Organizational Area: Office of the Chief Investment Officer
Location: Oakland, CA
Posting Salary: Commensurate with experience
Position Summary: The Office of the Chief Investment Officer ('UC Investments' or the 'Office') is responsible for managing the University of California's retirement, endowment, working capital, and cash assets under the policies, guidelines, and performance benchmarks established by the Board of Regents. The mission of the Office is to implement those policies and guidelines by selecting, executing, and monitoring investment strategies designed to add value over the benchmarks within a risk-controlled framework.
The Office adheres to high ethical as well as professional standards in serving the investment management needs of its constituency and the Chief Investment Officer has full investment discretion.
The leadership of the Office of the Chief Investment Officer is responsible for the oversight and management of various asset classes by creating and monitoring relationships with new and existing external partners, and creating risk and investment guidelines for these partners. The Investment Officer plays an important role in the implementation of the tasks associated with the goals, responsibilities, and successful outcomes for the Office. As a member the Absolute Return team, the Investment Officer will assist in the selection, evaluation and ongoing assessment of external partners and investment opportunities. In addition, the Investment Officer will independently monitor and report on industry trends, and work with the Office of the CIO Risk Management Group to manage investment risks. The Absolute Return program is meant to provide diversification to the portfolios that allocate to it. It has the objective of generating attractive risk-adjusted real returns over the long-term that are largely independent from broader market moves.
In consultation and collaboration with the Senior Managing Director and the Absolute Return Team, the Investment Officer will assist in the recommendation of investment partners, co-investments, special situations/opportunistic investments, and to a lesser extent, direct investments. This includes assisting in the sourcing, researching, evaluation, negotiating, structuring and ongoing assessment of these investments. In addition, the Investment Officer will also perform related industry, strategy and market research, to find opportunities that offer prospectively attractive risk adjusted returns. Finally, the Investment Officer will assist in the preparation of reports and presentations to stakeholders as well as working with the data, risk, legal and operations teams to ensure seamless monitoring of the portfolio.
UC Investments has a small team that believes strongly in collaboration. In addition to supporting the Absolute Return team, the Investment Officer will also collaborate with colleagues across the entire Team (e.g. Public Equities, Fixed Income, Private Equity, Real Assets, Real Estate, Risk, Operations and Legal).
Special Conditions of Employment: Travel Travel outside of normal business hours
Other Special Conditions of Employment: Successful completion of a background check is required for appointment to this critical position.
Job Close Date:
Duty 1: - Lead due diligence process on prospective investments from beginning to end. This includes but is not limited to:
--researching, sourcing, and generating unique investment markets, strategies, ideas, and opportunities, and making recommendations for selection based on portfolio fit and appropriateness,
--canvassing the landscape; networking and sourcing potential partners most suited for the opportunity,
--evaluating management teams, ascertaining investment risks, and liaising with operations and legal teams to understand operational and legal risks,
--executing legal documentation, and collaborating with internal teams to onboard investments.
- Deliver high quality analysis and research as part of the due diligence and clearly articulate findings and recommendations to the Senior Managing Director and Absolute Return Team in a timely fashion.
- Independently source unique investment opportunities, and generate investment ideas.
- Develop and maintain a network of peers and specialists in order to identify suitable potential investment partners, relevant vendors, and service providers, as needed.
- Write clear and concise independent investment recommendations based on due diligence.
- Participate in the negotiations and structuring process with analysis to optimize outcomes and ensure adherence to the Regent's policies.
- Be a key contributor to the Absolute Return team's discussions on merits and risks of investments. In addition, bring portfolio construction views to the Absolute Return team for discussion and review. The Investment Officer is expected to have meaningful comments on the portfolio and demonstrate sound investment decision making skills.
- Maintain active involvement with investment partners. This includes at a minimum participating in annual onsite meetings and quarterly updates with each partner. Attend additional annual meetings on behalf of the Absolute Return team as needed. Be able to speak in depth about each relationship and investment.
- Prepare and maintain standardized investment reports on investments in the portfolios, as well as those under consideration, and make recommendations for decision-making purposes.
-Identify relevant vendors and service providers as needed to conduct due diligence on investments. Function:Investment Management Percent: 50
Duty 2: - Gather market intelligence, identify trends and communicate the findings of such insights to the Absolute Return Team.
- Lead or support due diligence within the research process on investments under consideration and provide guidance to Analysts on their due diligence efforts.
- Conduct independent fundamental research and analysis in the due diligence process to identify and monitor the key performance indicators of investments.
- Lead the document and legal review process and ensure all aspects of closing an investment are being met from a relationship and business point of view. Function:Research Percent: 30
Duty 3: - Utilize problem-solving skills to analyze investments on a risk adjusted basis.
- Assess risk factors associated with assigned investment opportunities.
- Be able to have a dialogue with the Senior Managing Director or Chief Investment Officer on the overall impact of an investment on the risk / reward of the entire portfolio.
- Collaborate with Absolute Return and Risk team to proactively monitor and evaluate risks and exposures of the Absolute Return portfolio and its underlying investments. Function:Risk Reporting Percent: 10
Duty 4: - Provide research and analytical support as needed.
- Lead projects and assignments, as requested. These projects may include but are not limited to: providing performance attribution, creating presentation materials, project management and drafting memos and letters. Function:Additional Duties Percent: 10
Job Requirements MBA / CFA and more than 7 years of experience or an equivalent combination of education and experience.
- Ability to generate both qualitative and quantitative independent analysis.
- Plan and manage projects in their entirety and ensure they are delivered on time.
- Demonstrated sound judgment to ask informed and discerning questions both internally and externally to seek desired information or understanding.
- Ability to clearly articulate investment decision process and results to the Senior Managing Director and Chief Investment Officer in a timely fashion.
- Ability to prioritize multiple tasks with little to no guidance.
- Demonstrate a strong working knowledge of the hedge fund industry and the various strategies.
- Demonstrate sound investment judgment.
- Intellectual curiosity.
- Ability to make investment decision with incomplete information.
- Ability to develop investment forecasts and modify decisions based on updated forecasts and changing data points.
- Demonstrate original thinking.
- Demonstrate proficiency at relationship management and the ability to build and utilize extensive personal network of industry contacts.
- Provide guidance and supervision to other team members.
- Work in a collaborative and consultative environment. Ability to know when to act independently on decisions and when to share and seek feedback as a team.
- Strong technical skills that can be applied to developing original models as well as reviewing the technical work of other team members.
- Excellent oral and written communication skills. Required
- Knowledge about the University's investment policies and processes; asset allocation guidelines and benchmarks.
About us The University of California, one of the largest and most acclaimed institutions of higher learning in the world, is dedicated to excellence in teaching, research and public service. The University of California Office of the President is the corporate headquarters to the ten campuses, five medical centers and three Department of Energy National Labs and enrolls premier students from California, the nation and the world.
The University of California is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, age or protected veteran status.
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About University of California Office of the President
The Office of the President is the systemwide headquarters of the University of California, managing its fiscal and business operations and supporting the academic and research missions across its campuses, labs and medical centers.