| Description of Duties:
The Managing Director of Investment Operations serves as a senior investment executive in the Investment Office and assists the Chief Investment Officer in executing SERS' Statement of Investment Policy and the objectives of SERS Annual Investment Plan. This senior executive plans, manages, and evaluates a wide range of investment operational and administrative functions supporting the SERS investment program, and has delegated authority to establish appropriate policies, procedures, and guidelines for the management of investment and operational risk in the SERS investment program. The incumbent plans and implements policies, procedures, and systems to measure, monitor, and manage investment and operational risks across the entire investment program, supports development of asset allocation recommendations, performs investment manager due diligence and on-site audits, manages internal compliance requirements, manages the corporate governance program, monitors securities lending activities, reports investment performance of all asset classes and the total fund, reviews actuarial and investment reports, oversees all investment funding and redemption activities, develops and executes the Investment Office budget, maintains Investment Office records, and directs administrative support activities.
The Managing Director of Investment Operations ensures the implementation of its program Mission and Objectives, develops performance standards for and evaluates performance of staff, and provides development and training for staff.
DESCRIPTION OF DUTIES:
Risk Management: Responsible for designing, developing, and operating a risk management program to monitor, measure, and manage investment and operational risk in the SERS investment program. Independently evaluates the risk of asset classes and across the total plan to ensure that risk exposures are consistent with the SERS Statement of Investment Policy and the Annual Investment Plan. Must continually monitor risk exposures and report concerns as well as plan, recommend, and implement improvements in the risk governance system, including appropriate analytical tools. As part of risk management, must ensure that all investment portfolios comply with SERS Statement of Investment Policy and operate within established investment manager guidelines.
Asset Allocation: Participates in the annual asset / liability study and setting asset allocations for the Annual Investment Plan. Determines and reports sources and uses of cash and total fund liquidity. Makes recommendations on when asset allocation rebalancing is required.
Compliance Monitoring, Corporate Governance, and Due Diligence: Responsible for managing internal compliance and audits of the investment program. Manages corporate governance program and proxy voting activities of SERS. Conducts due diligence and on-site audits of investment managers to ensure their back-office operations and internal control activities meet SERS' requirements.
Investment Operations: Manages relationships with the operations personnel of custodians, investment managers, consultants, and other outside providers of investment services on matters related to cash management, accounting, securities lending, special investments, discrepancy resolutions, and other issues dealing with investment operations. Oversee and track all funding activities, including new funding and redemptions, capital calls and distributions, accuracy of investment manager fees, and account setup and closings. Oversee and assist in the development of investment reports for submission to the Pennsylvania State Senate and House appropriation hearings. Review SERS Comprehensive Financial Report to verify its accuracy. Review SERS actuarial reports to verify if results are consistent with expectations.
Operating Policies and Procedures: Responsible for developing and maintaining policies and procedures dealing with all aspects of investment management and operations to ensure best practices are applied for Fund operations and governance.
Performance Measurement and Reporting: Report investment performance of all asset classes and the total fund. Oversee generation and delivery of quarterly performance reporting to SERS' Board by coordinating with the investment managers, performance consultant, alternative investment consultant, real estate consultant, and custodian. Ensure that valuation and investment performance discrepancies reported by custodians and investment managers are resolved. Produce accounting and fund management reports, including asset allocation, risk management reports, and investment review reports. Reporting must be both timely and completed in a way that is not overly laborious. Manages all investment reporting to senior management and external parties, and is responsible for producing supporting materials for the SERS Board.
Information Systems Support: Develop and maintain management information systems used in SERS Investment Office. Manages internal and external parties to ensure such tools provide timely, accurate, and relevant information to exercise effective management control.
Budget Formulation and Implementation: Responsible for formulation, development, and implementation of the SERS Investment Office budget. Responsible for coordinating with the SERS Finance Office and the integration of the budget within the overall SERS budget and for providing supporting analysis, data, and justification as may be requested by internal and external parties.
Administrative Support: Provide direction to staff performing administrative activities.
Travel is required to conduct due diligence; satisfy fiduciary requirements; discuss pertinent issues with key fund manager and consultant personnel; to attend annual fund manager meetings, participate in investor advisory board meetings, to observe resources, operations, controls; and to learn of new ideas and capabilities.
This position is identified as essential, as such, the incumbent may be required to report to or remain at work when there is a declaration of an office closing, emergency or disaster. This position has a high level of decision-making responsibility for the agency and/or the incumbent's assigned area and may be involved in discussions during an office closing, emergency or disaster to determine whether any critical business functions must continue at the time of the declaration. Therefore, this position must be available or reachable by telephone twenty-four hours a day, seven days a week.
Performs the full range of supervisory responsibilities.
Participates in subordinates work consistent with operational and organizational requirements.
Performs all related duties as required.