Skip to main content

Type of Role: InvestmentsOperations

Experience Level: VP/Principal/Director

Location: Richmond, Virginia

Salary: $177K - $255K

The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service. VRS ranks as the 14th largest public or private pension fund in the U.S. and the 42nd largest in the world, serving more than 778,000 active and inactive members, retirees and beneficiaries. Members include public school teachers, political subdivision employees (cities, towns, special authorities and commissions), state agency employees, public college and university personnel, state police, Virginia law officers and the judiciary. Approximately 832 employers participate in VRS.

About the job

Virginia Retirement System (VRS) is seeking a Portfolio Solutions Treasury Manager to join the Portfolio Solutions Group (PSG) – one of three investment units, working alongside Public Assets and Private Assets. The PSG team plays a crucial role in the implementation of asset allocation decisions. The VRS Board of Trustees recently approved a new strategic asset allocation, which includes a modest amount of leverage. As a result, we require a Treasury group to effectively source, monitor, and manage capital across the entire pension fund. As the Portfolio Solutions Treasury Manager, and PSG member, you will actively engage in the portfolio management process, contributing to informed decision-making. You will have the opportunity to present your insights to our staff, Investment Advisory Committee, or Board of Trustees. Your role is essential in realizing our mission of securing the financial future of public sector employees.

Treasury Management:

  • Oversee the daily treasury operations, including cash flow forecasting, liquidity management, and external relationships.
  • Responsible for the entire financing and cash flow process, ensuring optimal utilization of available funds.
  • Assist in the management and oversight of third-party service providers, including the evaluation of service level agreements, analyzing issues, and implementing solutions.
  • Develop procedures and internal control documentation to enhance the efficiency and security of treasury operations.

Funding Strategies:

  • Oversee the daily treasury operations, including cash flow forecasting, liquidity management, and external relationships.
  • Responsible for the entire financing and cash flow process, ensuring optimal utilization of available funds.
  • Develop procedures and internal control documentation to enhance the efficiency and security of treasury operations.

Stress Testing:

  • Design and execute stress tests based on various economic scenarios and future states to assess the resilience of the pension plan’s financial position.
  • Provide actionable insights and recommendations to optimize the use of funds and investment strategies.

Derivatives Trading:

  • Manage the trading of swaps, futures, and repos to implement sophisticated investment strategies and manage risk effectively.
  • Collaborate closely with the Investment team to align derivatives trading activities with the overall investment portfolio objectives.

Stakeholder Communication:

  • Design and execute stress tests based on various economic scenarios and future states to assess the resilience of the pension plan’s financial position.
  • Provide actionable insights and recommendations to optimize the plan’s risk tolerance and asset allocation strategies.
  • Collaborate with custodian and other vendors to ensure accurate tracking and performance of strategies.

Leadership:

  • Proactively propose innovative ideas to enhance the funding and liquidity process, including identifying operational process improvements and recommending solutions.
  • Stay informed about emerging trends, best practices, and technological advancements in treasury and capital management.

Team Leadership:

  • Lead and mentor a team of treasury and capital management professionals, fostering a culture of excellence, collaboration, and continuous improvement.
  • Provide guidance and professional development opportunities to ensure the team’s growth and success in achieving departmental goals.

Minimum Qualifications:

• Bachelor’s degree in business, finance, economics, accounting, or an equivalent combination of education and experience

• Seven or more years experience in investment management, operations, or related industry

• Experience in a variety of asset classes including equities, fixed income, FX, and derivatives (exchanged-traded and over-the-counter)

• Has a firm grasp of basic accounting principles

• Process mindset and interest in solving complex problems

• Ability to work well across various investment and investment support groups

• Interest in advancing technical knowledge on derivatives, financing, and collateral management

• Demonstrates curiosity, strong analytic and problem-solving skills

• Excellent verbal and written communication skills

• Superb work ethic, attention to detail, team orientation, and commitment to excellence

• Extraordinary leadership skills

Special Instructions:

*VRS is unable to provide sponsorship, for this position*

You will be provided a confirmation of receipt when your application and/or résumé is submitted successfully. Please refer to “Your Application” in your account to check the status of your application for this position.

This position follows the hybrid work model requiring two days onsite and 3 days remote.

Operational due diligence performed on external investment managers and other related entities will include both on-site and virtual visits; therefore, some out-of-state travel may be required.

**Disclaimer: Applications of individuals who have applied for this position may be considered for vacant positions within the same job series if the qualifications for the vacant position are met.**