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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Pasadena, California

Salary: $242K - $377K

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. Details below.

POSITION INFORMATION

This examination will remain open until the needs of LACERA are met and may close without prior notice.
TYPE OF RECRUITMENT:  Open Competitive Job Opportunity
EXAMINATION INFORMATION:  Examination Number: 9-0492-I Job Bulletin Number: 24-12


Annual Salary:
 $249,279.96 – $377,304.48

Placement within this salary range depends on qualifications. This position is subject to the provisions of the County’s Management Appraisal and Performance Plan (MAPP).

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.

LACERA is located in Gateway Plaza at 300 North Lake Avenue in the beautiful City of Pasadena.  The building is easily accessible from the Foothill Freeway (210) and the Metro L Line (Gold) Station.  We offer convenient free parking in our secure structure adjacent to the building in addition to a robust rideshare program providing commuting alternatives such as ride-matching, vanpool, carpool, parking services and more.  Prioritizing health, well-being, and sustainability, Gateway Plaza is a Class “A” office building, LEED Gold Certified and EPA Energy Star Certified.   With a Walkability Score of 91, LACERA staff members are able to easily enjoy the approximately 150 shops, food, and dining options that make up the popular South Lake Avenue District.

Our members dedicate their careers contributing to the welfare of Los Angeles County. For their service, the County contributes to their promised benefits, and LACERA is dedicated to serving them in return throughout their career and their life afterwards. If you are interested in being part of this rewarding team, LACERA invites you to apply!

Benefits include a cafeteria benefit plan (14.5%-17% of monthly salary), annual leave, defined benefit retirement plan, Savings Plan (401k), Deferred Compensation Plan (457), 13 paid holidays per year, a hybrid work schedule, and a ride share program.

LACERA Mission: To produce, protect, and provide the promised benefits to our members.

LACERA Vision: Empowering our members to enjoy a healthy and secure retirement.

LACERA Values: Our Core Values serve as our cultural guide and foundation in meeting our mission. As a member-focused government agency, we abide by our core values to ensure the public’s trust, operate efficiently and cost effectively, and provide our members their promised benefits.

LACERA Core Values include – Accountability, Innovation, Collaboration, Integrity, Inclusivity, and Transparency.

ABOUT THE POSITION:  The Investments Office 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).

LACERA is seeking energetic, highly-qualified candidates for a new Senior Investment Officer – Real Estate position within its Investment Division. The successful candidate will play a leading role in shaping LACERA’s $58 billion real estate allocation and leading a team through an evolution of the portfolio structure and investment process. LACERA’s 6% strategic Core Real Estate allocation provides income, inflation hedging and diversification to its overall portfolio. The 4% Allocation to Non-Core Real Estate is intended to provide higher returns to the overall portfolio. The position reports to the Principal Investment Officer for Real Assets and oversees a six-person dedicated real estate team.

Key responsibilities for the position may include:

  • Strategic Real Estate Leadership: Supervises the development and implementation of an investment management strategy in accordance with goals and guidelines established by the Board of Investments.
  • Policy Development: Develops and recommends to the Board of Investments policies, portfolio investment structures, and strategies for the real estate asset class.
  • Policy Implementation: Designs, develops and implements policies, procedures, and guidelines to manage the portfolio consistent with the investment strategies adopted by the Board of Investments.
  • Team Leadership: Leads a team of six dedicated real estate professionals in constructing, overseeing and rebalancing a real estate investment portfolio.
  • Recommend New Investments: Supervises the research, analysis, evaluation, and recommendation of new investment vehicles and strategies for LACERA internal review and to the Board of Investments. Negotiates and works with legal counsel to document key business terms. Conducts investment manager searches for the Board of Investments including evaluating Request for Proposals, conducting manager interviews, analyzing portfolio performance and on-site visits.
  • Manager Oversight: Monitors outside investment managers to ensure performance and portfolio strategies adhere to investment mandates, performance objectives and contractual compliance.
  • Facilitate Consultant Involvement: Coordinates the works of and acts as a liaison for consultants with LACERA management and the Board of Investments.
  • Written and Verbal Communication: Prepares and presents written reports for Internal review and to the Board of Investments concerning managers’ performance and strategies, and portfolio structuring.
  • Advisement: Provides consultation and advice to the PIO, Chief Investment Officer, Deputy Chief Investment Officer, and Board of Investment members on pension management matters.

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

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) or Chartered Asset Allocator (CAA) certification 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.

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:

  • Demonstrated experience in developing and implementing investment policies (e.g., Investment Policy Statement), procedures, asset category investment structures, and guidelines (e.g., Investment Program Guidelines) related to real estate investments in separate accounts and private fund vehicles in the achievement of broader portfolio strategic asset allocation objectives.
  • Demonstrated experience in a leadership role in an institutional investment portfolio management position for a real estate portfolio achieving superior returns relative to a relevant market benchmark within risk expectations and having a material role in recommending investment decisions, selecting investments, funds, or managers or making redemptions or asset dispositions.
  • Demonstrated experience executing co-investments in real estate.
  • Demonstrated experience in researching, evaluating, and monitoring existing public and private real estate investments at an in-depth level across a broad number of investments.
  • Proficiency in analyzing data, using investment performance and risk analytics systems that include real estate, developing an in- depth understanding of sources of relative performance and risks and synthesizing and summarizing historical performance results, and working with service providers such as custody banks, administrators, and investment consultants.
  • Demonstrated knowledge of real estate investment strategies and markets gained by investment industry experience being directly involved at a senior level in the investment decision-making process and management of an institutional portfolio.
  • Demonstrated experience in researching, evaluating, participating in the due diligence of, negotiating terms for, and establishing guidelines for external real estate mangers at an in-depth level across a broad number of potential investment strategies considered.
  • Experience working with legal counsel on real estate investments.
  • CFA (Chartered Financial Analyst), CAA (Chartered Asset Allocator), CAIA (Chartered Alternative Investment Analyast), or other professional designation (or progress towards) is highly desired.

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 examination process will consist of: an evaluation of training and experience based on application information and supplemental questionnaire weighted 100%. 

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