Skip to main content

Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Jefferson City, Missouri

Salary: $330K - $330K

The Missouri Local Government Employees Retirement System (LAGERS or the “System”) was established in 1967 by State statute. LAGERS is an agent multiple-employer, statewide public employee retirement plan for units of local government which is legally separate and fiscally independent of the State of Missouri. As of June 30, 2023, LAGERS held assets in trust of approximately $10.4 billion.

THE CHIEF INVESTMENT OFFICER ROLE

Reporting to the Executive Director, the Chief Investment Officer (CIO), under administrative direction, is responsible for overseeing the operations and staff of the Investments Department. Tasks include formulating and executing investment policies, selecting investment managers, private partnerships, and direct private investments. The CIO is responsible for monitoring performance to meet investment goals and aims to return the actuarial assumed rate of return (7.0%). The CIO recommends and coordinates strategic decisions with the Executive Director, Investment Consultants, and the Board of Trustees.

The CIO will lead and manage an investments staff of seven (7) comprised of a Deputy Chief Investment Officer, an Investment Risk and Operations Manager, a Senior Investment Operations Specialist, an Investment Officer, a Senior Investment Analyst, an Investment Analyst, and a Performance Analyst. The role will direct and oversee an investment administrative budget of approximately $4.5 million.
Essential functions of the CIO role include:

This list is neither all-inclusive nor restrictive. Management reserves the right to further define duties based on operational needs.
• Implement and administer the investment program of LAGERS in accordance with the System’s Statement of Investment Policy & Objectives and in compliance with applicable state and federal laws to maximize investment returns and minimize risk.
• Recommend investment policies and changes in policies to the Executive Director and the Board of Trustees.
• Communicate to internal and external stakeholders a clear vision and strategy.
• Work with the Board Investment Consultant to conduct asset/liability studies and prepare asset allocation recommendations to the Board of Trustees.
• Develop asset allocation study based on investment performance history, assumptions of future performance, and application of portfolio theory.
• Serves as the final decision maker (with the Executive Director) on all public market manager investments, hedged asset managers, private equity, private credit and private real estate partnerships and direct credit and equity investments in private companies.
• Negotiates fees and contracts. Makes changes in manager assignments and guidelines as necessary to meet asset allocation goals and replace under-performing investments.
• Performs and supervises investment analysis and due diligence for all investments and manager selections.
• Develops and monitors investment portfolio.

• Prepares budget for all investment-related expenses (including both internal operating budget and fees paid to external investment managers) with the direction and approval of the Executive Director.
• Attracts, retains, motivates, and empowers the investment team. Provides leadership, direction and coaching in areas of problem resolution and planning.
• Represents LAGERS at various regional and national meetings pertaining to the System’s investment program.
• Delivers portfolio reporting to the Board of Trustees including performance measurement and attribution, risk metrics, and benchmark comparisons based upon quantitative and qualitative analysis.
• Communicates to the Board of Trustees and Executive Director any financial, economic, and political developments which are likely to impact System activities.
• Builds collaborative relationships with external consultants to ensure strategic vision and goals of the System are achieved.
• Monitors various activities with external firm(s) providing custodial or other investment services to LAGERS such as custody of securities, cash management, brokerage services, derivatives management, and securities lending.

EDUCATION AND EXPERIENCE REQUIREMENTS
• A Bachelor’s degree is required. Master’s degree is preferred.
• Minimum of ten (10) years institutional investment experience.
• Supervisory experience is preferred.
• Chartered Financial Analyst (CFA) certification or similar.

Minimum Qualifications Required Knowledge and Skills:
• Knowledge of the principles of investment, finance, economics, and portfolio theory, particularly as they pertain to the operation of a public pension fund.
• Knowledge of accounting, actuarial, and pension principles and practices.
• Knowledge of standard investment structures (funds, partnerships, joint ventures, debt, etc.).
• Knowledge of the laws, rules, regulations, and professional standards regarding the investment of public pension funds.
• Ability to perform in-depth financial analysis.
• Ability to establish positive working relationships with the LAGERS’ staff, Board members, outside vendors, money managers, CIOs from other systems, and other contacts.
• Ability to demonstrate integrity and high degree of ethics.
• Ability to communicate technical information in a clear and concise manner.

PERSONAL CHARACTERISTICS
• The highest ethics and integrity; strength of character to hold self and others accountable to high standards of performance.

Highly developed communication skills: an excellent listener who is also an accomplished presenter, both orally and in written communications.
• Proven leadership ability: can articulate a shared vision and obtain staff “buy-in”.
• Solid talent management skills: inspires others to high standards of operational effectiveness and efficiency.
• Outstanding interpersonal skills: ability to work with a wide variety of constituents/personality styles and develop good rapport with consultants, staff, and other stakeholders.
• Visionary and Strategic thinker.
• Strong work ethic and sense of commitment and dedication.
• Intelligence, maturity, common sense, and good judgment.
• Fair, even and impartial; acts and responds factually and without bias.

COMPENSATION
LAGERS will offer the successful candidate a highly competitive compensation package and exceptional comprehensive benefits package. Included in the benefits package is non-contributory participation in the LAGERS Staff defined benefit retirement plan, a deferred compensation program, 100% paid (no premiums to the employee) employee and family health insurance, employee dental, vision, long-term disability, life, and accidental death and dismemberment policy. Similar coverage for dependents is available on a voluntary basis. LAGERS supports continued professional development by reimbursing membership fees to professional organizations, continuing education, and professional certifications. The System also offers a generous paid time off policy. A generous relocation policy, if necessary, is also available to the successful candidate. Currently, a hybrid in-office policy, subject to the Executive Director’s consent, is available. Employees are required to be in-office on Wednesday’s and most work a 2 in, 3 out framework.

COMPENSATION WILL BE DEPENDENT UPON EXPERIENCE. NOTED COMPENSATION IS FOR INCUMBENT.

APPLICATION PROCESS
EFL Associates, an executive search firm, is assisting LAGERS with this important search. All calls and inquiries should be made through the search firm representatives listed below. All applications and referrals will be held in confidence. Review of applications will begin immediately and will continue until the position is filled. To apply, please forward your resume and a cover letter to Tamara Wesely using the provided link.

NON-DISCRIMINATION
EFL Associates and LAGERS do not discriminate on the basis of race, religion, national origin, sex, age, marital status, sexual orientation, gender identity, gender expression, disability, creed, color, ancestry, or medical condition.