The New York State Office of the State Comptroller (OSC) seeks qualified professionals for two key positions involved with the investments of the New York State Common Retirement Fund (CRF).
The Comptroller of the State of New York serves as the sole fiduciary for the CRF. The fund has had enviable top quartile performance over the last five years and has invested in a broad range of asset classes, with a significant commitment to the alternative investments sector.
Director of Private Equity
Key responsibilities will include:
* Identifying investment opportunities
* Overseeing due diligence
* Analyzing portfolio performance
* Conducting performance analytics, monitoring and reporting
* Managing a professional staff of investment officers
Qualifications for this position include:
* A bachelor’s degree in Business Administration, Accounting, Economics, Finance or a closely related field
* Ten years of professional investment experience in multiple asset class investment portfolio management (including at least 3 years with private equity)
* Experience in manager evaluation with a pension plan, endowment or related financial institution (including knowledge of portfolio analytics and private equity portfolio construction)
* Attainment of an MBA or CFA certification is highly preferred
* Public sector pension system experience is desirable
General Description: Under the direction of the Chief Investment Officer (CIO), the Director of Private Equity, in a lead capacity, is responsible for the administration of the Private Equity Program of the Common Retirement Fund (CRF). Such administration includes identification of investment opportunities, overseeing due diligence, conducting performance analytics and monitoring, reporting, and managing a staff of private equity investment officers.
Duties include but are not limited to:
* Analyze existing portfolio characteristics by strategy, sector and geography; collect and analyze underlying portfolio company information and utilize information for portfolio valuation and risk monitoring purposes;
* Analyze key drivers of portfolio performance and assist in the development of ongoing portfolio construction and portfolio rebalancing strategies;
* Maintain oversight of the portfolio pacing model, adding updated inputs as required;
* Analyze impact of alternative investments program on performance, risk and liquidity measurements of broader CRF portfolio;
* Identify optimal investment styles to allocate capital and develop strategy to deploy capital consistent with CRF’s overall strategic asset allocation to private equity;
* Identify investment opportunities and make allocation recommendations to CIO for individual investments;
* Direct the monitoring, assessment and reporting on performance of private equity investments;
* Maintain market knowledge of private equity industry;
* Manage relationships with private equity consultants and customized fund of fund managers;
* Manage strategic private equity investment programs, including in-state, emerging managers and sustainable investment;
* Supervise private equity staff;
* Make policy decisions regarding business terms.
Selection Criteria
* Understanding of private equity portfolio construction, including sub-asset class allocation and portfolio pacing models.
* Experience in portfolio analytic, including valuation methodologies and benchmarking of private equity.
* Considerable knowledge of investment concepts, terminology, styles, models, strategies and fundamental investment factors, including financial modeling and valuation and analytical skills.
* Considerable skill in conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports and written/oral recommendations.
* Skill in planning, organizing and prioritizing work assignments to manage a high-volume workload in a fast-paced and changing environment, and in completing detailed work with a high degree of accuracy.
* Skill in verbal and/or written communication of complex information that is accurate, timely and based on sound judgment, and in making presentations to groups with varied levels of investment knowledge.
* Ability to establish and maintain harmonious working relationships with co-workers, agency staff and external contacts, and to work effectively in a professional team environment.
Director of Reporting and Risk Management
Responsibilities will include the advanced planning and management of investment risk measurement and control operations. Specific duties include:
* Directing the monitoring, assessment and reporting on performance of our CRF investments
* Developing the methodologies for identifying, measuring and mitigating risk exposures related to CRF’s overall investment process
* Defining the risk management culture and instituting proper controls within the investment organization
* Defining appropriate risk measures, controls, approval requirements and limits employed throughout the investment process
* Developing and preparing investment reporting protocols
* Preparing reports and presentations on the risk exposures and performance of the fund to senior management and the Comptroller
Qualifications for this position include:
* Bachelor’s degree in Business Administration, Accounting, Economics, Finance, Mathematics, Engineering, Physics or a closely related field
* 10-plus years of professional experience in the development, implementation and management of an investment risk management function
* Attainment of an MBA or CFA certification is preferred
* Public sector pension system experience is desirable.
General Description: Under the general direction of the Chief Investment Officer , performs advanced planning and management of investment risk measurement and control operations and directs the monitoring, assessment and reporting on performance of CRF investments. Work involves developing methodologies to identify, measure and mitigate risk exposures related to CRF’s overall investment process; defining the risk management culture and instituting proper controls within the investment organization; defining appropriate risk measures, controls, approval requirements and limits employed throughout the investment process; developing and preparing investment reporting protocols; preparing reports and presentations communicating relevant information on the risk exposures and performance of the fund to senior management and the Comptroller.
Other essential duties include, but are not limited to:
* Oversees the development and maintenance of risk policies for all levels of investment operations, individual asset classes, various portfolio strategies, various financial instruments, etc.
* Oversees and performs advanced statistical modeling to analyze and decompose the salient risks of the fund into relevant factors and sources using various risk measurement approaches such as VaR, stress testing, scenario analysis, lower partial moments (such as downside semi-variance), sensitivity analysis, risk budgeting, mean-variance, and analysis of higher moments (e.g., incorporate skew and kurtosis into modeling framework).
* Works with the asset class heads to decompose returns into salient risk factors and idiosyncratic alpha to assess the overall fit of a particular investment into the overall portfolio.
* Oversees the creation, maintenance and communication of a tangible “Risk Dash Board” to the CIO and the Comptroller, which includes information such as asset class exposures, Value at Risk (VaR); risk budget, tracking error, key contributors to tracking error, derivatives exposures, counterparty risks, scenario analysis, liquidity issues, etc.
* Communicates salient risk exposures to senior management and the Comptroller using risk concepts such as Basel Framework: Business Risks – Market and Credit; Consequential Risks: Operations, Legal, Settlement, Liquidity; Reputation (i.e., protecting CRF reputation),etc.
* Identifies both systematic and idiosyncratic risk exposures associated with individual investments and the fund as a whole.
* Immunizes unintended risk exposures where appropriate.
* Develops and assists in systematic audit planning (operations, derivatives, systems, regulations, etc.).
* Creates contingency plans to address potential future issues, should they arise.
* Provides “front end” valuation systems for new projects in order to prevent allocation of resources to unwarranted projects (too small, not enough return or diversification potential, etc.) as well as projects that introduce unacceptable risks to the overall fund.
* Directs the preparation and presentation of investment risk management related reports needed for investment decision-making and to ensure that the CIO and Comptroller and other interested parties are kept informed of risk management operations and activities.
* Provide all necessary investment reporting to include:
o Monthly, quarterly and annual performance measurements, both gross and net of investment management fees, in accordance with industry standards;
o Daily trade date performance report with account and composite level pricing for all asset classes, including an asset allocation report showing actual versus policy allocation;
o Monthly attribution reports;
o Weekly unaudited holdings report for all public equity positions by account in aggregate;
o Quarterly reports summarizing the performance of the private equity program, including the performance of each limited partnership in the portfolio;
o Holdings report and other reports to consultants and third party vendors, as needed; and
o Ad hoc custom reports, as needed.
Selection Criteria
* Considerable knowledge of investment concepts, terminology, styles, models, strategies and fundamental investment factors, including portfolio theory, option pricing models and discounted cash flow analysis.
* Extensive knowledge of statistical concepts, methods, and models, and their application to investments; and of stochastic modeling.
* Considerable skill in using a computer in a Windows environment with word processing, spreadsheet (Excel), presentation, database and other business software to prepare correspondence, spreadsheets, charts and reports.
* Considerable skill in conducting data searches and evaluations of large amounts of information, performing complex statistical analysis of the data, and preparing concise and accurate reports and written/oral recommendations.
* Skill in planning, organizing and prioritizing work assignments to manage a high-volume workload in a fast-paced and changing environment, and in completing detailed work with a high degree of accuracy.
* Skill in verbal and/or written communication of complex information that is accurate, timely and based on sound judgment, and in making presentations to groups with varied levels of investment knowledge.
* Ability to establish and maintain harmonious working relationships with co-workers, agency staff and external contacts, and to work effectively in a professional team environment.
* Must have excellent analytical and computer skills
* Must be able to be hands on in light of limited staffing
OSC offers excellent benefits, including medical, dental, vision, personal/sick leave, domestic partner benefits, pension, flexible work schedules and paid vacation. The starting salary for each position is $150,000 - $200,000, depending on level of experience. The position may be located either in Albany or New York City.
To apply, send your resume to recruit@osc.state.ny.us (type Private Equity or Risk Officer in the subject line).
