Associate Portfolio Manager – RMS Research and Risk Management
Job Description and Duties
The CalSTRS Investments Branch is seeking an experienced individual to work as an Associate Portfolio Manager in the Risk Mitigating Strategies unit.
The Risk Mitigating Strategies (RMS) asset class became a part of the total plan asset allocation in 2016. RMS seeks to construct a portfolio of positively returning strategies that provide protection to the total plan during deep and extended equity market downturns. RMS currently includes allocations to trend following, long-duration U.S. Treasuries, global macro and systematic risk premia.
Under the general direction of the Director of Risk Mitigating Strategies (RMS), the Associate Portfolio Manager is responsible for participating in the day-to-day management and implementation of existing and new investment strategies for the RMS portfolio, including the research, development and refinement of RMS strategies. This position is responsible for performing complex duties requiring an extremely high degree of independence and discretionary judgment.
Responsibilities of the Associate Portfolio Manager include:
- Participating in the management and implementation of existing and new investment strategies for the RMS portfolio, including the research, development and refinement of RMS strategies.
- Providing independent analysis and consultation and recommend the optimal allocation of capital across the RMS portfolio strategies and investment styles to build a diversified RMS portfolio to capture different sources of risk premium and provide insurance against equity market drawdowns.
- Monitoring and evaluate risk and return of the portfolio, strategy and underlying managers to see if they are advancing towards the RMS goals.
- Planning, developing and directing subordinate staff in the management of the strategies.
- Reviewing and monitoring risks within the RMS portfolio including, but not limited to, leverage, liquidity, drawdown and counterparty.
This position is eligible for incentive compensation and has a maximum incentive opportunity of 50% of base salary.
An Associate Portfolio Manager who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.
This position may require occasional overnight in state/out of state travel.
In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
- Undergraduate or advanced degree in Statistics, Finance, Business, Economics or a closely related field
- CFA, CAIA, or other industry certification
- Experience with hedge fund strategies
- Portfolio construction experience
- Experience conducting investment research and analysis
- Experience developing and implementing investment strategies
- Strong understanding of quantitative research process and methods to produce and interpret information
- Strong interpersonal skills
- High attention to detail
- Ability to work independently and exercise initiative and flexibility
- Ability to research, analyze, and interpret information
- Ability to present information clearly, both orally and in writing, to a wide range of audiences
- Ability to effectively analyze information to develop and present appropriate recommendations
- Ability to work independently, prioritize workload, and meet deadlines
- Ability to interact with various levels of internal and external professionals with tact and diplomacy
- Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
CalSTRS offers a competitive pay schedule and a work-life-balance for all its employees. The State of California provides comprehensive benefits packages determined by the employee’s bargaining unit and conditions of employment. Some benefits include:
- Alternative work schedules
- Flexible work hours
- Remote work options
- Medical benefits, including health, dental and vision insurance
- Paid holidays and a defined benefit retirement program
- More than four weeks of vacation/sick leave for leaders
- More than three weeks of vacation/sick leave for staff
- Health insurance in retirement
- Employee Assistance Program
- Loan forgiveness under the federal Public Service Loan Forgiveness Program
For the latest information on the benefits offered by the state of California, explore the Health Benefits Summary provided by CalHR.