Organizational Area: Office of the Chief Investment Officer
Location: Oakland, CA
Posting Salary: Salary commensurate with experience.
Position Summary: The Office of the Chief Investment Officer is responsible for managing the University of California's retirement, endowment, working capital, and cash assets under the policies, guidelines, and performance benchmarks established by the Regents. The mission of the Office is to implement those policies and guidelines by selecting, executing, and monitoring investment strategies designed to add value over the benchmarks within a risk-controlled framework.
The Office adheres to high ethical as well as professional standards in serving the investment management needs of its constituency and the Chief Investment Officer has full investment discretion.
The leadership of the Office of the Chief Investment Officer (UC Investments) is responsible for the oversight and management of various asset classes by creating and monitoring relationships with new and existing managers, evaluating and selecting new external managers, and creating risk and investment guidelines for external managers. The Investment Officer plays an important role in the implementation of the tasks associated with the goals, responsibilities, and successful outcomes for the office.
Reporting to Senior Managing Director ('SMD') of Public Equities, the Investment Officer is responsible for working closely with the SMD and Public Equities team to manage an approximately $20 billion quantitative and passive portfolio.
Background -Possess highest ethical standards, passion for investing and strong work ethic. The individual must be self-motivated with the confidence to actively form, debate and recommend non-consensus views -Approximately 5-10 years of experience in hedging equity portfolios, tactical equity investing, tilting equity portfolios and creating equity investment strategies -Demonstrated track record of investing in quantitative global equities strategies. -Outstanding interpersonal characteristics, reputation, and team orientation, which will enable her/him to command the confidence, loyalty, and respect of investment colleagues and external constituents. -Strong communication, analytical, leadership and interpersonal skills and must value and support the collegial atmosphere of UC Investments, encouraging creativity and appropriate risk-taking -Ability to develop investment talent, inspire excellence, lead change and foster the development of a high performance investment culture -Bachelors degree required with an advanced degree and CFA designation preferred.
UC Investments is a small team that believes strongly in collaboration. In addition to supporting the Public Equity team, the Investment Officer will also collaborate with colleagues across our teams (e.g. Fixed Income, Private Equity, Absolute Return, Real Assets, and Real Estate).
Special Conditions of Employment: Travel
Other Special Conditions of Employment: Successful completion of a background check is required for this critical position.
Position requires annual filing of State of Economic Interests (Form 700)
Job Close Date:
Duty 10: Assist in recommending the public equity portfolio construction including quantitative strategies, fundamental active strategies and passive strategies. Spearhead the recommendation, selection and monitoring of passive or enhanced passive equity strategies, quantitative alpha strategies and quantitative strategies that are non-market cap weighted (such as risk factor approaches). Create new quantitative and qualitative active and passive investment strategies with external partners, improving portfolio's risk/return at low cost.
- Conduct independent fundamental research and analysis in the due diligence process to identify and monitor the performance of fund managers and investments.
- Monitor fundamental research and identify industry trends and market intelligence and communicate the findings of such insights.
- Lead due diligence within the research process on investments under consideration and provide guidance to Analysts on their due diligence efforts. Function:PORTFOLIO CONSTRUCTION AND SELECTION OF QUANT MANAGERS Percent: 50
Duty 20: Assist in recommending strategy to manage risk factors across the equity portfolio (regions, sectors, foreign exchange, growth vs value, small/mid/large cap, and other equity risk premia). Monitor the risk and equity risk factor exposures in Public Equities on a regular basis with the team. Work with public equity team and broader UC Investments to leverage and transfer knowledge base of strategic external relationships that inform tactical and risk decisions. Function:RISK MANAGEMENT Percent: 25
Duty 30: - Provide research and analytical support as needed.
- Lead projects and assignments, as requested. These projects may include but are not limited to providing performance attribution, creating presentation materials, project management and drafting memos and letters.
- Provide additional support to the broader organization and other asset classes
- Assists in implementing and maintaining operations of investment strategies across all of the public equity portfolios, as well as assuring that all aspects of each portfolio are in compliance with the investment policies and guidelines as approved by the Board of Regents, as well as standards required by the Senior Portfolio Manager, Senior Managing Director and Chief Investment Officer
- In partnership with the operations team, help develop and oversee the data integrity / monitoring / reporting / transparency process and system for Public Equities.
- Provides direction and guidance in hiring, training, and developing Analysts and other members of the Public Equity team. Function:OTHER DUTIES AS ASSIGNED Percent: 15
Duty 40: Implement and develop quantitative models and perform quant/statistical research in stock selection, portfolio construction and risk modeling of equity portfolios. Help oversee quantitative analysis of equity managers including separation of alpha and systematic risk factor attribution. Regularly leads and conducts investment research on the capital markets, particularly in the equity markets. Function:QUANTITATIVE RESEARCH Percent: 10
Job Requirements Bachelor's degree required and a Master's degree and/or CFA Preferred; 5 to 10 years' experience in the investment management industry, particularly in public equity.
- Ability to clearly articulate investment decision process and results to the Director and Chief Investment Officer in a timely fashion.
- Ability to prioritize multiple tasks with little to no guidance.
- Use good judgment when to seek advice or help from the Senior Portfolio Manager, Senior Managing Director or Chief Investment Officer.
- Demonstrate sound investment judgment.
- Ability to make investment decision with incomplete information.
- Ability to develop investment forecasts and modify decisions based on updated forecasts and changing data points.
- Ability to independently source, review and recommend investment opportunities with a sound investment decision making process, but not accountable for full scope of activity in asset class or final investment decision independently.
- Demonstrate original thinking.
- Demonstrate proficiency at relationship management and the ability to build and utilize extensive personal network of industry contacts.
- Provide guidance and supervision to other team members.
- Work in a collaborative and consultative environment despite skills that would allow for independent decision making. Ability to know when to act independently on decisions and when to share and seek feedback as a team.
- Strong quantitative skills that can be applied to developing original models as well as reviewing the quantitative work of other team members. Required
-Knowledge about the University's investment policies and processes; asset allocation guidelines and benchmarks. Preferred
About us The University of California, one of the largest and most acclaimed institutions of higher learning in the world, is dedicated to excellence in teaching, research and public service. The University of California Office of the President is the corporate headquarters to the ten campuses, five medical centers and three Department of Energy National Labs and enrolls premier students from California, the nation and the world.
The University of California is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, age or protected veteran status.
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About University of California Office of the President
The Office of the President is the systemwide headquarters of the University of California, managing its fiscal and business operations and supporting the academic and research missions across its campuses, labs and medical centers.