Department of Administrative Services

Principal Investment Officer (8489VR)

$0.00-$478.93 Hourly / $0.00-$0.00 BiWeekly /
$1.00-$999,999.00 Yearly


PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Office of the State Treasurer, this class is accountable for monitoring, reporting, evaluating and recommending investment opportunities for public or private market investments and for risk management oversight of the assets of the retirement plans and trust funds.

GUIDELINES FOR JOB CLASS USE

The class has administrative responsibility for the Connecticut Retirement Plans and Trust Funds (CRPTF). Individual positions serve as the subject matter expert over their assigned investment area.

1. PUBLIC MARKETS: Responsible for global fixed income or global public equity asset classes in adherence with all aspects of the Investment Policy Statement.

2. PRIVATE MARKETS: Responsible for private market investments in adherence with all aspects of the Investment Policy Statement. Private market classes include, but are not limited to real estate, private equity and alternative strategies.

3. RISK MANAGEMENT: Responsible for the management oversight of risk for CRPTF.

SUPERVISION RECEIVED

Receives administrative direction from the Chief Investment Officer or Deputy Chief Investment Officer.

SUPERVISION EXERCISED

Supervises professional and clerical staff as assigned.

EXAMPLES OF DUTIES

GENERAL DUTIES:

Directs the staff and operations of an investment program unit; monitors and reviews unit activities and evaluates performance of staff; coordinates, plans and manages unit activities; coordinates with the Chief Investment Officer to develop and implement policies through preparation and execution of investment strategies; develops and implements long and short term plans to achieve fiscal and economic integrity of State investment programs; conducts feasibility reviews and presents the merits and risks of investment opportunities to the Chief Investment Officer and Treasurer and makes recommendations; may present data relevant to assigned investment program to the Investment Advisory Council; maintains close contact with government and private sector officials (e.g., consultants, money managers, General Partners, external managers, clients of the Investment Division, etc.); monitors world and market events and other factors which could affect investment programs; performs research and analyses of economic indicators in investment markets to project trends and their impact on the investment programs; supervises or conducts periodic reviews of on-going investment programs and recommends adjustments or changes in strategy as required; monitors regulatory, legal, statutory and other rule-making entities for potential changes that may affect the investment landscape and prepares position statements, testimony, comment letters and investment recommendations as appropriate; initiates, supervises, conducts and/or coordinates due diligence of potential investments, external investment managers and vendors and makes the appropriate recommendations; supervises the maintenance of records; performs complex analysis of financial statements, investment valuations, and scenario modeling of investment holdings; prepares reports requested by the Treasurer, Deputy Treasurer, Chief Investment Officer, or Deputy Chief Investment Officer; performs related duties as required.

PRIVATE MARKETS:

A. Prepares and executes the investment pacing plans for private market strategies;
B. Negotiates the business aspects and investment guidelines of investment contracts;
C. Oversees investment contracts, investment policy and guideline compliance;
D. Assists in screening, selection and monitoring of external investment managers and investment vehicles;
E. Analyzes and recommends the level of complexity of potential investments.

PUBLIC MARKETS:

A. Recommends portfolio construction of each CIF to meet its policy objectives; tactical rebalancing for each public market asset class; responsible for preparation, analysis and reporting of the annual review for each combined investment fund;
B. Oversees investment contracts, investment policy and guideline compliance;
C. Assists in screening, selection and monitoring of external investment managers and investment vehicles;
D. Negotiates the business aspects and investment guidelines of investment contracts;
E. Analyzes and recommends the level of complexity of potential investments.

RISK MANAGEMENT:

A. Recommends risk management strategies to meet policy objectives;
B. Manages risk exposure in line with the asset allocation plan;
C. Initiates and implements compliance programs to ensure that the CRPTF is in adherence to its investment policy and legal contracts;
D. Develops and implements best practices for Investment Risk Management;
E. Analyzes the general partner private equity limited partnerships, ensures transactions are properly posted to master custodian systems, performs performance attribution, compliance with capital call and distributions requests;
F. Performs complex holdings based and returns based modeling of CRPTF investment positions;
G. Performs “what if” scenarios for potential asset allocation changes to determine changes to the risk adjusted outcome.

KNOWLEDGE, SKILL AND ABILITY

PUBLIC AND PRIVATE MARKETS: Considerable knowledge of investment practices and procedures; considerable knowledge of specific disciplines required for performance of duties (fixed income, short term investments, public equity etc.); considerable knowledge of and ability to apply management principles and techniques; considerable interpersonal skills; considerable oral and written communication skills; considerable ability to analyze and evaluate investment alternatives; considerable ability to prepare financial and analytical reports; considerable ability to plan and maintain appropriate controls and records of investment transactions; supervisory ability.

RISK MANAGEMENT: Considerable knowledge of investment and risk management practices and procedures; considerable knowledge of private market disciplines required for performance of duties; considerable knowledge of ability to apply management principles and techniques; considerable interpersonal skills; strong oral and written communication skills; considerable ability to analyze and evaluate public and private market investments; ability to prepare and model financial and analytical reports; ability to plan and maintain appropriate controls and records of investment transactions; supervisory ability.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

PUBLIC AND PRIVATE MARKETS: A Bachelor's degree in Business Administration, Finance, Accounting, Economics or a closely related field and ten (10) years of progressively relevant investment experience with a public pension plan, foundation endowment, trust organization, investment banking firm or financial consulting firm with responsibility for the formulation and/or implementation of investment policy for substantial portfolios utilizing all major public markets or major private market asset classes.

RISK MANAGEMENT: A Bachelor's degree in Business Administration, Finance, Accounting, Economics or a closely related field and ten (10) years of progressively relevant investment experience with a public pension plan, foundation endowment, trust organization, investment banking firm or financial consulting firm with responsibility for the formulation and/or implementation of investment policy for substantial portfolios utilizing all major asset classes and strategies.

A Master's Degree in Finance, Accounting, Economics or a closely related field or a Chartered Financial Analyst (CFA), a Certified Public Accountant (CPA), or a Chartered Alternative Investment Analyst (CAIA) is preferred for Public Markets, Private Markets and Risk Management.

APPOINTMENT

Appointed by the State Treasurer in accordance with Section 3-13a of the Connecticut General Statutes.

COMPENSATION GUIDELINES

Compensation for this class shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with the Investment Advisory Council.

NOTE: Incumbents in this class are subject to the policies governing appointed officials. Incumbents are not subject to Section 5-210 of the C.G.S.

JOB CLASS DESIGNATION

Unclassified

OCCUPATIONAL GROUP

(01)-Accounting/Auditing

BARGAINING UNIT

(01)-EXEMPT/ELEC/APPOINT

EEO

(1)-Officials And Administrators

SALARY INFORMATION

VR 99

CANCELLATION CLAUSE

This replaces the existing specification for the class of Principal Investment Officer in Salary Group VR 99 approved effective September 22, 2014. (Revised to modify Compensation Guidelines)

EFFECTIVE DATE

10/14/2016

CLASS: 8489VR; EST: 7/12/1991; REV: 10/14/2016;