Portfolio Manager, Sustainable Investment Strategies
Job Description and Duties
The CalSTRS Investments Branch is seeking an experienced individual to work as a Portfolio Manager in the Sustainable Investment & Stewardship Strategies Unit.
The Sustainable Investment & Stewardship Strategies (SISS) unit of the Investments Branch was established in 1978 to protect assets through good governance and operational accountability. The unit has three primary strategies: sustainability-focused investment strategies across public and private markets; stewardship activities concentrated on public policy and corporate engagement, and proxy voting; and strategic relations management with CalSTRS members and partners. The SISS unit also leads multiple efforts across the Investments Branch, including the Green Initiative Task Force, promoting environmental and climate risk integration; the Committee on Responsible Investment, overseeing the fund’s adherence to its Environmental, Social, and Governance (ESG) Risk Policy; and active participation on the Diversity Taskforce, promoting diversity in the financial markets.
Under the direction of the Director of Sustainable Investment & Stewardship Strategies (SISS), the Portfolio Manager (PM) provides a high-level of expertise in managing the implementation of CalSTRS sustainable investment strategies with a particular focus on private assets and the integration of material environmental, social and governance (ESG) issues across private asset classes. The incumbent will oversee due diligence efforts and implement comprehensive strategies supporting sustainable investing in private assets, both within a dedicated portfolio in the SISS team (the SISS Portfolio) and through close collaborations with Investment Branch colleagues in other private asset classes. This position requires the incumbent to exercise the highest degree of independence, confidentiality and discretionary judgment.
Responsibilities of the Portfolio Manager include:
- Developing and implementing a comprehensive portfolio construction strategy supporting the goals of the SISS private assets portfolio that meets or exceeds the total return objectives of the SISS Portfolio and the overall fund.
- Managing the implementation of the SISS unit’s sustainability-focused investment strategies in private assets, including initial priorities relating to affordable housing and low-carbon solutions.
- Planning, developing, and leading staff in the execution of private asset sustainability-focused investment transactions and overseeing the required portfolio monitoring and management.
- Contributing to program-wide strategy development and implementation efforts across the whole SISS Portfolio.
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 investment manager with broad private market experience as well as familiarity with public markets.
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:
- MBA, CFA, CAIA, or other industry certification
- Knowledge of investment principles and trends across multi-asset classes, specifically private assets
- Knowledge of environmental, social and governance issues, sustainable investing and/or impact investing
- Broad private market experience
- Co-investment experience
- Experience with portfolio construction
- Experience developing and implementing private market investment strategies
- Excellent written and verbal communication skills
- Ability to effectively contribute and influence investment decisions
- Ability to establish, maintain, and manage positive and professional working relationships at all levels both internal and external
- Ability to communicate complex ideas and information into cohesive written documents
- Ability to present information clearly to a wide variety of audiences, including the Teachers’ Retirement Board
- Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals
- Ability to manage competing priorities and effectively prioritize workload to ensure all deadlines are met
- Ability to lead, develop, and mentor staff
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.
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