The San Francisco Employees’ Retirement System has an exceptional opportunity for the right candidate to work for this historic, well established City Department offering an opportunity to engage in interesting and rewarding mission critical work. Established in 1889 as a fund for families and orphans of firefighters and police officers, today the San Francisco Employees’ Retirement System serves more than 58,000 active and retired employees of the City and County of San Francisco and their survivors.
Come join a team of approximately 20 experienced, dedicated professionals in our Investments Division. We are seeking a highly accomplished investment manager who will be strongly committed to serving our Board and our members, and to prudently managing a sophisticated investment portfolio allocated across a diverse range of asset classes.
The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting and prudently investing the pension trust assets, administering mandated benefits programs, and providing promised benefits to the active and retired member of the City and County of San Francisco.
SFERS investment performance has ranked in the top 10 percent versus peers with more than $1 billion in assets over the past 3 and 5 years and in the top 20 percent over the past 10 years. That said, there are opportunities for improvement, particularly in our public equity portfolio, which we will be looking for this candidate to achieve.
Essential Duties of the Managing Director:
Reporting directly to the Chief Investment Officer, the Managing Director of Public Markets directs the implementation of investment policies and strategies within the Public Equity and Fixed Income asset classes; researches and formulates short and long term investment policies and strategies designed to provide maximum returns and risk adjusted return; assists the Chief Investment Officer in the development and implementation of goals, policies, and strategic objectives; researches external managers and other strategies for potential addition to our portfolio; directs financial transactions and preparation of records and reports; and monitors the investment portfolio to ensure compliance with strategic asset allocation and makes recommendations regarding rebalancing activities.
Directs, plans, and evaluates the day to day activities of investment managers and staff, which includes investment transactions, status reports and portfolio performance; directs and coordinates investment managers and investment analysts’ roles as liaison with management; manages staff engaged in external or internal investment programs, and/or risk management.
Manages the overall investment performance of Equity and Fixed Income asset classes; develops performance criteria; applicable benchmarks and performance measurement reporting; develops policy and procedural guidelines to ensure consistency with investment strategies adopted by the Executive Director and the Retirement Board and ensures compliance with state and federal laws which are applicable to the assets managed.
Oversees all externally managed separate and commingled accounts in the public markets, and directs departmental coordination efforts to ensure that investment contractors/contract management methods are in compliance.
Assists the Chief Investment Officer with the preparation, implementation, and monitoring of the operational and capital budget for the investment division; implements and closely monitors budget expenditures of the operating budget; and assists in the allocation of resources as required to accomplish the mission, goals, and objectives of the division;
Recommends external public equity managers, including U.S., international developed, and emerging market equities, specialist strategies by country, region, sector, and similarly niche or unique strategies; recommends external fixed income managers, including core, high yield, emerging markets, and specialist, unique or niche strategies; coordinates searches for new external managers, directs the evaluation process, which includes management of request for proposals from beginning to completion, and presents hiring recommendations to the Chief Investment Officer and the Board.
Directs the execution of investment securities transactions on a cost effective and favorable terms basis; establishes and maintains applicable securities broker and dealer relationships to effect efficient securities trade execution.
Monitors capital markets and economic forecasts and provides information to Chief Investment Officer and Retirement Board on domestic and global trends; ensures accurate and timely securities settlements and transaction reporting; develops and executes reporting mechanisms to keep the DDI sufficiently and appropriately informed about the status of SFERS’ investment programs and the procedures used to implement these programs.
Maintains regular contacts with other institutional investors and investment managers, staying abreast of and participating in the development of best practices in the industry; advises and makes formal recommendations to the Chief Investment Officer and the Retirement Board regarding the selection of external managers and contractors for the assigned assets; represents the department to employee and retiree groups, the Board of Supervisors and representatives of the financial community; may represent the department before legislative boards, Board of Supervisors and Mayor’s office; and performs other duties as required.
Possession of a baccalaureate degree from an accredited college or university with major coursework in finance, economics, business administration, accounting, statistics, or related field.
Ten years of investment experience with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, or consulting firm.
Possession of a graduate degree in Business Administration, Finance, Statistics, Accounting, Mathematics, Economics, or related field, or possession of the Chartered Financial Analyst (CFA) designation, may be substituted for an undergraduate degree in a different field than described above.
Three years of investment management experience at a position equivalent to a Managing Director level or higher with an investment management firm, pension plan, university, endowment, foundation, corporation, family office, consulting firm or other investment institution with at least $1 billion in assets, or seven years at a firm of any size with a Managing Director level position or higher, may substituted for an undergraduate degree in a different field than described above.
Ten years of comprehensive public markets experience for a public pension plan, endowment, foundation, corporation, consulting firm, or family office.
Three years of senior level investment management experience with a public pension plan, endowment, foundation, corporation, consulting firm, or family office, with a demonstrated ability to add value and improve returns.
Demonstrated excellent people skills, including the ability to motivate, inspire and lead subordinates, and work together at a high level with Board Members, senior management, and staff at all levels.
Demonstrated ability to work both independently and as part of a team, developing cooperative relationships internally and externally.
An advanced degree, with a preference in finance, economics, mathematics, or statistics.
A professional designation, with a preference for the CFA charter.
Established in 1922, the San Francisco Employees’ Retirement System (“SFERS”) is dedicated to securing, protecting and prudently investing pension trust (the “Trust”) assets and administering a defined benefit pension fund for eligible members of the City and County of San Francisco (the “City”), San Francisco Unified School District, City College of San Francisco, and the Superior Court for the C...ounty of San Francisco. SFERS’ Retirement Board (the “Retirement Board”) and investment team oversee the management of roughly $20 billion in Trust assets in global public equities, fixed income and alternative investments.
The San Francisco Employees’ Retirement System is dedicated to securing, protecting and prudently investing the pension trust assets, administering mandated benefits programs, and providing promised benefits to the active and retired members of the City and County of San Francisco.