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Sr. Portfolio Manager II MSRP

Recruitment #25-005041-0001

Introduction

The Maryland State Retirement and Pension System is seeking an exceptional individual to serve as Senior Portfolio Manager of the System’s Terra Maria emerging manager program within its Investment Division.  The Senior Portfolio Manager reports directly to the Deputy Chief Investment Officer.

The Maryland State Retirement and Pension System (System) administers survivor, disability and retirement benefits on behalf of almost 414,000 members.  These include active and former State employees, teachers, State police, judges and law enforcement.  Our mission is to ensure that sufficient assets are available to fund the benefits when due, and to provide a fully funded retirement system that is affordable to all participating employers and provides guaranteed adequate disability, survivor and retirement benefits to our members.

Investment Division

The Investment Division is a 50-member team within the System that is responsible for implementing and managing the defined benefit investment program.  The team manages investments internally and partners with external firms to manage a globally diversified portfolio that includes public equity, fixed income, credit, absolute return, real assets and private equity. 
 
Total plan assets were $70.4 billion as of 9/30/24.

Why you’ll love working here:
• Collegial, team-based atmosphere
• Hybrid working environment
• Opportunities for growth and career development
• Interesting and meaningful work

How you will succeed:
• Team player
• Strong analytical and critical thinking skills
• Passion for quantitative and qualitative analysis
• Strong written and verbal communication skills
• Ability to build relationships
• High degree of intellectual curiosity
• Strong interest in a results-oriented investment environment

GRADE

MSRP 0012

LOCATION OF POSITION

120 E. Baltimore Street, Baltimore, MD 21202

Main Purpose of Job

Leads the outreach, manager interaction and sourcing functions for the Terra Maria program

Identify high value conferences and events to engage with emerging managers and attend, speak or otherwise support the emerging manager ecosystem

Design and maintain multiple access points for managers to engage with the System

Ensure managers receive acknowledgement and feedback on their submissions

Employ, develop and maintain manager databases to identify managers that may be eligible and valuable to the program

Establish processes to promote access for emerging managers, including attending conferences and hosting emerging manager events

Produce regular reporting for the Terra Maria program appropriate for the Investment Committee and Board, system website, legislative reporting

Report quarterly on the activity and performance of the program during weekly division investment committee meetings

Provide strategy research and recommend promising emerging managers to asset class teams or the division.

Conduct research into markets, sectors, regions where emerging managers have demonstrated a history of outperformance

Develop and implement diligence templates by asset class to help identify promising managers, particularly in areas of focus for annual plans

Collaborate with asset class teams to evaluate recommended managers/partners

Facilitate and participate in final diligence process and commitment recommendation with asset class teams

Monitor existing emerging managers for consideration for potential graduation into a larger assignment based on success and portfolio fit

Responsible for facilitating the development of a successful emerging manager portfolio as measured by the aggregate performance of the managers relative to a weighted average of the appropriate benchmarks for each

Sets return and risk objectives for Terra Maria managers and monitors performance to those targets

Conducts detailed performance attribution of Terra Maria Managers to explain the sources of risk and return

Determines whether a prospective manager exhibits the appropriate style and characteristics relative to the System’s existing exposures

Special Projects as Assigned

On an ongoing basis, lead and participate in procurement processes for division services

On an ad hoc basis, lead special projects as determined by the CIO

POSITION DUTIES

Lead the Investment Division’s emerging manager program.

Develop and implement effective tools and systems to efficiently receive, evaluate and monitor inquiries from emerging managers and corresponding communication practices.

Develop and maintain sourcing methodologies and a database of emerging managers across all asset classes.

Develop and maintain a feedback, referral and connection program to maximize the value the System and managers receive from the Terra Maria program.

Develop an evaluation framework for emerging managers across all asset classes.

Conduct research into markets, sectors and regions where emerging managers have demonstrated a history of outperformance.

Research strategies, vehicles and managers to identify the most effective avenue to access emerging managers in each asset class.

Conduct reviews of the manager structure within each asset class and make recommendations to asset class teams regarding the addition of potential emerging managers.

Develop a graduation framework across asset classes to transition emerging managers to larger mandates.

Review existing emerging managers and actively propose graduation candidates to the asset class teams.

Work with the System’s external affairs unit in developing a communications platform to promote the System’s effort in being inclusive and providing access to emerging managers.

Attend emerging manager conferences and host events to promote emerging manager access.

Expand the Terra Maria program to include evaluation of Maryland-based investment

opportunities.

Track the System’s exposure to Terra Maria managers and provide regular reporting on the program, in percentage and dollar terms, to the Investment Committee, Board, and General Assembly.

Prepare presentation materials for Investment Committee meetings.

MINIMUM QUALIFICATIONS

Education:  Bachelor’s degree from an accredited four-year college 

Experience:  Seven years of professional investment experience, in evaluating, recommending and reporting on managers across the various asset classes.

DESIRED OR PREFERRED QUALIFICATIONS

Preferred Qualifications:

Preference will be given to candidates with:

Experience and knowledge of the emerging manager landscape

 A CFA and/or CAIA, FRM designation, and a bachelor’s or advanced degree in Math, Science, Economics, Finance, Business Administration, Public Administration or similar field of study.

An additional five years of relevant experience will be considered in lieu of an advanced degree.

SELECTION PROCESS

Please make sure that you provide sufficient information on your application to show that you meet the qualifications for this recruitment. All information concerning your qualifications must be submitted by the closing date. We will not consider information submitted after this date. Successful candidates will be ranked as Best Qualified, Better Qualified, or Qualified and placed on the eligible (employment) list for at least one year.

EXAMINATION PROCESS

The assessment may consist of a rating of your education, training, and experience related to the requirements of the position. It is important that you provide complete and accurate information on your application. Please report all experience and education that is related to this position.

BENEFITS

As an employee of the State of Maryland, you will have access to outstanding benefits, including: health insurance, dental, and vision plans offered at a low cost. CLICK ON THIS LINK FOR MORE DETAILSSTATE OF MARYLAND BENEFITS.

  • Personal Leave - new State employees are awarded six (6) personnel days annually (prorated based on start date).
  • Annual Leave - ten (10) days of accumulated annual leave per year.
  • Sick Leave - fifteen (15) days of accumulated sick leave per year.  
  • Parental Leave - up to sixty (60) days of paid parental leave upon the birth or adoption of a child.
  • Holidays - State employees also celebrate at least twelve (12) holidays per year.  
  • Pension - State employees earn credit towards a retirement pension.
  • Positions may be eligible for telework.

FURTHER INSTRUCTIONS

Applicants are encouraged to apply online via the State on-line employment application system at the following web address: https://jobapscloud.com/MD/ to be considered for this recruitment. However, if you are unable to apply online, the paper application and supplemental questionnaire may be forwarded to the Department of Budget and Management, Recruitment and Examination Division, 301 W. Preston St., Baltimore, MD 21201.

DO NOT SUBMIT FORM MS-100 AS IT WILL BE RETURNED.

Resumes are not accepted in lieu of the State application. Please refrain from writing “See Resume” or “See Attached” on the application.

All information concerning your qualifications must be submitted online or received in our office no later than 2/14/2025. We will not consider information submitted after this date.

Due to the confidential nature of the work, selected candidates must undergo and pass a background check.

Applications may be obtained by visiting the DBM website at: https://jobapscloud.com/MD/

Please make sure we receive your cover letter, Maryland State Application and resume.



Click on a link below to apply for this position:

Fill out the Supplemental Questionnaire and Application NOW using the Internet. Apply Online
View and print the Supplemental Questionnaire. This recruitment requires completion of a supplemental questionnaire. You may view and print the supplemental questionnaire here.
Apply via Paper Application. You may also download and complete the Paper Application here.

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