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Type of Role: InvestmentsOperations

Experience Level: Analyst/Associate

Location: Miami, Florida

Salary: $71K - $90K

The State Board of Administration (SBA) is primarily an asset management organization responsible for investing state and local government assets. Established by the state’s constitution, its mission is to provide superior investment and trust services while adhering to the highest ethical, fiduciary, and professional standards. As of June 30, 2022, the board had $228.0 billion under management; the largest fund under supervision is the Florida Retirement System (FRS) Pension Plan Fund ($180.0 million). Other major funds include the FRS Investment Plan Fund ($12.8 million), the Florida Hurricane Catastrophe Fund ($12.4 million), and the Local Government Surplus Funds (Florida PRIME) Trust Fund ($17.7 million).


The Senior Investment Performance Analyst, working under limited supervision, performs complex, investment-related financial analysis work such as calculating, analyzing, reconciling and reporting daily, monthly, quarterly and annual returns and ex-post risk data. This includes benchmark returns, composite returns, multi-period returns, linked sub-period returns, Internal Rates of Return and attribution analysis. The position also ensures accurate reconciliation of ABOR and IBOR data as well as responds to requests for performance data from senior management, surveys and asset class staff. The position is required to maintain a high level of expertise in the performance measurement methodology used by the State Board of Administration (SBA) and used in the industry as best practice. The Senior Investment Performance Analyst reports to the Director of Investment Performance Reporting & Analytics.

55% – Performs the daily, monthly, quarterly and annual return reconciliation process using data analytics software (e.g. Eagle PACE, Excel, SQL, VBA, R, Power BI or similar program)

  • Reconciles monthly composite and benchmark ABOR returns against the Investment Performance Measurement Provider to ensure accuracy by building models utilizing Eagle PACE and/or Power BI, to compare market value roll up and reasonableness of returns based on market conditions and portfolio activity
  • Calculates and reconciles time-weighted and Internal Rates of Return for private market accounts, composites and benchmarks
  • Evaluates return, valuation and cash flow discrepancies against policy and the custodian contract to determine appropriate action then determines if remaining discrepancies are acceptable and makes recommendations on how to proceed if a return is not reasonable
  • Evaluates the custodian’s documentation on discrepancies and determines if documentation is adequate
  • Verify security level return calculations and ensure appropriate roll-ups to the portfolios and composites
  • Generates metrics on exceptions to identify improvement areas
  • Maintains organized and effective files and documentation to support account, composite and index performance and risk data
  • Evaluates revisions to prior-period data, determines which composites will be affected and communicates the list of composites to Investment Performance Analytics & Risk staff via email prior to the data arriving in the feed then validates the revised data after it arrives in the feed to determine if it is accurate and if all expected revisions have been received
  • Manages the account/composite opening/change process
  • Performs daily/monthly reconciliation of positions, transactions, and cash balances for IBOR data using the Eagle PACE Performance System or other tools and identify and resolve any discrepancies or breaks in a timely manner, liaising with internal and/or external parties as required

30% – Produces reports and ensures accuracy of the performance databases and reporting

  • Updates report models to reflect current valuations and market conditions using SQL, VBA, R or similar program
  • Makes adjustments to SQL, VBA, R or similar program code needed to reflect new investment strategies or to override incorrect market data
  • Performs data entry validation of investment performance qualitative data using Eagle PACE system in order to identify and correct any errors or inconsistencies in a timely manner
  • Queries data from various software programs and performs data analysis on the performance returns and risk statistics utilizing Pace query models in SQL, VBA, R, Power BI or similar program to ensure accuracy
  • Configure performance related instructions in Eagle to generate time-weighted and money-weighted returns
  • Execute testing plans to validate performance returns and analytics
  • Recommends corrections or enhancements to reports to the Director of Investment Performance &Reporting Analytics
  • Provides survey data to internal staff responsible for responding to surveys

10% – Maintains expertise in the technical concepts used in performance methodology for rate of return, contribution to return, risk measurement, attribution reporting and in the software used by the SBA in order to manage responses to ad hoc requests from senior management and other SBA staff

  • Remains current with Global Investment Performance Standards and other industry standards and best practices and maintains expertise in technical performance and risk concepts to be used in performance, contribution to return, attribution, risk models, and in extracting data from performance and risk databases
  • Attends classes, conferences and/or workshops and studies training materials on Eagle Pace and DataMart and becomes proficient in system usage
  • Answers questions from the bank, senior management, or asset class staff and follows up on any related requests
  • Evaluates requests to determine the appropriate source of data collection and determines if a new model is needed to respond to the request and creates any models needed to respond to the request using SQL, VBA, R or similar program
  • Analyzes the model’s output for errors and reasonableness using models derived from alternate data sources

05% – Performs other duties as assigned


Six years of related experience. A postsecondary degree may be used as an alternative for years of direct experience; 2 years for an associate’s degree, 4 years for a bachelor’s degree, 6 years for a master’s degree, 7 years for a professional degree, or 9 years for a doctoral degree..


  • A bachelor’s degree from an accredited college or university in finance, analytics, mathematics, statistics, or a related field
  • Certificate in Investment Performance Measurement (CIPM), Chartered Financial Analyst (CFA), Chartered Asset Allocator (CAA) credential
  • Experience with performance platforms such as Eagle, FactSet or Aladdin

Knowledge, Skills and Abilities: 

  • Knowledge of performance and risk measurement best practices
  • Excellent organizational skills including the ability to provide detailed documentation that supports processes and results
  • Strong computer literacy and analytical skills including the ability to efficiently query databases
  • Ability to communicate effectively, both in writing and orally
  • Ability to consistently produce accurate work
  • Ability to manage multiple projects and tasks simultaneously and demonstrate flexibility necessitated by changing priorities
  • Strong work ethic, positive attitude and sense of urgency to meet deadlines, willingness to work until the task is completed successfully
  • Strong understanding of calculations required for performance and risk measurement, analysis and reporting