Organizational Area: Office of the Chief Investment Officer
Location: Oakland, CA
Posting Salary: Salary is commensurate with education and experience.
Position Summary: In consultation with the Senior Managing Director, responsible for Real Estate investment activities with responsibility for achieving Real Estate investment performance targets. Participates with the Chief Investment Officer and the Regents to establish strategic plans and objectives. Manages the activities of the investment staff. Reviews and approves recommendations for investment strategies. Monitors performance for adherence to approved objectives. Erroneous decisions have a serious impact on the overall success of the performance of investments. In consultation with the CIO, select and oversee external Real Estate investment managers.
The Office of the Chief Investment Officer's (OCIO) leadership is responsible for the oversight and management of various asset classes by creating and monitoring relationships with existing managers, evaluating and selecting new external managers, and creating risk and investment guidelines for external managers. The Director plays an important role in the implementation of the tasks associated with the goals, responsibilities, and successful outcomes for the office. As a member of a specific asset class group, the Director will be responsible for the selection, evaluation and ongoing assessment of external managers in a subset of the Real Estate ('RE') portfolio. The Director will independently monitor and report on industry trends, and work with the OCIO's Risk Management group to minimize investment risks.
Special Conditions of Employment: Travel Travel outside of normal business hours
Other Special Conditions of Employment: Successful completion of a background check required.
Job Close Date:
Duty 10: Maintain active involvement with the assigned RE Separate account and commingled fund portfolio. This includes attending annual meetings, having at least one conference call or face to face meeting each quarter with each manager, written documentation of communications with managers including annual meetings, reviewing quarterly financial statements and understanding any significant valuation or policy changes.
Attend additional annual meetings on behalf of the RE team as needed. Be able to speak in-depth about each assigned fund. Bring investment ideas and or opportunities to the RE team for discussion and review. The Director is expected to source new investment opportunities and lead investment decisions on the Separate Account and commingled fund mandate and portfolio.
Write clear and concise independent investment recommendations based on thorough due diligence.
Take the lead role in legal negotiations and funding investments to ensure the Regent's policies are adhered to.
Create and implement processes to meet internal and external auditors' needs on an ongoing basis.
Recommend investments and terminations for managers in the RE portfolio as necessary. Conduct appropriate research and analysis to support recommendations.
Prepare and maintain standardized investment reports on fund managers in the portfolios, as well as those under consideration, and make recommendations for decision-making purposes.
Prepare board materials summarizing performance, portfolio positioning and relevant industry news. Function:POLICY, ANALYSIS AND REPORTING: Percent: 40
Duty 20: Lead due diligence on prospective Separate Account investments from beginning to end. This includes assessing the investment strategy, management team, investment risks, property valuations and strategy of each asset, reference calls, etc. The Director is expected to be able to provide fundamental analysis and research as part of the due diligence and will clearly articulate findings and recommendations to the Managing Director and Chief Investment Officer.
Conduct independent, fundamental research and analysis to identify and monitor the performance of commingled fund and Separate Account managers.
Identify industry trends and market intelligence and communicate the findings of such insights to the RE group.
Lead due diligence on investments under consideration and make appropriate decisions with respect to the Separate Account and commingled fund portfolios. Function:RESEARCH Percent: 40
Duty 30: Utilize problem-solving skills to analyze investments on a risk-adjusted basis.
Assess risk factors associated with assigned investment opportunities.
Propose solutions to the Managing Director and Chief Investment Officer on the overall impact of an investment on the risk reward of the entire portfolio.
Work with Senior Managing Director of Risk Management to ensure proper guidelines are being followed. Function:RISK REPORTING Percent: 15
Duty 40: Mentor and train the Investment Officer(s) and/or Senior Analyst(s).
Provide research and analytical support to the Treasurer's Office 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.
Work with heads of Fixed Income, Private Equity, Real Estate, Real Assets and Public Equities to bring creative solutions to investment opportunities that overlap with multiple asset classes Function:OTHER Percent: 5
Job Requirements Salary is commensurate with education and experience.
MBA/CFA and 8 or more years of experience or an equivalent combination of education and experience.
Demonstrated ability to identify critical information; the ability to quickly research and collect pertinent information, to integrate essential information, and to use that information to define and test options and alternatives.
Ability to generate both qualitative and quantitative independent analysis. Plan and manage projects in their entirety and ensure they are delivered on time. Having the ability to know the right questions to ask both internally and externally to seek desired information or understanding.
The demonstrated ability to develop recommendations and justification for the most productive course of action. This requires insightful and creative skill in reasoning and logic, and in quantitative analysis. Ability to clearly articulate investment decision process and results to the Managing Director and Chief Investment Officer in a timely fashion. Ability to independently prioritize multiple tasks.
Excellent interpersonal skills as demonstrated by the ability to interact with others in a consistently positive manner, exercise discretion and tact, and gain consensus in an environment where others may have strongly conflicting ideas and goals. Demonstrate proficiency at relationship management and the ability to build and utilize extensive personal network of industry contacts. Required
Excellent verbal and written communication and presentation skills, including the demonstrated ability to articulate ideas and issues clearly and persuasively to a variety of audiences. Prepare and/or edit complex reports involving logical and quantitative analysis, so that it is clearly understandable by both technical and lay readers and effectively advances and justifies a specific proposal or set of recommendations.
Provide guidance and supervision to other team members. Ability to know when to act independently on decisions and when to share and seek feedback as a team.
Demonstrate sound investment judgment: - Ability to make investment decisions with incomplete information. - Knows when to seek advice or help from others. - Ability to develop investment forecasts and modify decisions based on updated forecasts and changing data points. - Ability to independently source, review and recommend investment opportunities with a sound investment decision making process. - Accountable for full scope of activity in sub-asset class and independent investment decisions. - Ability to demonstrate proficient portfolio construction skills on the Separate Account portfolio. - Ability to integrate the Separate Account portfolio strategy into global RE program strategy. - Demonstrate original thinking. Required
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