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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: San Francisco, California

Salary: $180K - $250K

Cambridge Associates has $389 billion in assets under advisement, of which roughly $30 billion is managed for client on a discretionary basis. Cambridge Associates is a privately held investment firm based in the United States. It provides investment portfolio management and advisory services to institutional investors, including foundations and endowments, pensions, private clients, and corporate and government entities.

THE OPPORTUNITY

Cambridge Associates seeks to hire a Portfolio Director to join our Portfolio Implementation Management Team. The Portfolio Implementation Management Team is part of Global Portfolio Services.

Our Clients are served by a full-service investment team including a Chief Investment Officer (CIO), Investment Directors, and Investment Associates as well as Portfolio Implementation and Operations Analysts, who construct and manage portfolios in line with each client’s investment objectives. Portfolio Directors typically work across several investment teams (depending on size and complexity). Their main responsibility is to oversee the implementation and execution of all investment decisions through advanced experience and knowledge of institutional portfolio investments, extraordinary leadership skills, and organizational skills.  Portfolio Directors will provide mentorship to and assist in training of Portfolio Implementation Management Associates who are dedicated to each investment team to ensure best practices are being utilized for the implementation and execution of investment decisions.  Portfolio Directors will take a more direct hands-on role in the onboarding of new clients.

RESPONSIBILITIES

Directly manage portfolio implementation associates

  • Train and mentor portfolio implementation associates

Central operational point of contact for investment teams and clients

  • Serve as the key operational resource for the investment team and the Portfolio Implementation Management Associates supporting the team(s), and provide additional support as needed including investment and client relationship management activities
  • As needed, attend client or prospect meetings as the primary operations resource
  • Drive best practices for portfolio implementation including: oversight of operational risk within the portfolio, working with Portfolio Implementation Management Associate to resolve issues, proactively recommend changes to best practice and the platform via engagement with the Portfolio Implementation Management Group
  • During new client marketing, participate in new client marketing as needed.

Oversee Portfolio implementation management efforts, as applicable:

  • Full transaction life-cycle, from decision through investment execution for each client team

o   Maintain clients’ pro formas by updating portfolio positioning and future investment decisions

o   Incorporate knowledge of allocation targets and tactical tilts into rebalancing proposals, together with specific asset class trading and sizing recommendations

o   Manage investment timing and additional portfolio and client guideline considerations

o   Make elections on investment vehicle and share class options

o   Amend trade details on behalf of the investment team as necessary

  • External Client communication

o   Serve as main point of contact on all operational matters

  • Portfolio monitoring, reporting, and oversight

o   Act as primary point of contact for all service providers, direct and manage each relationship to ensure proper transaction execution and that optimal exposures to target allocations are maintained

o   Proactively monitor portfolio liquidity and cash balances, taking into account spending and unfunded private equity and venture capital (PE/VC) commitments

o   Oversee client portfolio set up within CA systems including the assignment of managers into asset classes and benchmark selections

o   Take final ownership of new client onboarding within the investment team, working closely with internal and external stakeholders to ensure timely, efficient workflows

o   Evaluate compliance of the portfolio against client guidelines

o   Take final ownership of performance reporting process ensuring accurate, timely reports including initial report setup (managers/composites, benchmark sections) as well ongoing monitoring

Develop detailed understanding of each investment team’s investment strategies and goals, firm processes, industry best practices

  • Advise investment team on enterprise projects impacting the tools and processes the team uses in the management of their portfolios and client relationships
  • As needed or applicable, responsible for understanding how specialized service providers operate (e.g., futures and currency overlays, traders, post distribution management, secondaries sales) and can be used for portfolio management needs.
  • Understanding how to translate between investment and portfolio management concepts to help Portfolio Implementation providers (legal, tax, audit) complete work related to the portfolio. Similarly, understand the work done by service providers enough to best manage Cambridge’s involvement in the process (e.g., FYE audit, tax filing)

Coordinate team resources and portfolio operations deliverables

  • Oversee work product and processes of Portfolio Implementation Management Associates dedicated to each investment team the PD is responsible for
  • Oversee processes; delegate, coordinate, and mentor investment operations support groups
  • Ensure accurate and timely completion of client and investment team deliverables
  • Serve as ‘institutional memory’ and contribute ideas to improve operational services provided to clients managed by the investment team

Serve as a resource to other investment teams and throughout the firm

  • Focus on issues relating to the implementation of investment strategies and products, e.g., ETF trading and execution
  • Review and refine operational processes within practice area and firm to minimize areas of risk and streamline    workflow to increase efficiency and effectiveness of investment teams
  • Interact regularly with practice area management and keep investment teams apprised of evolving practices
  • Participate on projects to help build the infrastructure, systems, and processes of practice area and firm
  • Assist with development and training of fellow Associate Portfolio Directors and Portfolio Directors

QUALIFICATIONS

  • BA/BS required. An MBA or CFA strongly preferred
  • 7-10 years related work experience, investment/portfolio operations background required, alternative asset servicing and experience working with regulated fund vehicles preferred
  • Experience working with institutional and private clients
  • Demonstrated analytical, organizational and project management skills
  • Exceptional leadership skills
  • Excellent oral and written communication skills
  • Self-reliant, good problem solver, results-oriented