Organizational Area: Office of the Chief Investment Officer
Location: Oakland, CA
Posting Salary: Commensurate with experience
Position Summary: The Office of the Chief Investment Officer ('UC Investments' or the 'Office') 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 Board of 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 is responsible for the oversight and management of various asset classes by creating and monitoring relationships with new and existing external partners, and creating risk and investment guidelines for these partners. The Director plays an important role in the implementation of the tasks associated with the goals, responsibilities, and successful outcomes for the Office. As a member of a specific asset class group, the Director will assist in the selection, evaluation and ongoing assessment of external partners and investment opportunities. In addition, the Director will independently monitor and report on industry trends, and work with the Office of the CIO Risk Management Group to manage investment risks.
This Director role will be for the Absolute Return team. The Absolute Return program is meant to provide diversification to the portfolios that allocate to it. It has the objective of generating attractive risk-adjusted real returns over the long-term that are largely independent from broader market moves.
In consultation with the Senior Managing Director and the Absolute Return Team, the Director will assist in the recommendation of investment partners, co-investments, special situations/opportunistic investments, and to a lesser extent, direct investments. This includes assisting in the sourcing, researching, evaluation, negotiating, structuring and ongoing assessment of these investments. The Director will work collaboratively with the Absolute Return team and not within a silo. In addition, the Director will also perform related industry, strategy and market research, to find opportunities that offer prospectively attractive risk adjusted returns. Finally, the Director will assist in the preparation of reports and presentations to stakeholders as well as working with the data, risk, legal and operations teams to ensure seamless monitoring of the portfolio.
UC Investments is a small team that believes strongly in collaboration. In addition to supporting the Absolute Return team, the Director will also collaborate with colleagues across the entire Team (e.g. Public Equities, Fixed Income, Private Equity, Real Assets, Real Estate, Risk, Operations and Legal).
Special Conditions of Employment: Travel Travel outside of normal business hours
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 1: Lead due diligence process on prospective investments from beginning to end. This broadly includes but is not limited to: 1. researching unique investment markets, strategies and opportunities, and triaging them for selection based on portfolio fit and appropriateness 2. canvassing the landscape; networking and sourcing potential partners most suited for the opportunity, 3. evaluating management teams, ascertaining investment risks, and liaising with operations and legal teams to understand operational and legal risks, 4. executing legal documentation, 5. and working with internal teams to onboard investments. This position is expected to deliver high quality finished work product in a timely fashion. The Director is expected to be able to provide fundamental analysis and research as part of the due diligence and will clearly articulate findings and recommendation to the Senior Managing Director and Chief Investment Officer in a collaborative fashion.
Other duties are as follows:
- Independently source unique investment opportunities, and generate investment ideas.
- Find suitable investment partners.
- Network with peers and specialists.
- Write clear and concise independent investment recommendations based on due diligence covering all elements of investments: market opportunity, investment strategy, risks, management team, operations, legal, portfolio fit, etc.
- Take the lead in the negotiations and structuring process to achieve optimal outcomes and to ensure the Regent's policies are being adhered to.
- Be a key contributor to the Absolute Return team's discussions on merits and risks of investments. In addition, bring portfolio construction views to the Absolute Return team for discussion and review. The Director is expected to have meaningful comments on the portfolio and demonstrate sound investment decision making skills.
- Participate in the product management of the Absolute Return Program; oversee one or multiple client portfolios.
- Demonstrate initiative related to portfolio construction and risk management.
- Assist in shaping and improving investment process and tools.
- Maintain active involvement with investment partners. This includes at a minimum participating in annual onsite meetings and quarterly updates with each partner. Attend additional annual meetings on behalf of the Absolute Return team as needed. Be able to speak in depth about each relationship and investment.
- Prepare and maintain standardized investment reports on investments in the portfolios, as well as those under consideration, and make recommendations for decision-making purposes.
- Identify relevant vendors and service providers as needed to conduct due diligence on investments. Function:Investment Management Percent: 50
Duty 2: - Research different markets, proactively looking for investment opportunities - Gather market intelligence, identify trends and communicate the findings of such insights to the Investment Committee. - Lead due diligence within the research process on investments under consideration and provide guidance to Analysts and Investment Officers on their due diligence efforts. - Conduct independent fundamental research and analysis in the due diligence process to identify and monitor the key performance indicators of investments. - Lead the document and legal review process and ensure all aspects of closing an investment are being met from a relationship and business point of view Function:Research and Analysis Percent: 25
Duty 3: - Utilize problem-solving skills to analyze the attractiveness of investments on a risk adjusted basis. - Assess risk factors associated with assigned investment opportunities. - Be able to articulate with the Senior Managing Director or Chief Investment Officer the overall impact of an investment on the risk / reward of the entire portfolio. - Work with Risk team to proactively monitor and evaluate risks and exposures of the Absolute Return portfolio and its underlying investments. Function:Risk Management Percent: 10
Duty 4: 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. Function:Other Roles and Responsibilities: Percent: 5
Duty 5: - Provide ongoing mentorship and guidance to junior team members. Function:Leadership Percent: 10
Job Requirements Bachelor's degree in related area and minimum of five years of experience and/or equivalent experience/training.
Demonstrated knowledge in the area of environmental sustainability and policy, specifically in the areas of sustainable investing and ESG.
Demonstrated leadership skills and ability to influence in an organization.
Demonstrated leadership skills and ability to influence in an organization.
Demonstrated ability to establish good working relationships at all levels of an organization as well as with external institutions and agencies.
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.