| Description of Duties:
The Director of Alternative Investments assists in the planning, managing, and evaluation of the Alternative Investments program of the State Employees' Retirement System (SERS) in accordance with the State Employees' Retirement Code, other applicable state, federal, and international laws and regulations, and the SERS Statement of Investment Policy. The incumbent supports the Managing Director of Alternative Investments, Chief Investment Officer (CIO) and the Board in evaluating, formulating, and implementing investment policy, and makes recommendations on asset allocation, investment strategies, manager selections, appointments and terminations, and other matters relevant to the SERS investment program.
The Alternative Investments program represents a multi-billion dollar allocation of the SERS Fund, with significant impact on the long-run performance, stability, and liquidity of the SERS investment program. Close coordination and frequent communication with other asset class managing directors, the CIO, and the Board is required.
DESCRIPTION OF DUTIES:
Serves as the Director of Alternative Investments and shares in the fiduciary responsibility for successfully managing the SERS investment program and implementing and executing investment strategy within legal and policy guidelines.
Provides policy, strategy, and program advice to the Managing Director of Alternative Investments, CIO and SERS Board and is responsible for implementing the Alternative Investments program consistent with direction provided by the CIO and the Board. Works collaboratively in selecting, monitoring and evaluating investment managers. Ensures communication (written and oral) is of the highest caliber - describing high level technical investment issues and the supporting analysis in coherent and logical structure.
As a subject matter expert, provides input and guidance on the development and management of the Alternative Investments program. Develops procedures to monitor and measure investment performance and risk exposures in the Alternative Investments program, as well as diversification among constituent sub-asset classes. Utilizes industry "best practices" in managing the Alternative Investments program.
Ensures the SERS Alternative Investments program complies with the State Employees' Retirement Code, other applicable state, federal, and international laws and regulations, and the SERS Statement of Investment Policy. Works closely with external fund managers. Oversees the research, evaluation, and selection of Alternative Investments managers and aligns Alternative Investments mandate selection with the organization's overall objective and risk tolerance.
Utilizes understanding of macro and micro economic issues to develop and articulate Alternative Investments investment strategy and provides informed assessment of the economy, markets, and global issues to internal and external stakeholders.
Plans, implements, and evaluates the Alternative Investments program, consistent with delegated authority from the Managing Director of Alternative Investments and Board-approved Investment Policy, and assists in the supervision of the external management of Alternative Investments assets.
Sources, evaluates, and recommends fund managers and level of fund commitments, as well as dispositions of funds with support of outside consultants, as necessary, to the Managing Director of Alternative Assets for Board consideration and approval.
Monitors and evaluates investment performance, risk exposure, and guideline compliance of SERS Alternative Investments fund managers, reports significant events and compliance violations to the Managing Director of Alternative Investments, and recommends changes in program strategy and fund manager status, as warranted.
Serves as principal contact for SERS Alternative Investments fund managers as delegated by the Managing Director of Alternative Investments, issuing instructions on investment guidelines and coordinating contributions and withdrawals to fund managers.
Assists in the planning, development, coordination, and maintenance of a cash flow analysis to ensure understanding of liquidity needs and impacts.
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.
As required, represents the SERS Investment Office at Board meetings during consideration of matters dealing with the Alternative Investments investment program.
Performs all related duties as required.