Beth Israel Lahey Health Investment Office
Investment Analyst Position
The Beth Israel Lahey Health Investment Office (BILHIO) manages the long term investment assets for the Beth Israel Lahey hospital system which is a leading healthcare provider in the Boston metro area. The Office also manages a portion of the endowment and foundation assets for Combined Jewish Philanthropies (CJP). Together these pools represent approximately $2.5 billion in assets, and share a common investment approach. While organizationally part of Beth Israel Lahey Health (BILH), the Investment Office is overseen by a small group of widely recognized investors referred to as the Board of Managers. The Board of Managers functions independently of BILH and CJP, and this allows for truly long term investment decision making.
The Investment Office currently comprises six investment professionals, whose tenure with the Office ranges from two to ten years. While more senior members of the team possess expertise in certain areas, the Investment Office functions as a team. Our focus is on manager selection, as opposed to asset allocation, as we believe we can best assess investment opportunities at the manager level. Our portfolio of managers is relatively concentrated. While our manager turnover is low, we are constantly evaluating new and existing managers.
We are currently seeking to add a second Investment Analyst to our team. This is a two year position, with the possibility to extend beyond the second year.
As an Investment Analyst on our team, we expect you to be an active contributor, as your work is fundamental to our investment decision making. Initially, we do not expect you to possess deep investment knowledge. Instead, we rely upon your curiosity and initiative to help shape insightful analysis as we complete diligence on new – and existing – public and private investment managers. This diligence requires various quantitative and qualitative assessments, as you will analyze a manager’s portfolio construction and holdings; read their investor letters; participate in diligence calls and meetings with the manager; and importantly, actively engage in internal team discussions as we determine whether to make or maintain an investment, and if so, how much capital to invest.
You also will play an important role in preparing materials for our quarterly meetings with the Board of Managers, and for periodic meetings with our investing partners (BILH, CJP). These materials range in scope, and in the past involved projecting cash needs of our institutions; modeling portfolio risk; updating our investment pipeline and profiling managers of interest; and dissecting performance. We have experienced colleagues who can guide your efforts. And over time, we will look to the Investment Analyst to master existing analytical tools (e.g., Caissa, ILPA, Burgiss, etc.) and to recommend improvements, either in our analysis or in the software packages we use.
As importantly, we also look to an Investment Analyst to make meaningful contributions to the continued intellectual growth of the office. These contributions will likewise vary, and will range from active participation in meetings where you will be expected to think independently to leading discussion regarding a book we have selected to read as an Office.
The Investment Analyst position is an excellent opportunity to begin or build upon your investment career, as you will have exposure to some of the best investors in the world, across a variety of asset classes. As importantly, your successful contribution to the team will help further the mission of institutions which are critical to the delivery of healthcare locally, and to philanthropic efforts globally.
Experience – Recent college graduate or brief post-graduate experience
Education – Undergraduate degree with demonstrated achievement.
Interests – Broad, but with evidence of dedicated pursuit to an area of particular interest
Attributes – Curious, analytical, intellectually honest, persistent, team player
If you are interested in speaking with us, please submit your resume to the following email address: BILHIOrecruiting@BILH.org. Also, please include your responses to the following questions:
- Describe an important insight that you gained from something that you read, and how you incorporated this insight into your professional life.(In less than 200 words)
- In your first few months on the job, what questions would you ask, and to whom?(In less than 200 words)
- How do you think about investment risk?(In less than 200 words)
Please note, applicants must be currently authorized to work in the United States for any employer.