Fund Manager
OPERS - Columbus, OH

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Job Title: Fund Manager

Reports To: CIO

Department : Fund Management

Division: Investments

Target Salary: $122,616.00 - $153,275.20 with eligibility to participate in OPERS Incentive Compensation Program

Number of Openings: 1

FLSA Status: Exempt

Accepting Applications: 4/10/13 through end of business on 5/8/13

Summary: The Fund Manager reports to the Chief Investment Officer and assists in the development and implementation of Board-approved investment and investment-related policies, portfolio strategies and the Annual Investment Plan. The position oversees asset allocation, risk management, cash flow management and the development and preparation of investment-related reports and Board documents. The Fund Manager oversees investment operations and related activities including the development and submission of the Division’s budget. The position supports investment-related activities across the Investment Division.

Essential Duties and Responsibilities include the following. Other duties may be assigned.

Asset Allocation

1. Provides oversight in the management of the Funds’ asset allocations consistent with interim or long-term targets and develops asset allocation benchmark targets.

2. Responsible for operational and investment risk management as well as risk budgeting across the Funds, asset classes and portfolios within asset classes.

3. Maintains a cash flow management plan to ensure adequate funds are available for timely benefit payments and manager fundings, and makes recommendations as to changes in asset class or individual portfolio allocations to meet funding requirements.

4. Responsible for the implementation and use of derivatives in the management of asset allocations, transitions and tactical asset allocation.

5. Coordinates the implementation of new portfolio strategies and manager fundings including the development of portfolio guidelines, operational procedures and related risk management needs and derivatives use reviews.

Planning and Reporting

1. Oversees the development and preparation of the monthly Investment Committee packet and related documents and reviews all documents presented to the Investment Committee.

2. Responsible for the development and completion of the Annual Investment Plan and related strategic initiatives, risk budgeting and asset allocation projections and return estimates.

3. Oversees the development and preparation of the Investment Division’s annual operating and capital budgets.

4. Reports on and ensures compliance of the Funds’ use of derivatives.

5. Coordinates with Investments IT to ensure that investment applications, data management and investment-related reporting are implemented and maintained to support the division’s investment objectives.

6. Oversees the completion of required reporting to the Ohio Retirement Study Council.

Investment Operations and Related Activities

1. Periodically reviews and recommends to the CIO and the Investment Committee updates to or new investment and investment-related policies.

2. Responsible for broker and counterparty trading administration and management.

3. Assists in the analysis and development of proposed portfolio guidelines, portfolio risk characteristics and related processes and procedures.

4. Responsible for providing the analysis and quantitative research to support all areas in the Investment Division.

5. Reviews internal and external managers’ use of derivatives and is responsible for ensuring compliance with related derivatives policies and procedures.

Organizational and Human Resources

1. Performs all supervisory and management functions in accordance with OPERS’ practices and policies, including:

  • Recruiting, developing, and retaining a qualified and competent professional staff
  • Providing training, education, and professional development for staff
  • Providing regular periodic evaluations of staff members and constructive guidance for employee growth and development
  • Emphasizing and promoting professional and ethical conduct
  • Contributing toward the achievement of organizational goals regarding workforce diversity
  • Assisting with any necessary corrective actions in conjunction with Human Resources
2. Annually, develops objectives for direct reports consistent with the Strategic Plan, monitors progress toward achievement of objectives, and engages in a regular dialogue with direct reports on progress toward objectives.

3. Fosters an atmosphere of teamwork and cohesiveness with the department and with other departments organization-wide.

4. Prepares and submits annual operating budget

5. Manages to the approved annual operating budgets

Leadership and Professional Competencies: To perform the job successfully, an individual needs to demonstrate the following competencies:

  • Job Knowledge/Professional Skills:
  • Possesses knowledge of established policies and procedures; possesses sufficient skills and knowledge to perform all parts of the job effectively and efficiently
  • Meets work standards, schedules, and deadlines; demonstrates efficiency in completing duties
  • Provides technical assistance to others and is consulted by others on technical matters
  • Leading Change:
  • Service Motivation: Creates and sustains an organizational culture which encourages others to provide the quality of service essential to high performance.
  • Vision: Builds a shared vision with others. Influences others to translate vision into action.
  • Enterprise Guardian: Through courageous decision making that supports enterprise or unit-wide interests.
  • Resilience: Maintains focus and intensity and remains optimistic and persistent, even under adversity.
  • Creativity & Innovation: Creates a work environment that encourages creative thinking and innovation.
  • Flexibility: Is open to change and new information.
  • Leading People:
  • Integrity/Honesty: Builds a culture where trust and integrity are expected and practiced.
  • Team Building: Inspires, motivates, and guides others toward goal accomplishments.
  • Conflict Management: Manages and resolves conflicts and disagreements in a positive and constructive manner to minimize negative impact.
  • Empowerment: Instills in subordinate leaders the responsibility of find ways to empower direct reports and others to think outside the box in regards to challenges and solutions without the fear of retaliation for mistakes.
  • Communication & Feedback: Gives ongoing performance feedback throughout the year. Gives timely, constructive feedback.
  • Results Driven:
  • Decisiveness: Exercises good judgment by making sound and well-informed decisions.
  • Accountability: Holds self and others accountable for rules and responsibilities.
  • Customer Service: Anticipates and meets the need of clients.
  • End-to-end Process: After receiving recommendations, asks for a commitment to take action.
  • Technical Credibility: Is able to make sound hiring and capital resource decisions and to address training and development needs.
  • Business Acumen:
  • Crisis Management: Stays calm and effective during crises.
  • Human Resources Management: Assesses current and future staffing needs based on organizational goals and budget realities.
  • Planning/Project Management: Prioritizes projects/resources according to organizational vision.
  • Technology Management: Understands the impact of technological changes on the organization.
  • Capacity Planning: Forecasts workloads and plans to ensure necessary resources in advance.
  • Building Coalitions:
  • Interpersonal skills: Facilitates an open exchange of ideas and foster an atmosphere of open communication.
  • Partnering: Collaborates across boundaries, and finds common ground with a widening range of stakeholders.
  • Written Communication: Expresses facts and ideas in writing in a clear, convincing and organized manner.
  • Influencing/Negotiating: Facilitates "win-win" situations.
  • Problem Solving: Works together with others to effectively identify and analyze problems
  • Ethics: Must comply with OPERS Personal Trading Compliance Procedures.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Bachelor’s degree required.

Masters Degree preferred with an emphasis on finance or technical field.

A minimum of ten years direct and progressive experience in managing a multi-asset class investment portfolio is required.

Managing a staff of investment professionals required.

Language Ability:
Ability to read and interpret documents such as financial and legal documents, safety rules, operating and maintenance instructions, and procedure manuals.

Math Ability:
Ability to apply mathematical concepts such as applying mathematical operations to such tasks as investment performance calculations and probability statistics.

Reasoning Ability:
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form. Ability to react quickly in stress situations, with emphasis on code-matching and arithmetic aptitudes

Computer Skills:
To perform this job successfully, an individual should be PC Proficient, basic knowledge of MS Windows operating system; MS Word; MS Excel; Internet Explorer (browsing software) and MS Outlook (internal email system).

Certificates and Licenses:
CFA designation is required.

Licensure with the State of Ohio Division of Securities is required.

Within six months of hire, the candidate must meet the eligibility requirements to be licensed as a State Retirement System Investment Officer (SRSIO), which requires either:

1. Having achieved a passing scored on one of the following:
a. Series 63 exam administered by the Financial Industry Regulatory Authority (FINRA)

b. Series 65

c. Series 66

d. Level One of the Chartered Financial Analyst designation (CFA), or

2. Earning and being in good standing with the organization that issues any of the following credentials:

a. CFA

b. Chartered Financial Consultant,

c. Chartered Investment Counselor

d. Certified Public Accountant CPA) with a personal financial specialist designation

Supervisory Responsibilities:
This job directly supervises the Fund Management Analysts.

Work Environment:
The noise level in the work environment is usually moderate.

Physical Demands:
While fulfilling the responsibilities of this position, the employee is regularly required to sit; use hands to handle, or feel; reach with hands and arms; talk or hear.

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