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Type of Role: InvestmentsOperations

Experience Level: VP/Principal/Director

Location: Miami, Florida

Salary: $100K - $125K

The State Board of Administration (SBA) is primarily an asset management organization responsible for investing state and local government assets. Established by the state’s constitution, its mission is to provide superior investment and trust services while adhering to the highest ethical, fiduciary, and professional standards. As of June 30, 2022, the board had $228.0 billion under management; the largest fund under supervision is the Florida Retirement System (FRS) Pension Plan Fund ($180.0 million). Other major funds include the FRS Investment Plan Fund ($12.8 million), the Florida Hurricane Catastrophe Fund ($12.4 million), and the Local Government Surplus Funds (Florida PRIME) Trust Fund ($17.7 million).

Responsibilities

The Manager of Investment Performance Reporting and Analytics supervises and provides guidance and training to the Lead Investment Performance Analyst and the Senior Investment Performance Analyst who performs and oversees complex, investment-related financial analysis work such as calculating, analyzing, reconciling, and reporting daily, monthly, quarterly, and annual ABOR/IBOR returns and ex-post risk data for all asset classes and mandates. This includes benchmark returns, composite returns, multi-period returns, linked sub-period returns, Internal Rates of Return, and attribution analysis. This position is responsible for evaluating current reporting and performance measurement processes, enhancing processes, and implementing changes as necessary. This position also manages, responds and assigns requests for performance data from senior management, consultants, surveys, and asset class staff, and develops new models as needed. Developing and maintaining a high level of expertise in the performance measurement methodology used by the State Board of Administration (SBA) and used in the industry as best practice is required. The Manager of Investment Performance Reporting and Analytics reports to the Director of Investment Performance Reporting & Analytics.

30% – Manages and oversees the daily, monthly, quarterly, and annual return reconciliation process for performance on internal and external portfolios, aggregates and benchmarks in all asset classes and mandates and ensures the reconciliation is done accurately and timely

  • Manages and oversees the current process of monthly composite and benchmark returns reconciliation from custodian to ensure accuracy and timeliness
  • Manages and oversees the function of external private market managers in reconciliation process by calculating time-weighted and Internal Rates of Return for private market accounts, composites, and benchmarks
  • Evaluates valuation, return and cash flow discrepancies against policy and the custodian contract to determine if the custodian needs to use trade date or settle date for the cash flows, if the exchange rate is reflected as of the most appropriate date, if the returns are reasonable based on knowledge of and experience with performance measurement methodology, and determines if any remaining discrepancies are acceptable and makes recommendations on how to proceed if a return is not reasonable
  • Evaluates the custodian’s documentation on remaining discrepancies and determines if documentation is adequate
  • Ensures that files and documentation to support account, composite, and benchmark performance data, including documentation of the performance measurement provider’s timeliness and accuracy per the contract deadlines are maintained and organized
  • Evaluates and oversees revisions to prior-period data against policy to determine if the revisions republication should occur, evaluate whether the entire report needs to be republished or if a summary would be sufficient and document the process used to make the determination Collaborates with the Director of Investment Performance Reporting & Analytics and other SBA staff in the development of data collection, assumptions, methods, models, and reports
  • Oversees and ensures that current performance measurement policy is appropriately applied and that reconciliations are timely, accurate and any discrepancies are researched and resolved appropriately through interaction with the SBA asset class staff and the performance measurement provider
  • Determines if research and training is needed to increase proficiency in technical performance and risk concepts to be used in the performance, contribution to return, attribution, risk models and reports
  • Designs and implements models using appropriate performance methodology for the calculation of linked sub-period returns and monthly returns for portfolios, benchmarks, and composites to be used during transitions and restructurings, to respond to survey requests and ad hoc requests, and to compile composite performance history for new initiatives
  • Manages and oversees the reconciliation and calculation process for ABOR and IBOR data, ensuring consistency and accuracy between the two sources and be able to identify inconsistencies and explain differences

30% Manages and oversees and designs the performance calculation process to ensure appropriateness, validity and completeness of performance and risk reconciliation reporting

  • Analyzes performance calculation methodologies and identifies appropriate algorithms for SBA asset classes
  • Designs and interprets performance attribution models and attribution reports
  • Generate comprehensive performance reports and dashboards for internal and/or external stakeholders, adhering to industry standards and guidelines, including GIPS Principles
  • Solicit feedback from SBA internal asset classes on the reporting format and content. Continuously seek ways to enhance the reporting process, making it more insightful and user friendly
  • Analyzes and researches performance, attribution, and risk data included in reporting for possible errors and inconsistencies
  • Conducts quality assurance checks of other team members’ work to ensure it is error-free and timely
  • Ensure integrity of data within the performance database by implementing data validation and quality control procedures within our Eagle PACE database to identify and rectify errors or inconsistencies with the data
  • Leverage Eagle PACE tools to streamline data analysis and reporting and collaboratively select and implement solutions that meets the needs of the team
  • Evaluates reasonableness of return and risk data generated by internal staff and the custodian to determine if policy and best practice has been appropriately applied

10% Manages and ensures the performance databases for new or existing portfolios and investment strategies have been appropriately entered and updated, as necessary and directs other Investment Analysts on what additions or corrections are needed

  • Collaborates with the Director of Investment Performance Reporting & Analytics on approvals of new accounts and composites initiated by the asset classes, as needed
  • Oversee and develop current and new data validation rules within Eagle PACE to identify and flag discrepancies or errors in the data
  • Conduct data quality assessments and audits at regular intervals to gauge the overall health of the database
  • Implement protocols for handling exceptions and data anomalies. Define clear escalation procedures for addressing critical data issues promptly
  • Ensure that historical performance data is maintained accurately by creating rules within the Eagle PACE performance database to ensure no unintended change affects historical data

10% Collaborates with the Director of Investment Performance Reporting & Analytics to ensure complex performance and risk related questions and inquiries are appropriately assigned to internal staff and evaluate the need for model creation as part of the response

  • Document processes for addressing complex questions by outlining the steps involved, from data gathering to analysis and reporting, to ensure consistency and transparency
  • Provides data as assigned to the SBA Communications department for the Monthly Trustee Report and the Annual Investment Report. Ensures data is provided to the requesting department to fulfill public records requests by utilizing internal staff or the custodian, determining the need for new models and creating or overseeing the creation of new models
  • Responds to surveys requesting performance returns by utilizing internal staff or the custodian, determining the need for new models and creating or overseeing the creation of new models
  • Responds to internal and external audit requests promptly and accurately
  • Provides fiscal year end data to the custodian for reconciliation purposes, as well as to internal SBA staff on a timely and accurate manner

10% Develops and maintains expertise in the technical performance concepts used in performance methodology for rate of return, contribution to return, attribution reporting and, in the software, used by the department

  • Remains current with Global Investment Performance Standards and other industry standards and best practices
  • Attends classes, conferences or workshops or study training materials to develop and maintain expertise in the performance measurement methodology used by the SBA
  • Attends classes, conferences or workshops or study training materials on Eagle Pace, Vault, and business intelligence software to become proficient in the software used by Performance and Reporting Analytics
  • Identifies training and skill development needs of performance team

5% Assists the Director of Investment Performance Reporting & Analytics in the day-to-day contact and communication with the vendors of official performance data and other internal and external parties

  • Collaborates with the Director of Investment Performance Reporting & Analytics to provide timely and accurate instructions and required approvals to the Independent Performance Measurement Provided, as needed.

5% – Performs other duties as assigned

Qualifications

Nine years of related experience. A postsecondary degree may be used as an alternative for years of direct experience; 2 years for an associate’s degree, 4 years for a bachelor’s degree, 6 years for a master’s degree, 7 years for a professional degree, or 9 years for a doctoral degree.

Preferences:

  • A bachelor’s degree from an accredited college or university in finance, mathematics, analytics, statistics, business, or a related field
  • Graduate degree in finance, mathematics, analytics, statistics, or business
  • Certificate in Investment Performance Measurement (CIPM), Chartered Financial Analyst (CFA), or Chartered Asset Allocator (CAA) designation
  • Programming and analytics experience
  • Proficient in middle office operations including reconciliation, performance measurement, corporate actions, fees, data management, performance attribution, performance reporting, and benchmarking
  • Knowledge of Eagle PACE, FactSet and Aladdin, among other performance systems

Knowledge, Skills and Abilities:

  • Knowledge of corporate actions and fees and the impact on transaction-based return methodologies
  • Knowledge of the concept of performance flows and converting accounting transactions to performance measurement flows
  • Knowledge and ability to design processes to handle the derivatives impact on performance calculations
  • Knowledge of industry-standard performance measurement methodologies, including GIPS
  • Excellent organizational skills including the ability to effectively prioritize tasks, consistently produce accurate work, meet deadlines, and to provide detailed documentation that supports processes and results
  • Strong computer literacy (with emphasis on MS Excel, database applications and reporting) and analytical skills (including attention to detail, accuracy and efficiency)
  • Strong interpersonal skills with the ability to interact with internal staff across all levels of the SBA and external organizations, maintain rapport and build trust
  • Ability to communicate effectively, both in writing and orally
  • Ability to develop, plan, and implement short- and long-range goals
  • Ability to manage multiple projects and tasks simultaneously and demonstrate flexibility necessitated by changing priorities
  • Ability to monitor and maintain quality control standards
  • Ability to understand business processes and to identify and assess risk
  • Ability to use logic and reasoning to identify the strengths and weaknesses of alternative solutions and to apply professional judgement in making decisions and taking action
  • Ability to work as a dedicated team player with a strong sense of ownership and follow-through skills
  • Ability to exercise initiative and solve problems through independent research and work