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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: Baton Rouge, Louisiana

Salary: $250K - $300K

TRSL oversees $24 billion and is a qualified governmental, multiple-employer defined benefit pension plan established in 1936. Serving nearly 200 participating employers and an active and retired membership of over 180,000, the System provides retirement, disability, and death benefits for participating education employees. The System pays approximately $2.3 billion in benefits each year.

The Investment Director of Public Markets reports to the Deputy Chief Investment Officer (DCIO) and has primary responsibility for developing and implementing a public markets investment program strategy within the goals established by the TRSL Investment Policy. The incumbent will work with TRSL’s external consultant to manage TRSL’s public markets portfolio. This work consists of conducting manager searches to recommend investment managers to the TRSL Board, including due diligence reviews, and assisting in negotiating terms and conditions of agreements.
The management of the System’s public markets managers also includes analysis and review of performance, furnishing appropriate reports on all investment activity, and attending meetings to present reports to the TRSL Board Investment Committee. The incumbent will also be responsible for providing expert consultation and advice to the Chief Investment Officer, Deputy Chief Investment Officer, TRSL Director and Board Investment Committee. The incumbent supervises an Investment Manager position whose team of three members provide support in the public markets portfolio oversight, and manage the investment components of ORP oversight (working directly with Mercer), and investments operations.
Responsibilities include:
• Provides analysis and makes recommendations on the investment strategy for all public market assets.
• Evaluates investment risk/return relationships and assures conformance with fiduciary standards, Board Investment Committee guidelines, and legal requirements.
• Monitors the activities of the public markets portion of the TRSL investment portfolio using several performance and portfolio monitoring systems to evaluate overall risk/reward metrics.
• Directs and reviews monthly quarterly, and annual performance reporting. Monitors, managers and reports on proxy voting and trade cost analysis.
• Develops, coordinates and directs the System’s compliance monitoring system. This system is coordinated with the accounting and record systems of the investment managers, the custodial bank, and the System’s internal record keeping function.

 

Maintains contact with the investment community to further develop knowledge and expertise on market conditions, including positive and/or negative trends.
• Meets with potential investment managers to identify investment opportunities.
• Assists in the selection of external money managers which may include but is not limited to drafting Solicitation for Proposal (SFP) search process and evaluating proposal responses.
• Researches the investment performance and portfolio characteristics of prospective fixed income and equity investments.
• Evaluates the qualifications of the prospective investment management relationships in accordance with the investment policy, diversification strategies, and guidelines controlling risk/return characteristics.
• Translates Board decisions into appropriate administrative action including the preparation of documents, contract negotiations, applying restrictions on existing investment managers, and hiring and terminating investment managers.
• Directs all public market asset transitions.
• Exercises authority on behalf of the System over funding, dispositions and transactions as directed by the Board of Trustees or the Chief Investment Officer.
• Oversees the preparation of the public asset portion of the Investment Committee of the Board packet and related documents.
• Prepares special and recurring public markets investment program reports.
• Prepares and presents annual manager reviews of the monthly Investment Committee of the Board meetings.
• Consult with and advise TRSL staff on matters of public market asset investments and be able to quickly respond on behalf of TRSL to inquiries from the Legislature, financial community, or other interested parties.
• Supervises one Investments Manager, whose team of three members focus on public markets, ORP, and investment operations. Set priorities and goals and provides oversight and guidance to the Investment Manager in all areas of responsibility. Periodically reviews the public market asset investment department policies and procedures, working with staff to maintain and update as necessary.
• Oversees the securities lending program for the System ensuring compliance with guidelines.
EDUCATION AND EXPERIENCE
• Bachelor’s degree in business administration, economics, finance, or closely related field is required. A master’s degree in finance or business administration is preferred.
• Chartered Financial Analyst (CFA) designation is highly desirable.
• Seven (7) or more years of increasingly responsible experience in the investment industry with extensive background with public market assets.
• Two or more years of supervisory experience is strongly preferred.
• Strong knowledge base of public investment markets, economic theories, and investment principles.
• Strong analytical, data analysis, and portfolio management skills are required.
• The ability to work with, gain and maintain the confidence of the TRSL Board, Investment Committee, Investment staff, management, and other staff.

 

Ability to work collaboratively with third party partners including external investment managers, consultants, advisors, legal counsel, and auditors.
• A demonstrated track record of investment program success with the ability to introduce new portfolio management techniques, risk assessment tools, and performance measurement tools.
• Excellent oral and written communication skills.
• Experience with a public pension fund, government agency, insurance or financial services organization will distinguish the most attractive candidates.
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.
• An innovator; open to new ideas and fresh approaches.
• Trustworthy and approachable; visible to staff of TRSL 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 TRSL, its employees and members
• High energy level and strong work ethic
• Commitment to the vision, mission, and values of TRSL
• Flexible, versatile, persuasive and influential; well-developed negotiating skills

COMPENSATION AND REMOTE WORK
Compensation includes a market-based salary and comprehensive benefits package. The successful candidate will be a member of the TRSL defined benefit retirement system and be eligible for health insurance and other benefits in accordance with statutory provisions governing Louisiana state employees. The position will start to earn vacation and sick paid time off at approximately 12 days per year, with an increasing rate dependent upon years of service, which can be carried over from one year to the next. Relocation assistance, if needed, will be negotiated on an individual basis.
TRSL policy allows for remote work one day per week after 12 months of employment.