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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: East Lansing, Michigan

Salary: $159K - $227K

$93 billion AUM. The State of Michigan Investment Board is the investment fiduciary with respect to the investment and management of the assets of the retirement funds that comprise the State of Michigan Retirement System (the “SMRS”), being tasked with prudently managing the investment portfolio of the SMRS in accordance with the standards set forth in Act 314 of 1965. Pursuant to the Order, the SMIB’s members are comprised of the State Treasurer as chairperson, the State Budget Director, and three individuals appointed by the Governor who have extensive public pension investment or other such similar experience. Details below.

The Senior Investment Manager (SIM) of the Fixed Income Division (FID), in conjunction with the Chief Investment Officer, Deputy Chief Investment Officer and the Managing Director of Investments-Public Markets of the Bureau of Investments (BOI), leads the fixed income asset class for the State of Michigan Retirement System. This senior level position formulates portfolio investment strategies for the long and short-term fixed income asset class including the purchase, disposition, or restructure of fixed income investments.  This position is responsible for the overall planning and directing of the research, analysis, and the FID’s associated investing activities for the multi-billion-dollar SMRS pension fund.  The SIM serves as the asset manager/portfolio manager and performs asset management oversight of assigned investments, including external managers.  The SIM is responsible for conducting in-depth research, market analysis, and due diligence of assigned investments.  The SIM assigns, reviews and evaluates the work of the FID staff and is responsible for the FID’s investment returns.  The SIM is responsible for producing various quarterly financial and portfolio reports as needed by the FID and the BOI.

Confers with the Director of Investments-Public Markets key long and short-term fixed income information including market environment and trends, estimations for fixed income market and sub-market returns, comparing to their historical rates of return and benchmark or target rates of returns.

Performs asset management and due diligence functions to preserve and protect assets and to obtain maximization of value of the asset.
Conducts performance and strategy reviews of all external fixed income managers.

Recommends to the Director of Investments-Public Markets the hire, termination, and/or modification of external manager portfolios.

Reads, edits, and recommends for signature, key legal documents.

Responsible for serving as the asset manager/portfolio manager for the FID’s internally managed portfolios.

Invests in and/or authorizes appropriate long term fixed income securities.

Is familiar with fixed income portfolio management tools and trade order management systems.

Reviews and/or develops financial analysis models to evaluate potential investments and strategies.

Analyzes and evaluates investment programs, investment structures, and strategies; prepares discounted cash flow reports and determines internal rate of return.

Responsible for the planning, directing and operation of the FID.

Conducts and attends staff meetings and conferences to discuss operating problems, review budgetary matters, personnel matters, technical problems, investment strategies, and the status of investments.

Plans, organizes, schedules, and controls the work activities of the staff assigned to these investment activities.

Formulates the FID’s operating policies and procedures, investment goals and objectives, and makes periodic revision as needed.

Ensures compliance with policies and procedures of the FID, BOI, and all other requirements of authority.

Analyzes information as it is received for its immediate appropriateness or action, and relays pertinent information to and confers with staff to aid in the formulation of current trading strategies and longer-term investment policies.

Responsible for planning, organizing, directing, and controlling the work of FID staff.

Coordinates work and schedules assignments. Provides feedback on work of assigned staff.

Organizes vacation schedules and approves leave time accordingly.

Trains, guides and mentors FID staff on industry and analysis topics.

Identifies staff development needs.

Evaluates and performs service ratings, including the counseling of employees, if necessary.

Recruits and hires new employees, when necessary.

Serves as liaison with professional investment advisors, consultants, external managers, and others as necessary to evaluate and assess various long and short-term fixed income securities and portfolios; involves daily phone contact, personal meetings, and written correspondence.

Attends industry functions to keep abreast of current capital markets and industry trends.

Reads various economic and financial publications to ensure a regular flow of investment opportunities and keeps abreast of current economic and market conditions affecting capital markets.

Prepares quarterly State of Michigan Investment Board presentations.

Reports on the key determiners of absolute and relative performance.

Analyzes and reports on the estimated investment risks within the long and short-term fixed income assets.

Prepares and delivers professional presentations to a variety of audiences.

Reviews with the Director of Investments-Public Markets performance results of the FID.

Conducts special projects, prepares special studies and reports, and performs related work as assigned.

Consults on the suitability of fixed income or like investments, noting potential risk/return trade-off for the BOI.

Trains, mentors, or collaborates with staff with a fixed income or related issue on an as needed basis.

Purchase and sale decisions are made regarding government, corporate, asset backed securities, and external investment managers. These decisions require a high degree of technical investment knowledge to estimate the sensitivity of investments in a constantly changing economic marketplace. Decisions have a significant impact on the returns of the multi-billion dollars invested in U.S. long term fixed income investments.

Ultimate investment performance is dependent upon these decisions which impact on employer contribution requirements to the pension funds and their funded status.

Physical activities include sitting at a desk with significant telephone usage, reading a multitude of documents, operating a PC, and occasional standing and walking in an office environment. Out-of-state and overnight travel is required to meet with outside managers to conduct due diligence and to attend educational seminars and conferences.