Head of Investment Operations
Job Description and Duties
The CalSTRS Investments Branch is seeking an experienced individual to work as Head of Investment Operations in the Investment Operations unit.
Investment Operations’ primary function is to provide middle-office support for internal and external portfolio activities by performing pre-settlement portfolio controls, cash and trade management, cash flow analysis, portfolio and total fund reporting, and by partnering with the asset classes to align operational services for the successful implementation of the Investment Policy and Management Plan.
Under the general direction of the Director of Investment Services, the Head of Investment Operations provides investment management and operational expertise for all aspects of the middle office operations of the Investment Branch. The incumbent interacts extensively with CalSTRS’ senior investment staff, investment committee and strategic internal and external business partners. The incumbent acts in a leadership role to provide operational expertise and knowledge to support the Investment Policy and Management Plan and other asset class/investment strategy policies. The incumbent will support, contribute, and facilitate the Investment Office values and culture within their unit and across the Branch.
Responsibilities of the Head of Investment Operations include:
- Ensuring middle office support for internal and external portfolio activities are effective, such as pre-settlement and post trade portfolio controls, cash and trade management, cash flow management, and portfolio/total fund reporting.
- Responsible for the oversight and review of custodial risk and operational risk throughout the Investment Branch.
- Actively participating as part of the senior leadership team in the Investment Branch, including the development and maintenance of a successful culture.
- Overseeing the Investment Business Continuity Plan (IBCP), including acting as a primary responder and critical team member.
- Overseeing and coordinate the investment technology initiatives related to the Investment Branch’s network, communication links, external investment service providers and various investment applications.
This position is eligible for incentive compensation and has a maximum incentive opportunity of 125% of base salary.
A 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.
The ideal candidate will be a strong leader, exceptional communicator, and skilled project manager with experience overseeing middle office operations.
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:
- Possession of a bachelor’s or advanced degree in Finance, Business, Economics, or a closely related field
- CFA, CAIA, or other industry certification
- Knowledge of investment principles and trends across multi-asset classes
- Strong understanding of middle office investment operations
- Experience managing a team
- Experience managing various types of business risk
- Project management experience
- Excellent written and verbal communication skills
- Ability to lead, coach, develop, and mentor staff
- Ability to effectively analyze information to make decisions efficiently
- Ability to present information clearly, both orally and in writing, to a wide range of audiences
- Ability to work independently, prioritize workload, and meet deadlines
- Ability to successfully multi-task in a fast-paced environment and re-direct job focus when needed
- Ability to interact with various levels of internal and external professionals with tact and diplomacy
- Ability to represent CalSTRS in the investment industry
- Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
- Ability to maintain a high degree of diplomacy and tact while interfacing with a wide range of staff and external stakeholders
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.