Investment Director, California State Teachers' Retirement System
California State Personnel Board Specification
Schematic Code: JV58
Class Code: 4694
Title Changed: --
Under the direction of the Chief Investment Officer, the Investment Directors are responsible for the development and implementation of a comprehensive investment strategy for their specific Investment discipline. Incumbents in this classification are responsible for the overall management of the specific investment program, including the development and implementation of investment strategies and policies.
Incumbents in these classifications are accountable for: analyzing, recommending, and implementing new and innovative investment strategies; developing and recommending asset and sub-asset class policies, guidelines, and strategies; determining sub-asset class allocation and overseeing sector weightings; coordination of specific asset class input into the overall asset allocation process; tracking implementation and performance risk against policy targets across asset classes; adjusting asset class allocations within policy ranges; structuring the investments so that the portfolio returns are better positioned to exceed established benchmarks, within a prudent level of risk; under guidance from the CIO preparing and presenting analysis of new investment vehicles and strategies to the CalSTRS Teacher's Retirement Board (TRB); preparing and presenting ad hoc and recurring reports to the TRB; maintaining appropriate contacts with professional peers in the investment community as a source of valuable investment information; and recruitment, selection, evaluation, and development of a well diverse investment workforce.
Incumbents in this classification are responsible for the management and oversight of specific Investment disciplines that include, but are not limited to, alternative investments, U.S. and non-U.S. equities, corporate governance, operations, real estate, and fixed income. Incumbents perform a wide array of investment-related functions that include, but are not limited to: nontraditional privately placed equity securities (domestic and international), limited partnerships which include, but are not limited to, venture capital, leverage buyouts and mezzanine, co-investments and credit enhancement projects; internally managed domestic equity portfolio management, managing cash equitization program; management of domestic and non-U.S. equity managers; investment operations which includes contacts with fund custodians and information technology support; corporate governance functions which includes exercising shareholder voting responsibilities consistent with established policies, working with targeted companies which CalSTRS has an equity interest to improve their management and profitability; real estate investment management which includes, but is not limited to, U.S. and non-U.S. residential, commercial, industrial, and other real properties and/or securities; and bond portfolio management which includes, but is not limited to, Credit (High Yield and Investment Grade), Treasury, Agency and Securitized assets, currency management, securities lending, and home loan program.
Incumbents in this classification are also responsible for the selection and oversight of external consultants and advisors for the investment staff, and setting their units objectives and performance standards; evaluating, selecting, and negotiating new partnerships and direct investments; conducting due diligence review for proposed investments; researching U.S. and non-U.S. economic sectors and industries ; monitoring existing investments, approving contract revisions, and recommending changes in commitment of funds based on investment performance; representing CalSTRS on advisory boards and before the investment community; developing and implementing CalSTRS' corporate governance policies and integrating the policy into the overall CalSTRS'; portfolio; and performing other related work as necessary. Incumbents participate as members of the Senior Investment Team in the development and implementation of the overall CalSTRS investment strategies; also serve as members of the CalSTRS' Management Team responsible for the overall development and accomplishment of CalSTRS' Mission and strategic plan.
Experience: Five years of experience in the California state service performing the duties at a level of responsibility comparable to a Principle Investment Officer, Retirement Systems.
Experience: Seven years of broad and extensive investment management experience for a major financial institution or firm, or governmental agency, including some experience in leading or coordinating professional staff; and review of an institutional investment portfolio. Qualifying State experience must be at a level comparable to that of a Principle Investment Officer, Retirement Systems. and Education: Equivalent to graduation from college with major work in business administration, economics, finance, or a closely related field.
(Possession of an advanced degree in one of the fields included above in the education requirement, or a closely related degree; or certification such as a Chartered Financial Analyst or other equivalent financial or accounting certification such as a Certified Public Accountant, may be substituted for one year of the required experience.)
Knowledge and Abilities
Knowledge of: Global economic principles and trends, and their impact on multi-faceted investment programs; investment vehicles and markets, including equities, fixed income assets, real estate, and alternative investments; principles of investment policy development, asset allocation, and portfolio construction and management; sources of information and methods for evaluating various investment alternatives; contents, interrelationships, and workings of balance sheets, income statements, and cash flow statements; computer applications used in investment management operations; external investment management and consulting resources; and principles and practices of supervision, including the responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a safe work environment that is free of discrimination and harassment.
Ability to: Plan and direct the investment program; perform management and internal administrative functions; provide expert, policy-level investment consultation to the TRB, and develop investment options and strategies that are consistent with their investment objectives and policies; and manage a large and diverse investment program; gather and analyze a broad range of economic and investment information, and synthesize it into concise and coherent conclusions and recommendations; work effectively with the TRB and gain their confidence; perform financial and investment analysis and reach sound investment conclusions; maintain an up-to-date knowledge of economic and investment trends and ideas, and use that knowledge to develop innovative investment strategies; negotiate investment agreements; adapt effectively to changing market conditions; work effectively with a broad variety of external contacts, such as external consultants and investment partners; make clear and concise oral and written presentations; and establish and maintain cooperative relations with those contacted in the course of work.
Must be able to qualify for a surety bond.
Special Personal Characteristics
Act in a professional manner and demonstrate a high degree of integrity, honesty, and ethical behavior; demonstrate openness and trust; establish and build rapport by modeling values-based behaviors; exhibit strong interpersonal and mentoring skills; promote teamwork and cross-functional collaboration and communication in support of CalSTRS strategic goals; and promote a high-performance culture where diversity of employees is valued and all employees are supported, encouraged, and enabled to perform to their greatest potential.