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Commonwealth of Pennsylvania |
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POSITION DESCRIPTION FOR JOB POSTING |
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Position Number: 00141414 |
Description Activated On: 7/20/2023 2:12:48 PM |
Position Purpose: Describe the primary purpose of this position and how it contributes to the organization’s objectives. Example: Provides clerical and office support within the Division to ensure its operations are conducted efficiently and effectively. This position supports the Portfolio Manager in summarizing data on current and long-term trends, investment risks and economic influences pertinent to investments in Public and Private market assets in the Defined Benefit, Defined Contribution, and Deferred Compensation Plans (“the Plans”) in accordance with the State Employees’ Retirement Code, other applicable state, federal, and international laws and regulations, and the Investment Policy Statements governing the Plans. This position’s responsibilities include direct involvement and coordination with employees, external investment firms, and the Board. |
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Description of Duties: Describe in detail the duties and responsibilities assigned to this position. Descriptions should include the major end result of the task. Example: Types correspondence, reports, and other various documents from handwritten drafts for review and signature of the supervisor. Serves as an Analyst for the Plans and shares in the fiduciary responsibility for successfully managing the investments and implementing and executing investment strategy within legal and policy guidelines. Ensures the investments comply with the State Employees’ Retirement Code, other applicable state, federal, and international laws and regulations, and Investment Policy Statements. Works closely with external fund managers and consultants. Completes the research and evaluation of strategies and investment managers and suggests alignment of mandates overall objective and risk tolerance of the Plans. Ensures communication (written and oral) is of the highest caliber – describing high level technical investment issues and the supporting analysis in coherent and logical structure. Ensures that reports and memos conform to best practices and consistent with other reports produced by SERS, investment managers, and SERS consultants. Serves as primary point of contact for compliance, valuation, cash flow monitoring, and performance of investments in the Plans. Coordinates daily operational activities of the portfolios in the Plan. This often involves daily interaction with investment team, SERS-Office of Financial Management (OFM) and SERS-Chief Counsel’s Office (CCO), and external firms to ensure that all requirements are met on a timely basis and the asset management programs remain in compliance at all times. Serves as primary contact to onboard all new managers and set up new accounts for the Plans. This involves extensive coordination with all of the various departments of SERS (e.g. SERS-OFM & SERS-CCO) to ensure that the start date of the manager is met in a timely manner. Ensures that prospective manager’s legal department liaises effectively with SERS-CCO to ensure that all additional contracting needs meet SERS-CCO standards. Implements new Board-approved investment strategies and investment advisors. This includes negotiating provisions of the agreement; working with the Portfolio Manager on the appropriate Investment Strategy Statement and fee schedule. Stays current on all impending securities/federal regulations that affects all asset management programs in the Plans. This involves a working knowledge of SERS Legal requirements and basic contract structure as well as extensive interaction with SERS-CCO and SERS-OFM. Coordinates and reviews monthly, quarterly and annual compliance of managers in the Plans. Ensures that managers have the most current SERS’ contact information and SERS’ has the most current contact information of the managers. Maintains relationships with existing managers and prospective investment managers. Educate external managers about changes in SERS asset management programs. Collects, reviews, and evaluates information on investment opportunities. Performs qualitative and quantitative analyses of investments in the Plans, individual fund managers, and fund manager performance, and is responsible for implementing investment programs consistent with the direction provided by the Chief Investment Officer (CIO) and the Board. Develops and articulates investment strategies and provides informed assessment of the economy, markets, and global issues to internal and external stakeholders which demonstrates an understanding of macro and micro economic issues. Plans, implements, and evaluates investments in the Plans, consistent with delegated authority from the Portfolio Manager and Board-approved Investment Policy Statements, and assists in the supervision of the external management of assets in the Plans. Evaluates, and recommends fund managers and level of fund investments, as well as dispositions of funds with support of outside consultants, as necessary, to the Portfolio Manager for Board consideration and approval. Monitors and evaluates investment performance, risk exposure, and guideline compliance of investment managers, reports significant events and compliance violations to the Portfolio Manager, and recommends changes in program strategy and fund manager status, as warranted. Serves as a contact for the Plans’ fund managers as delegated by the Portfolio Manager, issuing instructions on investment guidelines and coordinating contributions and withdrawals to fund managers. Assists in the planning, developing, coordinating, and maintaining of a cash flow analysis to ensure understanding of liquidity needs and impacts. Manages portfolio data in collaboration with SERS’ sub-custodian, general partners, and consultants to ensure information is accurate and complete. Oversees maintenance of financial data and other information about the investments in the Plans. Assures program compliance and cash flow with investment manager strategies. Prepares reports using databases and other sources of information. Assists in preparing and editing investment reports and recommendations to the Board. Prepares and organizes materials for Board meetings. Participates in planning, preparing, and editing the Investment Policy Statements. Assists in monitoring the conformity of investment activities with the Plans. Interacts with, obtains information from, and furnishes information to investment consultants. Conducts and completes investment research projects and reports as assigned. Gathers information to respond to investment inquiries by Board members, requests for public information, industry surveys, and other inquiries as assigned. Reviews and edits performance reports and investment recommendations produced by SERS consultants. Gathers and analyzes information for submission to legislative committees. Travels to conduct due diligence; satisfy fiduciary requirements; discuss pertinent issues with key fund managers and consultant personnel; to attend annual fund manager meetings, participate in investor advisory board meetings, to observe resources, operations, controls; to learn of new ideas and capabilities; and to conduct on-site property due diligence for existing and prospective investments. May supervise an Investment Intern and/or assist with the agency's Investment Intern program. Performs related duties as required. |
Decision Making: Describe the types of decisions made by the incumbent of this position and the types of decisions referred to others. Identify the problems or issues that can be resolved at the level of this position, versus those that must be referred to the supervisor. Example: In response to a customer inquiry, this work involves researching the status of an activity and preparing a formal response for the supervisor’s signature. Tasks are performed with a high degree of independence and discretion under the general direction of the Portfolio Manager, Deputy Chief Investment Officer and Chief Investment Officer. Activities are periodically reviewed through regular staff meetings, assessments of completed reports, and evaluation of achieved results. |
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Requirements Profile: Identify any specific experience or requirements, such as a licensure, registration, or certification, which may be necessary to perform the functions of the position. Position-specific requirements should be consistent with a Special Requirement or other criteria identified in the classification specification covering this position. Example: Experience using Java; Professional Engineer License Experience: Demonstrates an increase in professional competency as evidenced by work experience and/or professional certification such as a CFA, CAIA, CIPM or similar designation. Requires an understanding of the capital markets and investment management. Knowledge of applications of investment concepts for Defined Benefit, Defined Contribution, and Deferred Compensation Plans, including asset/liability matching, asset allocation, and asset diversification. Professional knowledge and skill in investment practices necessary to work effectively with senior staff, Deputy CIO, and the CIO, managing institutional Defined Benefit, Defined Contribution, and Deferred Compensation Plans. Demonstrates high level of integrity, professionalism, and willingness to foster an inclusive workplace that supports the development of others, facilitates cooperation and teamwork, and supports constructive resolution of conflicts. A willingness to establish and meet organizational goals and make sound decisions that produce high quality results. Ability to assist in the management of complex investment programs to achieve return objectives and satisfy liquidity needs over the long-term. Licenses, registrations, or certifications: 1. N/A 2. N/A 3. N/A 4. 5. 6. |
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Essential Functions: Provide a list of essential functions for this position. Example: Transports boxes weighing up to 60 pounds.
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