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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Pasadena, California

Salary: $242K - $366K

The Los Angeles County Employees Retirement Association (LACERA) administers and manages the $73 billion retirement fund for the County of Los Angeles. We provide retirement, disability, and death benefits to eligible County Employees and their Beneficiaries, and collect, deposit, invest, and manage retirement funds collected from the County, Outside Districts, and County Employees.  LACERA is one of the largest county retirement associations in the United States with over 190,000 members. Our membership is comprised of individuals from a diverse range of careers, age groups, and ethnicity – all contributing to the greater welfare of Los Angeles County.

ABOUT THE POSITION:  The Investments Division is comprised of the following asset classes/groups Global Equities, Private Equity, Real Assets (Infrastructure, Natural Resources, Commodities), Real Estate, Fixed Income, Hedge Funds, Illiquid Credit, Direct Investments (Private Markets), Portfolio Analytics (Risk Management) and Environmental, Social and Governance (Stewardship).

The Senior Investment Officer – Global Equities (“SIO”) role at LACERA represents a senior and influential position within the Investment Division, bearing responsibility for the management of LACERA’s global equity portfolio, which constitutes a significant 32% allocation of the total Fund. Reporting directly to the Principal Investment Officer of Growth, the SIO serves as a key figure in shaping LACERA’s global equity investment strategy and overseeing the intricate details of portfolio management. Moreover, this role entails the leadership of a dedicated team of three seasoned professionals, leading their efforts to execute LACERA’s investment initiatives effectively.

Key Responsibilities:
The SIO will undertake several critical initiatives to ensure the optimal performance of our global equity portfolio. Some of the initiatives include:

  • Balancing Risk and Return: The SIO will balance risk and return expectations while adhering to Fund objectives and investment policy/guidelines.
  • Portfolio Management: Managing a substantial portfolio of global equities, the SIO will oversee asset allocation, sector exposure, and risk management.
  • Portfolio Monitoring: Regularly monitoring and evaluating the performance and operational aspects of the portfolio and ensuring adherence to investment manager contract compliance.
  • Strategy Development: Collaborating closely with the investment team, the SIO will play a pivotal role in developing and refining LACERA’s global equities investment strategy, ensuring it aligns with the organization’s overarching objectives.
  • Strategic Insights: The SIO will provide valuable insights and recommendations to senior management on portfolio adjustments and recommended implementation changes.
  • Risk Management: Utilizing risk and analytics tools, the SIO will assess portfolio risk and develop appropriate hedging strategies when necessary, such as utilizing the cash overlay and currency hedging program.
  • Reporting: The SIO will be responsible for preparing regular reports on the portfolio, including structure reviews, and presenting findings and recommendations to senior investment staff and the Board of Investments.

Vacancy Information: The current vacancy is in the Global Equities section; however, the resulting eligible register can be used to fill both current and future vacancies throughout the Investment Division.

Work Schedule: This full-time position is required to work a 5/40 schedule (e.g., an eight (8) hour day, Monday through Friday), with occasional nights and weekends. LACERA offers a hybrid work environment, and this position may be eligible to telework up to three (3) days per week.

This position is an exempt position as defined by the Fair Labor Standards Act and not eligible for overtime.

CERTIFICATION BONUS: Any permanent, full-time employee working in this classification possessing a valid Chartered Financial Analyst (CFA) certification from the CFA Institute is entitled to a Certification Bonus equal to two (2) salary schedules (approximately 5.5%) as provided by the Los Angeles County Step Pay Plan.

Benefits: LACERA offers a comprehensive benefits package that includes medical and dental coverage, 401k Plan, 457 Plan, defined benefits pension plan, retirement healthcare benefits, tuition reimbursement program, paid holidays, and annual leave.

 

EXAMPLES OF ESSENTIAL JOB FUNCTIONS

The following examples are intended to describe the general nature and level of work performed by persons assigned to each classification. Depending on the assignment, duties may include, but are not limited to the following:

Supervises the development and implementation of an investment management strategy in accordance with the goals and guidelines established by the Board of Investments.

Develops and recommends to the Board of Investments policies, portfolio investment structures, and strategies for designated asset classes.

Designs, develops and implements policies, procedures and guidelines to manage the portfolio consistent with the investment strategies adopted by the Board of Investments.

Prepares and presents written reports to the Board of Investments concerning problem managers and quarterly performance measurement reports.

Monitors outside investment managers to ensure performance and portfolio strategies adhere to investment mandates and contractual compliance.

Conducts investment manager searches for the Board of Investments including evaluating Request for Proposals, conducting manager interviews, analyzing portfolio performance and investment management style and on-site visits.

Coordinates the work of and acts as a liaison for consultants with LACERA management and the Board of Investments.

Supervises the analysis, evaluation, and recommendation of new investment vehicles and trading practices to LACERA management and the Board of Investments.

Provides consultation and advice to the Principal Investment Officer, Chief Investment Officer, and Board of Investment members on pension management matters.

REQUIREMENTS

SELECTION REQUIREMENTS:
A Bachelor’s degree from an accredited college or university in Finance, Economics, Business Administration or a related field -AND- Five (5) years’ responsible investment management experience including responsibility for continuous supervision and review of an extensive investment program involving the purchase and sale of securities or other investment vehicles for a large financial institution or governmental agency.

A Master’s degree in Business Administration, Finance, or a related subject, may be substituted for one (1) year of the required experience.

-OR-

Three (3) years’ experience as a Finance Analyst III, LACERA.

LICENSE:
A valid California Class C Driver License or the ability to utilize an alternative method of transportation when needed to carry out job-related essential functions.

PHYSICAL CLASS II Light: Light physical effort which may include occasional light lifting to a 10 pound limit, and some bending, stooping or squatting. Considerable walking may be involved.

 

ADDITIONAL INFORMATION

DESIRABLE QUALIFICATIONS:

  • Proven experience in Global Equity Investments: Demonstrated track record of successfully overseeing and optimizing global equity portfolios, ideally within a pension fund or similar institutional setting.
  • Asset Class Structuring: Demonstrated experience in developing and implementing asset class structures tailored to the specific objectives and risk profile of global equity investments.
  • Due Diligence and Manager Selection: Proven experience in evaluating, selecting, and overseeing external asset managers, including conducting due diligence, negotiating terms, and monitoring performance, risk, guidelines, and operations.
  • Experience in Board Presentations: A history of drafting and presenting formal reports and investment recommendations to a Board or Investment Committee, leading to informed and actionable investment decisions.
  • Team Leadership: Demonstrated experience in leading, supervising, and developing an investment team, ensuring effective collaboration and performance.
  • Project Leadership: A track record of successfully leading and executing investment projects involving team members within an investment group or organization, with a focus on global equities.
  • Strong Communication Skills: Excellent oral and written communication skills to convey complex investment strategies and insights clearly and effectively.
  • Data Analysis and Reporting: Proficiency in analyzing and synthesizing complex financial data, then presenting it in clear and actionable reports, both for internal use and external stakeholders.
  • Policy Development: Experience in contributing to the development of investment policies, such as Investment Policy Statements, Investment Program Guidelines, or other governance policies specifically designed for global equity investments.
  • ESG Integration: Experience in evaluating and incorporating Environmental, Social, and Governance (ESG) factors into the investment due diligence, portfolio construction, monitoring, and reporting processes.
  • Service Provider Management: Experience in collaborating with service providers such as legal counsel, custody banks, administrators, and investment consultants to optimize the global equity investment process.
  • Educational Qualifications: An MBA or relevant industry certifications such as CFA (Chartered Financial Analyst), CAIA (Chartered Alternative Investment Analyst), or FRM (Financial Risk Manager) are preferred.

Knowledge of:  Conducting due diligence, investment strategies; creating tailored reports, analyses, and presentations; building and maintaining an institutional portfolio, including developing investment structures and guidelines; analytical skills; interpersonal skills; correct English usage, grammar, spelling, punctuation, and vocabulary; analytical skills; principles and applications of Microsoft Applications including Word, Excel, and PowerPoint.

Ability to: Communicate clearly and effectively, orally and in writing, present recommendations to internal review groups and LACERA Board; maintain effective working relationships with investment managers, investment consultants, other external advisors, and LACERA staff; provide leadership; work with minimum supervision; plan and organize their work and the work of others; understand and follow oral and written directions.

EXAMINATION CONTENT: This selection process will consist of:

Part I: A qualifying evaluation of application information, desirable qualifications and supplemental questionnaire.

Only the highest qualified applicants as determined under Part I, will be invited to continue in the selection process under Part II.

Part II: An Appraisal (Oral) Interview weighted 100%. 

The appraisal (oral) interview will assess the applicant’s knowledge, experience, and general ability to perform the essential functions of the position.

Those candidates which are determined eligible for hire under the Los Angeles County’s Civil Services Rules may be invited to the selection process which may be comprised of a selection interview and/or job-related assessments.

APPLICANTS MUST MEET THE REQUIREMENTS AND ACHIEVE A PASSING SCORE OF 70% OR HIGHER ON THE WEIGHTED PORTIONS OF THE EXAMINATION IN ORDER TO BE PLACED ON THE ELIGIBLE REGISTER.

All notifications including invitation letters will be sent electronically to the email address provided on the application.  It is important that you provide a valid email address. Please add snorton@lacera.com and info@governmentjobs.com to your email address and list of approved senders to prevent email notifications from being filtered as spam/junk/clutter mail. Test scores/results cannot be given over the telephone.

DO NOT select “Off” under Email Preferences within your profile or click “Unsubscribe” on our notices if you would like LACERA to notify you regarding your application status, test schedules, and other important information pertaining to your candidacy for this position.

LACERA will not consider claims of not viewing or receiving notification to be a valid reason for late test administration or rescheduling of a test component.

Those candidates which are determined eligible for hire under the Los Angeles County’s Civil Services Rules may be invited to the selection process which may be comprised of a selection interview and/or job related assessments.

ELIGIBLE INFORMATION 
The names of candidates receiving a passing grade will be placed on the eligible register in the order of their score group for a period of twelve (12) months following the date of promulgation.

APPLICATION AND FILING INFORMATION:

Application must be submitted online. Applicants can check the status of their applications at any time by logging into their account on www.governmentjobs.com.

The acceptance of an employment application depends upon whether or not an applicant has provided adequate information that clearly demonstrates meeting the Selection Requirements for the position as stated above.  Please complete the application and supplemental questionnaire thoroughly and completely.  Information provided in the supplemental questionnaire must be reflected in the application to be considered.

Failure to provide complete information on the employment application and on the supplemental questionnaire will impact the assessment of an applicant’s qualifications and acceptance in the selection process.

Applications submitted without the complete work history and the supplemental questions completed in their entirety will be rejected as incomplete.  “See application” or “See resume” or copy and paste of work experience is not sufficient or qualifying responses.

Resumes will not be accepted in lieu of the completed application or supplemental questionnaire.

In the space provided for education, include the names and addresses of schools attended, and number of credits, degree, and/or certificate(s) earned.

In order to receive credit for any college course work, or college degree, such as an Associate, Bachelor, Master, Doctorate degree, or for completion of a certificate program, you must include a legible copy of the official diploma, official and/or unofficial transcripts, or an official letter from the accredited institution which shows the area of specialization or official certificate(s) at the time of filing or within ten (10) business days from application submission date.

Applicants must provide the appropriate attachments during application submission. Candidates must email the documentation to humanresources@lacera.com within ten (10) business days of filing. Please include the examination title and number on the documentation.

Failure to provide the appropriate documentation may result in your application being rejected as incomplete and will be removed from consideration.

Your employment history should be listed in order beginning with the most recent.

For each job held, provide the name and address of your employer, your job titles, beginning and ending dates, description of work performed, and reason for leaving.

If you have worked in more than one position for one employer, list each job title and/or area of assignment separately on the application to demonstrate your experience in various assignments/occupational areas.

Part-time experience will be evaluated on the basis of its fractional equivalent of a 40-hour workweek.

All required experience must be paid.

This position may require working evenings, weekends, and holidays.

TO APPLY ONLINE GO TO: www.lacera.com and click on the Careers link.

Faxed, emailed, or hardcopy (paper) applications will not be accepted.

COMPUTER AND INTERNET ACCESS AT PUBLIC LIBRARIES: For candidates who may not have regular access to a computer or the internet, applications can be completed on computers at public libraries throughout Los Angeles County.

Candidate(s) who complete examination process with acceptable results will be considered by the Department hiring authority. Upon an offer of employment, a comprehensive background investigation will be conducted, which includes verification of experience, and/or education, credit history, and fingerprinting through the California Department of Justice and the Federal Bureau of Investigation.

IMPORTANT NOTE:
Please note that 
ALL information included in the application materials is subject to VERIFICATION at any point during the examination and hiring process, including after an appointment has been made. FALSIFICATION of any information may result in DISQUALIFICATION or RESCISSION OF APPOINTMENT.

Utilizing VERBIAGE from the Classification Specification, Minimum Requirements, and/or Desirable Qualifications serving as your description of duties WILL NOT be sufficient to demonstrate that you meet the requirements. Doing so may result in an INCOMPLETE APPLICATION and you may be DISQUALIFIED. Applications may be rejected at any stage of the examination process.

SPECIAL INFORMATION:
Anti-Racism, Diversity, and Inclusion (ARDI)
LACERA recognizes and affirms that all people are created equal and are entitled to all rights afforded by the Constitution of the United States. LACERA is committed to promoting Anti-racism, Diversity, and Inclusion efforts to address the inequalities and disparities amongst race. We support the ARDI Strategic Plan and its goals by improving equality, diversity, and inclusion in recruitment, selection, and employment practices.

Fair Chance Initiative for Hiring Ordinance (FCIHO)
LACERA is a Fair Chance employer. Except for a very limited number of positions, you will not be asked to provide information about a conviction history unless you receive a contingent offer of employment. LACERA will make an individualized assessment of whether your conviction history has a direct or adverse relationship with the specific duties of the job, and consider potential mitigating factors, including, but not limited to, evidence and extent of rehabilitation, recency of the offense(s), and age at the time of the offense(s). If asked to provide information about a conviction history, any convictions or court records which are exempted by a valid court order do not have to be disclosed.

Requests for accommodation: humanresources@lacera.com
Teletype Telephone: (800) 899-4099
Department Contact Name: Sharon Norton
Department Contact Telephone: (626) 553 -7030
Department Email: humanresources@lacera.com