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This position is eligible for participation in NYSTRS’ Flexible Work Pilot Program.
A TRS Investment Officer 2 in the Public Equities Department of the NYS Teachers’ Retirement System will perform a variety of analytical and administrative duties in support of the investment and management of the New York State Teachers’ Retirement System’s (NYSTRS) multi-billion dollar public equities portfolio. They will perform investment activities related to the initial and ongoing due diligence of externally managed strategies. Also, when required, they will provide analytic support for internally managed equity strategies, and administrative support in the day-to-day operation of both externally and internally managed equity strategies. This position will require some travel.
A bachelor’s degree and three years of professional experience either directly engaged in, or in support of, trading and/or portfolio management. This experience must have included at least two years of experience in one of the following: trading public equities for a buy-side organization, broker dealer or public pension plan; utilizing portfolio management tools; utilizing portfolio management concepts, specifically risk management, portfolio construction and performance attribution; managing public market equity investments, including direct portfolio management and oversight of externally-managed portfolios; or investment research stock selection.
Substitutions: A master’s degree in Business Administration or a closely related field may substitute for one year of experience; successful completion of all three levels of the CFA exam may substitute for one year of experience; holding a Certificate in Investment Performance Management may substitute for six months of experience.
A maximum of one year of experience substitution is permitted.
• Advanced degree in finance, accounting, business administration, economics, statistics or a related field
• Chartered Financial Analyst designation; or willingness to pursue the CFA designation
• Practical experience gained as a member of a selection and monitoring team in the public equity asset class across a wide variety of strategies. Such strategies may include: domestic and international investments, fundamental and quantitatively driven strategies, value and growth strategies and across market capitalization.
• Familiarity with screening manager databases like eVestment and analyzing portfolio performance and risk using Factset
• Four or more years of experience in making written recommendations and presentations to a search committee, investment committee or similar oversight group
• Strong written and verbal communication skills
• Strong analytical ability (e.g. design, implement and interpret backtests and statistical models; and interpret and explain multi-factor model risk reports) and familiarity with Barra, Northfield and Factset Portfolio Analysis software
• Self-motivated with the ability to work independently but also as a team player
• Knowledge of scripting languages like VBA for Microsoft Office and Outlook to enhance productivity, or knowledge of a statistical programming language like R is a plus
• Commitment to providing exceptional customer service
• Excellent interpersonal skills
The TRS Investment Officer 2-Public Equities will be responsible for, but not limited to, the following duties:
• Under the direction of the Manager of Public Equities – External Strategies or his designee(s), the NYSTRS Investment Officer 2 will assist with the manager search effort by: screening public equity manager databases for potential candidates, conducting qualitative and quantitative analyses of prospective managers and related strategies, participating in manager interviews and site visits, and documenting due diligence and recommendations
• Assist the team in the preparation, review, or presentation of investment and manager related material for meetings with the Investment Advisory Committee, Retirement Board, or the Internal Investment Committee
• Partner with other team members to routinely review, write up, and present performance attribution, holdings-based risk and portfolio analyses, and investment guideline compliance of existing managers. Write up observations and flag issues requiring additional follow-up with any managers.
• If requested, review sector carve-outs of internally managed portfolios for companies with important headlines or pending corporate actions. Validate the data integrity and quantitative model forecasts of companies within that sector
• Contribute to investment research projects as requested
• Assist with the contracting process for newly hired managers, as well as when contracts are bilaterally modified by NYSTRS and an existing manager
• Assist with the custodial account opening and closing processes for recently hired or terminated managers
• Conduct a comprehensive annual review of each external manager currently in the public equities portfolio and assist in the annual contract renewal process
• Review and archive audited financial statements, regulatory filings, presentations, and other important, manager-related documents
• Verify and process manager fee payables on a timely basis
• Review research databases or periodicals for information pertinent to NYSTRS’ external investment managers
• Track emerging issues, and escalate issues to management when necessary
• Assist with all aspects of transition management, portfolio rebalancing, cash raises, and manager terminations as requested
• Document and update written departmental policies and procedures
• Assist with the preparation of annual budget materials
• Attend conferences to build relevant knowledge and expertise
• Participate in other investment or administrative tasks or projects as requested or as needed