County of Alameda

DESCRIPTION

Under general direction, the Chief Investment Officer assists the General Manager, ACERA, the ACERA Investment Committee and the ACERA Board of Retirement in the formulation, evaluation and implementation of investment policies, guidelines, asset allocation, investment managers’ structure risk management and rebalancing; performs related duties as required.

DISTINGUISHING FEATURES

This single position classification reports to the General Manager, ACERA. The Chief Investment Officer focuses exclusively upon the maximum of return investment of ACERA funds by assisting in the implementation of the ACERA investment program and is not responsible for benefits or accounting operations. It is distinguished from Retirement Benefits Manager by the latter’s focus upon the management of staff who provide direct and responsive services to ACERA clients. Chief Investment Officer, ACERA, is distinguished from Retirement Accounting and Operations Manager by the latter’s focus upon the administration and efficient functioning of ACERA’s internal operations.

EXAMPLES OF DUTIES

NOTE: The following are the duties performed by the incumbent in this classification. However, the incumbent may perform other related duties at an equivalent level.
Each individual in the classification does not necessarily perform all duties listed.

1. Serves as the primary resource to the General Manager for manager performance evaluation, attribution analysis, manager oversight, contract compliance, consultant liaison, master custodian relationships, cash management, transactions analysis, and proxy voting.

2. Helps formulate asset allocation recommendations, develops and evaluates policies and strategies, and evaluates asset managers.

3. Provides independent performance measurement and attribution analysis, as desired.

4. Makes recommendations concerning the appropriate use of investment consultants and other outside resources. Coordinates the work of and acts as liaison for consultants with ACERA management and the Board.

5. Supervises investment manager searches, including evaluating proposals, conducting manager interviews, analyzing fund performance and investment management style, conducting site visits, and making recommendations for manager selection to the Investment Committee and the Board.

6. Makes recommendations with respect to the evaluation and/or termination of investment managers as required.

7. Conducts or oversees the analysis, evaluation and recommendation of new investment vehicles and trading procedures to ACERA management, the Investment Committee and the Board.

8. Assumes primary staff responsibility for proxy voting and shareholder activities as directed by the General Manager. Develops and maintains direct and ongoing communication with companies, investment management firms and other potential and current organizations in which ACERA has or may invest funds.

9. Prepares and presents relevant understandable written and oral reports to and conducts workshops for the ACERA Board, County Board of Supervisors, retirees, employees or other groups as directed.

10. Monitors activities of ACERA’s custodian bank and foreign correspondent banks and coordinates investment activities with ACERA’s internal managers.

11. Implements and monitors service contracts with custodian bank, consulting and investment firms, etc., to ensure compliance with contract terms. Monitors reporting and proof of insurance requirements and facilitates contract renewals.

MINIMUM QUALIFICATIONS

Education:

The equivalent of graduation from an accredited four year college or university (180 quarter units or 120 semester units) with major coursework in economics or finance or related field. Highly desirable: A Masters Degree in Business Administration; certification as a Chartered Financial Analyst (CFA).

AND

Experience:

The equivalent of five years increasingly responsible experience in the financial service industry with direct experience in institutional portfolio management and overseeing investments for a pension fund. Direct experience with portfolio level asset allocation, manager performance evaluation and managing custodial relationships and experience working with investment consultants and advisors.

NOTE: The Civil Service Commission may modify the above Minimum Qualifications in the announcement of the examination.

KNOWLEDGE AND SKILLS

NOTE: The level and scope of the following knowledge and abilities are related to duties listed under the "Example of Duties” section of this specification.

Knowledge of:

• Investment management procedures and practices.
• Institutional portfolio construction and management.
• Pension or endowment community, including use of outside investment managers, consultants, and policy responsibilities with an Investment Committee or Board.
• Statistical and computer techniques/programs applicable to financial data in evaluating investment managers and portfolios.
• Sources of data for analyzing securities and market trends.
• Diversified securities and available markets.

Ability to:

• Evaluate external investment managers’ and consultants’ performance.
• Identify potential investment opportunities suitable for the institutional portfolio.
• Understand and assess the quality, accuracy and reliability of manager and consultant reports and the application of such data.
• Communicate clearly and persuasively with diverse groups; e.g., corporate management, ACERA Board members, investment management firms, employee/retiree groups.
• Write clearly, concisely and persuasively about technical subject matter.
• Understand and assess the quality, accuracy and reliability of manager and consultant reports.
• Prepare and present persuasive oral presentations.
• Extremely strong interpersonal skills.
• Isolate critical investment data to assess financial risk of investment options.
• Use of spreadsheets and database for analysis and presentation of information.

CLASS SPEC HISTORY

SA:jc
8/8/97
Rev. 10/97
AE:sw Rev. 12/2/97
Old doc: 1345
New doc: Jobspecs/1345.doc
ys/12/00
CSC Date: 12/3/97
DRH:pf Rev/Retitle: 12/10/01
[OLD TITLE: Investment Officer, ACERA]
CSC Date: 1/30/02

BENEFITS

Alameda County offers a comprehensive and competitive benefits package that affords wide-ranging health care options to meet the different needs of a diverse workforce and their families. We also sponsor many different employee discount, fitness and health screening programs focused on overall well being.  These benefits include but are not limited to*:

For your Health & Well-Being

• Medical – HMO & PPO Plans
• Dental – HMO & PPO Plans
• Vision or Vision Reimbursement
• Share the Savings
• Basic Life Insurance 
• Supplemental Life Insurance (with optional dependent coverage for eligible employees)
• Accidental Death and Dismemberment Insurance 
• County Allowance Credit
• Flexible Spending Accounts - Health FSA, Dependent Care and Adoption Assistance
• Short-Term Disability Insurance
• Long-Term Disability Insurance
• Voluntary Benefits - Accident Insurance, Critical Illness, Hospital Indemnity and Legal Services
• Employee Assistance Program

For your Financial Future

• Retirement Plan - (Defined Benefit Pension Plan)
• Deferred Compensation Plan (457 Plan or Roth Plan)

For your Work/Life Balance

• 12 paid holidays
• Floating Holidays
• Vacation and sick leave accrual
• Vacation purchase program
• Management Paid Leave**
• Catastrophic Sick Leave
• Pet Insurance
• Commuter Benefits Program
• Guaranteed Ride Home
• Employee Wellness Program (e.g. At Work Fitness, Incentive Based Programs, Gym Membership Discounts)
• Employee Discount Program (e.g. theme parks, cell phone, etc.)
• Child Care Resources
• 1^st United Services Credit Union 

*Eligibility is determined by Alameda County and offerings may vary by collective bargaining agreement.  This provides a brief summary of the benefits offered and can be subject to change.

** Non-exempt management employees are entitled to up to three days of management paid leave. Exempt management employees are entitled to up to seven days of management paid leave.