoring the policies, strategies, and initiatives for the investment program to support the TRB’s strategic plan. The CIO is a member of CalSTRS Executive Staff.

The CIO manages an annual operating budget of approximately $70 million and continuous appropriated budget of $290 million and provides leadership and direction to approximately 230 staff in the Investment Branch. The CIO oversees all CalSTRS Investment Portfolios, both Defined Benefit and Defined Contribution funds, and Investment Operations through a Deputy Chief Investment Officer and Director of Investment Services.

DUTIES AND RESPONSIBILITIES

Responsibilities of the CIO include the following:

Implement the Investment Policy Statement in line with investment beliefs as adopted and amended from time to time by the Board/Investment Committee. Implement the annual goals and objectives for the Investment program as adopted by the Board. Act as an expert advisor to the Board on all matters involving the investment or proposed investment of CalSTRS (System) assets. Make recommendations to the Board with respect to investment related matters including, but not limited to, asset allocation decisions, the Board’s risk tolerance, funding and liabilities, and the structure of the investment programs with respect to amount of internal and external assets, and short-term and long-term investment strategy; monitor and report about those recommendations accepted by the Board and risks to achieving the Board’s directives. Monitor capital markets, economic forecasts, and provide the Board with an on-going analysis of the state of the global economic situation and its opportunities and risks as it relates to the System’s investment programs.

Review and manage the appropriate asset allocation of all CalSTRS investment portfolios in accordance with Board’s risk tolerance, including those of the Cash Balance Fund, Defined Benefit Supplement and others as required by the Board; recommend to the Board the appropriate strategy for the investment of assets in light of funding and liabilities; implement the approved strategies. Recommend to the Board the appropriate investment options to include in Pension 2, CalSTRS 403(b) Program. Review the asset mix periodically and recommend modifications as appropriate.

Manage the Investment program and staff including all resources, personnel, contracts, and services within CalSTRS administrative framework. Initiate any contracts or amendments with investment management firms, and external investment advisors and consultants. Develop and present appropriate investment procedures that ensure due diligence and appropriate written documentation for all actions taken to invest the funds of the System. Authorize and monitor any expenditures for investment services to be paid out of the continuous appropriation or through directed commissions.

Participate as a member of CalSTRS senior leadership team and Executive Staff, advising on all investment related matters. Advise the CEO as to the impact on the investment program of information released to the public, press, Legislature, and other press releases and similar matters, as needed. Advise the Board and CEO as to the impact of potential legislation on the System’s investment program. Engage with stakeholder audiences to inspire confidence and establish credibility. Perform other duties as directed by the Board or the CEO that are consistent with and contemplated by challenges or opportunities facing the System.
Provides sound leadership to staff, ensuring strategies are developed and implemented that support the diverse, resilient, and sustainable investment team while focusing on a continuous growth mindset that promotes innovation and drives high standards of performance. Cultivates a collaborative investment team culture. Acknowledges the importance of adaptability and flexibility to meet changing circumstances and exhibits leadership among public retirement systems and investment boards both in-state and nationwide. Demonstrates a global reach and the ability to influence those in the institutional investment community.

COMPETENCIES
Focus on CalSTRS Mission: Securing the financial future and sustaining the trust of California’s educators. CalSTRS Core Competencies All employees of the system are responsible for understanding and demonstrating

CalSTRS’ core competencies:
• Adaptability &Flexibility
• Communication
• Customer/Client Focus
• Teamwork
• Work Standards, Quality Orientation, & Initiative

Position-specific Competencies To perform the job successfully, the CIO must demonstrate the following competencies:
• Financial Market Knowledge
• Vision and Strategic Thinking,

Orientation and Implementation
• Decision Making and Risk

Management
• Results Orientation and Professional Confidence
• Initiative
• Team Leadership and Developing Others
• Fostering Diversity
• People and Organizational

Development
• Personal and Interpersonal Skills
• Planning and Organizing
• Managing Work
• Organization Awareness, Global

Perspective and Presence
• Organization Positioning Skills
• Change Leadership
• Interpersonal Empathy and Understanding
• Interpersonal Skills and Relationship Building
• Influencing and Empowering

Others
• Conflict Management
• Ethics and Integrity
• Personal Strength and Maturity
• Mentoring
• Member and Stakeholder Outreach and Communication

PERSONAL ATTRIBUTES
Acts in a professional manner and demonstrates a high degree of integrity, honesty, and ethical behavior; demonstrates openness and trust; establishes and builds rapport by modeling values-based behaviors; exhibits strong interpersonal and mentoring skills; promotes teamwork and cross-functional collaboration and communication in support of CalSTRS strategic goals; and promotes a high-performance culture where a diverse workforce are encouraged and enabled to perform to their greatest potential.