Connecticut StateDepartment of Administrative Services

Principal Investment Officer - Public Equities

Recruitment #190321-8489VR-001


The State of Connecticut Office of the State Treasurer is searching for a strategic senior investment leader that has considerable knowledge of the principles and practices of public equities, asset allocation, performance measures and methodologies used in evaluating managers, capital market theory, and related trading and investment accounting practices. 

Applications are being accepted for the position of Principal Investment Officer – Public Equities to work at our location in Hartford, CT (currently at 55 Elm Street).  This position operates 40 hours per week, Monday - Friday. This is an unclassified position appointed in accordance with Section 3-13a of the General Statutes.

The Office of the State Treasurer exists to provide and ensure effective financial management of public resources, high standards of professionalism and integrity, and expanding opportunity for State of Connecticut residents and businesses.

The Pension Funds Management Division assists the State Treasurer, as principal fiduciary, in the administration of the $34 billion Connecticut Retirement Plans and Trust Funds (CRPTF). The CRPTF consists of six State Pension Funds and nine State Trust Funds.  The funds are invested in a diversity of asset classes and exist to sustain 212,000 teachers, state and municipal employees, retirees and survivorships, as well as trust funds that support academic programs, grants and initiatives throughout the state.  


The Principal Investment Officer (PIO) reports to the Chief Investment Officer (CIO) and the Deputy Chief Investment Officer (DCIO) and has the primary responsibility of the day-to-day activities of the Global Public Equities Funds.  A key priority for the PIO is to develop and implement the State’s investment policies through preparation and execution of investment strategies to achieve the short and long-term objectives of the program.  

Listed below are some of the key responsibilities:  

  • Perform research and analyses of economic indicators in investment markets to project trends and their impact on the investment programs; monitor regulatory, legal, statutory and other rule-making entities for potential changes that may affect the investment landscape and prepare position statements, comment letters and investment recommendations as appropriate.  
  • Conduct feasibility reviews of potential investments and make appropriate recommendations; lead due diligence of external investment managers and vendors.  
  • Present the merits and risks of suitable investment opportunities and may attend the Investment Advisory Council meetings, as requested.  
  • Negotiate the business aspects and investment guidelines of investment contracts.  
  • Conduct periodic reviews of on-going investment programs and recommend changes in strategy as required; monitor and review program activities; stay informed on events and other factors that could affect investment programs.    
  • Perform complex analysis of financial statements, investment valuations, and scenario modeling of investment holdings.  
  • Maintain close contact with state agencies and vendors (e.g., consultants, money managers, etc.).   
  • Develop and implement procedures for the proper oversight and safeguarding of portfolio assets.  
  • Prepare reports as requested; all other duties as requested.  

All applicants must include a resume within the "Resume Tab" of their application with their submission.  Please Note: You will be unable to make revisions once you submit your application for this posting to the JobAps system.

Should you have questions pertaining to this recruitment, please contact Alex Marcellino, Chief of Operations, at or (860) 702-3005.

Selection Plan

Applicants invited to interview may be required to submit additional documentation, which supports their qualification(s) for this position.  These documents may include:  performance reviews, supervisory references, college transcripts, licensure, etc., at the discretion of the hiring agency.


In the Office of the State Treasurer, this class is accountable for monitoring, reporting, evaluating and recommending investment opportunities for the global public equity investments of the assets of the retirement plans and trust funds.



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 and the Deputy 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 Deputy Chief Investment Officer 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.


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.


PUBLIC 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.


PUBLIC 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.

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.


Preferences include an MBA in Finance or related field, and experience in or with a public pension fund.

The successful candidate will demonstrate the following:  

  • Deep and broad knowledge of pension funds.  
  • Proven record of success in both academic and professional pursuits, established outstanding results, and a record of rapid advancement in every challenge undertaken.  
  • Superb team building skills with a predisposition to building consensus and achieving goals through collaboration rather than purely direct line authority.  
  • Positive, results oriented style, evidenced by listening, motivating, delegating, influencing, and monitoring the work being done.   
  • Extremely high-level of energy, sense of urgency, creativity, and decisiveness coupled with the ability/willingness to work hard and well under pressure.   
  • Engaging and open interpersonal style complemented by the analytical pragmatism necessary to quickly dissect highly complex issues.  
  • Strong operations leadership and management skills.  
  • Ability to establish immediate credibility among his/her staff, a professional who is respected for his/her intelligence and technical expertise.  
  • A genuine interest in mentoring and developing professional staff members.  
  • Unquestionable integrity, credibility and character, demonstrating high moral and ethical behavior.

Additionally, the successful candidate will possess the following knowledge, skills and abilities:  

  • Extensive knowledge of investment concepts, strategies, styles, and analytical methodologies from the total portfolio level to individual security selection.  
  • Knowledge of global and domestic macroeconomic and capital market issues relating to investments. 
  • Knowledge of statistical concepts, methods and models, and their application to investments.  
  • Extensive skill in managing, mentoring and motivating staff to meet organization goals and objectives.  
  • Extensive skill in negotiating issues and resolving problems.  
  • Extensive skill in effective written and verbal communications, including preparing and delivering complex correspondence, reports, presentations, policies and proposals.  
  • Ability to promote and maintain harmonious working relationships with co-workers; agency staff; external contacts; and, to work effectively in a professional team environment.  
  • Demonstrated ability in developing investment objectives and establishing performance benchmarks, policies, strategies and tactics, for a large diversified pension fund.   
  • A strong media relations’ acumen.  Outstanding written, verbal, and presentation skills are required.  
  • A strong understanding of the public-sector environment is critical, to include: financial reporting; accounting rules; media interface; and, overall public-sector processes.  
  • Experience interfacing and interacting with public boards is desired, as well as with consultants and investment advisors.    


Candidates should have a Bachelor’s degree from an accredited four-year college or university with major coursework in business administration, finance, accounting, economics, or a related area. An advanced degree in finance, economics, or a related field is preferred.  



The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.

The State of Connecticut is an Affirmative Action/Equal Opportunity Employer and strongly encourages the application of women, minorities and persons with disabilities.