MUST BE LOCATED IN THE STATE OF MICHIGAN
THE POSITION IS ABLE TO BE 60-80% REMOTE. AT LEAST ONE IN-PERSON DAY PER WEEK IS REQUIRED.
General Description, Duties and Responsibilities
The Investment Analyst performs a full range of research, analytical, and operational assignments required to manage the assets of the system. Under the general direction of senior staff, it will assist in the management of plan assets in accordance with the Investment Policy Statement(s), including asset allocation, portfolio management, and manager selection and monitoring. The Analyst provides assistance with performance reporting, financial reporting, operation management, and compliance monitoring. It will assist in coordinating applicable policies, product initiatives, procedures, and investment guidelines for the Office of Investments as well as coordinating with multiple departments regarding information requests for varying purposes. This position works under moderate supervision, with latitude for initiative and independent judgment.
Duties and Responsibilities
Reporting (Performance and Financial):
- Prepare information daily, weekly, monthly, and/or quarterly as required by the system
- Assist with preparing investment-related reports for dissemination to MERS Board, Investment Committee, and potential plan participants
- Review internally prepared reports to ensure information is up-to-date and accurate
- Prepare reports utilizing Bloomberg and the custodial bank’s online system
- Review monthly investment manager reports and report key information to senior staff
- Assist with the maintenance/improvement of the performance reporting system and produce reports relating to fund performance
- Effectively use investment analytics, management, and accounting tools, including Bloomberg, Zephyr, and custodial bank online accounting and database software
- Work with Office of Strategy and External Affairs, providing information on investment data and processes for customer presentations and information requests
- Provide information to Legal on all information requests, including FOIAs
- Provide information to internal and external auditors as requested
- Provide information to Finance to create the Comprehensive Annual Finance Report (CAFR), and other information as requested
- Update Participant Directed Accounts (PDA) and Institutional Funds return information for quarterly statements, fund sheets, and other publications as requested
- Assist in performance of daily cash reconciliation process
- Assist in setting up, approving, and verifying cash transfers
- Direct custodial bank regarding manager account postings when required
- Perform due diligence for custodial banks
- Assist in identifying and implementing process improvements, and identifying and removing operational barriers.
- Work with the custodial bank, external brokers, and MERS’ operation staff to ensure internal trades settle in a timely manner
Research and Analysis:
- Asset Allocation, rebalancing, liquidity, and performance monitoring and analysis
- Conduct quantitative and qualitative analysis of investment managers, sub-asset class, and asset class composites
- Analyze investment strategies to understand the relative risk and return of various marketable investments
- Provide oversight, monitoring, and reporting on existing investment manager relationships
- Conduct monthly and/or quarterly calls with existing managers
- Perform annual due diligence on external investment managers
- Conduct research and analysis for potential investment opportunities
- Monitor global capital markets and economic conditions
- Capital market research
- Formulate asset class risk and return expectation
- Conduct prospective manager due diligence and research
- Lead investment manager search process
- Perform preliminary and advanced work for the selection of potential investment managers/strategies along with senior management
- Risk management and analysis
- Conduct analysis of private investment asset classes such as private equity, real estate, and real assets
- Assist in the due diligence process for new fund investments and co-investment opportunities.
- Model and analyze deal structures for co-investment opportunities and direct investments
Internal Portfolio Management:
- Utilize software to monitor portfolio activity and positions and report findings to senior staff
- Assist in running portfolio optimization software to generate trade lists
- Work with external brokers to execute trade lists
- Coordinate the reconciliation of internally managed portfolios with the custodial bank
- Conduct performance attribution
- Assist in making buy/sell/hold recommendations
- Assist in the development and implementation of new internally managed equity and fixed income investment strategies
- Complete special projects as assigned by the Directors and/or the Chief Investment Officer
- Make regular presentations to the investment team, including approval recommendations to the MERS Investment Committee
- Draft detailed investment memoranda
- Develop improved functionality as technology permits
- Evaluation and recommendation of research services and selection of data sources
- Assist or make presentations to internal and external constituents
- May oversee activities of more junior staff
- Moderate travel as necessary to attend industry conferences and conduct onsite due diligence
Minimum Required Qualifications
- Bachelor’s Degree
- Zero to five years’ work experience in investment management, consulting, and/or similar roles is preferred
Licensure, Certification, or Registration:
- Bachelor’s degree in Business, Finance, Economics, or other quantitative field
- Pursuing the CFA designation or equivalent is strongly encouraged
- Investment concepts and methodology
- Microsoft Office and other business software to prepare correspondences, documents, spreadsheets, charts, and reports
- Organization and communication (oral and written)
- Excel modeling
- Attention to detail
- Work in a team setting and take direction from others
- Learn new technologies
- Effectively use investment analytics, management and accounting tools such as Bloomberg Professional and Zephyr
Briefly describe the types of decisions made by this position:
- Conducts research, analysis, and provides recommendations to the PRC and Investment Committee who makes the investment decision for the total portfolio. Investment analysts provide the analysis behind portfolio decisions that impact the movement of billions of dollars.
The physical demands described here are representative of those that must be met by an employee to perform successfully the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- While performing the duties of this job, the employee is occasionally required to stand; walk; sit; use hands to handle, or feel objects, tools or controls; reach with hands and arms; climb stairs; balance; stoop, kneel, crouch or crawl; talk or hear; taste or smell.
- The employee must occasionally lift and/or move up to 25 pounds.
- Specific vision abilities required by the job include close vision, distance vision, color vision, peripheral vision, depth perception and the ability to focus.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Location: All work of this position will be performed on site at MERS main office or remote work location.
- Weather: While performing the duties of this job, the employee is not exposed to weather conditions.
- Noise: The noise level in the work environment is usually moderate.