The Investment Director (ID) will provide analytical support for all investment functions related to the strategic and tactical oversight of Case Western Reserve’s $1.7 billion of endowment assets and also outside trusts, charitable gift annuities and unpooled endowments as assigned. The ID position will report to the Deputy Chief Investment Officer (CIO) and collaborate closely with other Directors on the team.
The endowment is the University’s bellwether portfolio and holds investments in a diversified portfolio of public equity, fixed income, private equity and venture capital, hedge funds, private real estate, timberland, commodities and natural resources, as well as derivatives used for adding and reducing exposures to achieve target asset and risk allocations.
The Office of Investments team of investment professionals is led by the Deputy Chief Investment Officer. The group’s objective is to create risk-adjusted investment returns for the endowment that support a consistent annual spending distribution to the university, outpace inflation, outperform benchmarks and peers, and support intergenerational equity. The staff is responsible for modeling asset and risk allocation, sourcing investments, performing due diligence, and allocating capital to external managers and direct investments. The portfolio is diversified by liquidity and geography, as well as by asset class.
Responsible for sourcing, diligencing and recommending exposures/managers to the Deputy CIO for inclusion in the Endowment. Support all aspects of the due diligence and legal review process as required, including the preparation of investment memos, negotiation of investment terms, and completion of subscription documents. (20%)
The Director must be familiar with both Marketable (public equities, hedge funds and fixed income) asset classes as well as non-Marketable (private equity, venture capital, real estate, and real assets) asset classes. The Director role is a generalist role thus having experience with both public and private asset classes is mandatory. (20%)
Contribute to and collaborate with the entire Investment Office team on all discussions of policy, asset allocation, risk management, and manager selection and review. Be comfortable using various data sources and software to compile digestible reports for dissemination to the team. (15%)
Monitor general economic, political, and investment trends and incorporate into staff investment discussions and asset allocation reviews. (15%)
Serve as the primary CWRU relationship contact for managers as assigned and responsible for the ongoing oversight of said manager, including attendance at investor meetings, preparation of meeting and due diligence notes and terminations as necessary. Serve on limited partnership advisory boards where assigned. (15%)
Create and compile quarterly reports and meeting materials for Investment Committee of the Board of Trustees. Be prepared to present discussion topics at quarterly meeting. (5%)
Through close collaboration with general partners, maintain estimates of limited partnership cash flows to assist in forecasting endowment liquidity and in managing overall asset allocation. (5%)
Assist with the ongoing work and special projects of the Office of Investments as assigned. (2%)
Develop and utilize a solid professional network of other leading institutional investors. (2%)
Promote the academic reputation of CWRU and the investment reputation of its endowment through all professional and community activities. (1%)
Department: Frequent contact with Deputy CIO, Associate Director and Directors.
University: Regular contact with staff within the Offices of Treasurer, Controller, Office of General Counsel and Investment Committee of the Board of Trustees.
External: Regular or occasional contact with investment fund managers and general partners, sales and trading personnel at Counterparty Banks, Custodian Banks, auditors, and industry colleagues and counterparts.
Oversee Associate Director
General office environment with occasional traveling up to 10-15% of time, including overnight stays
Allocator experience is preferred, especially across the private market asset classes.
10+ years of relevant work experience. Bachelor’s degree required, strong academic credential desired, MBA and/or CFA preferred.
Superior oral, written and presentation skills, can communicate analysis effectively
Collaborative team member with intellectual curiosity, strong attention to detail and can multitask
Conduct qualitative and quantitative analysis as it pertains to evaluating an investment manager
Self-starter who has a passion for investing
Competency with financial applications (Microsoft Office, Bloomberg, eVestment, etc.)
Additional Salary Information: The position is eligible for a discretionary bonus.
Case Western Reserve University is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case Western Reserve is distinguished by its strengths in education, research, service and experiential learning. Located in Cleveland's University Circle, we offer nationally recognized programs in ...the arts and sciences, dental medicine, engineering, law, management, medicine, nursing and social sciences.