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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Trenton, New Jersey

Salary: $350K - $500K

The Police and Firemen’s Retirement System of New Jersey is an Equal Opportunity Employer and is committed to inclusive hiring and dedicated to diversity in our staff. We strongly encourage people from all groups and communities to apply.

THE OPPORTUNITY

Under the direct guidance of the Executive Director and, working in close collaboration with the Board, and specifically, it’s Investment Committee, the Chief Investment Officer (CIO), will lead the Investment Staff and be responsible for assisting the Board in fulfilling its fiduciary duties in managing the System’s assets. Along with the Investment Staff, the CIO will be responsible for monitoring investment performance, recommending adjustments to the System’s asset allocation and investment policies, ensuring compliance with all Board policies and applicable laws and regulations, and working closely with external investment consultants. The CIO, in collaboration with the Investment Staff and general investment consultant, will be responsible for all investment reporting and external investment manager evaluation and selection. The CIO will be required to work collaboratively with the State Treasurer and the Director of the Division of Investments.

The CIO must be a strong investment strategist and, along with the external investment consultants, will be responsible for providing recommendations to the Board, its Investment Committee, and the Executive Director to effectively manage investment performance while maintaining an appropriate level of risk.

Including the CIO and a Deputy CIO, the Investment team is expected to grow to approximately 36 members with asset class heads leading teams of Investment Analysts.

Key Responsibilities include:
• Monitor and manage the investment operations of the System to ensure compliance with Board policies and all applicable laws and regulations.
• Regularly provide investment performance and other key metrics to the Executive Director and Board. • Develop and share recommended changes to the asset allocation and Investment Policy, as necessary.
• Ensure accurate and prompt distribution of funds to selected external investment managers.
• Oversee and lead the transfer of assets from the Division of Investments to the PFRSNJ Board of Trustees.
• Maintain a consultative relationship and open dialogue with the Board, its Investment Committee, and the Executive Director on all investment related matters including the structure of the investment program, engagement of external investment managers, advisors, and consultants, as well as short- and long-term investment strategies.
• Lead, mentor, and manage the Investment Staff, Finance Staff, and Compliance Staff
• Implement best practices into the management of the investment function by evaluating and amending, as necessary, policies, process, standards, measurements, and methods.
• Along with the Board’s investment consultant, monitor System performance, risk exposure, benchmarks, and costs.
• Along with investment consultants, formulate recommendations for the Board on manager selection, watch list recommendations, and terminations.
• Stay abreast of global market conditions and economic forecasts and develop appropriate recommendations for the Board’s consideration to appropriately position the System’s holdings.
• Collaborate, as necessary, with appropriate counterparts with the State’s Division of Investments.
• Effectively communicate the overall investment strategy to diverse audiences.

REQUIRED EDUCATION & EXPERIENCE
• A baccalaureate degree in Economics, Finance, Business Administration or related field of study; an advanced degree is preferred
• Professional certification as a Chartered Financial Analyst, Chartered Alternative Investment Analyst, is preferred not required
• Substantial (10 or more years ideally) institutional investment management experience, ideally in the public sector
• Must have experience on large scale asset transfer
• Broad and deep asset class familiarity to include both public and private markets
• Strong ties to the external investment manager community
• Extensive knowledge of investment concepts, strategies, styles, and the analytical capabilities to manage a diverse investment management program
• Previous experience working in close collaboration with external investment consultants is preferred
• Previous experience working in close collaboration with a board of trustees and/or its investment committee is greatly preferred
• Adept at leveraging technology and software platforms to monitor investment performance and portfolio risk considerations
• Strong staff management and mentoring experience
• Intellectual curiosity to stay abreast of global market and economic conditions

PERSONAL CHARACTERISTICS
• Proven leadership skills; projects confidence but with humility; can inspire others; a positive force that evidences an appropriate sense of humor and optimism.
• Unassailable levels of honesty and integrity
• An innovator; open to new ideas and fresh approaches.
• Trustworthy and approachable; visible to staff of PFRSNJ and members; empathetic, with strong emotional intelligence
• Collaborative and inclusive; cultivates and values diversity of thought; motivates and leverages team members strengths; fosters trust and open communication
• A thoughtful decision-maker who values both people and process
• Integrity and backbone; impartial, will do what’s right for PFRSNJ, its employees and members
• High energy level and strong work ethic
• Commitment to the mission and values of PFRSNJ
• Flexible, versatile, persuasive and influential; well-developed negotiating skills

COMPENSATION
PFRSNJ will pay the successful candidate a competitive base salary depending on qualifications. The successful candidate will also be eligible for the State’s comprehensive benefits package. More details about the benefits offerings can be found at benefits.pdf (state.nj.us)

APPLICATION PROCESS
EFL Associates, an executive search firm, is assisting PFRSNJ with this important search. All calls and inquiries should be made through the search firm representatives listed below. Referrals and applications will be held in confidence. Review of applications will begin immediately and will continue until the position is filled.

NON-DISCRIMINATION
Our client and EFL Associates firmly support the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, sexual orientation, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state or local law.

EFL ASSOCIATES
4600 South Ulster Street, Suite 900
Denver, CO 80237 Phone: 303-779-1724
www.eflassociates.com

Daniel J. Cummings, EVP & Managing Director
Phone: 720-200-1765
dcummings@eflassociates.com

Tamara Wesely, Talent Acquisition Consultant
Phone: 720-200-1723
Tamara.wesely@eflassociates.com