DESCRIPTION
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Under general direction of Chief Investment Officer, Alameda County Employees’ Retirement Association (ACERA) conducts complex research and analysis related to the retirement fund's investment operations, oversees the daily operations of the investment programs, and performs related duties as required by ACERA.
DISTINGUISHING FEATURES
This single position classification serves as a fiduciary and reports to the Chief Investment Officer, ACERA. The Investment Operations Officer is distinguished from the Chief Investment Officer in that the latter focuses exclusively upon the maximization of return on investment of ACERA funds by the implementation of the ACERA investment program, whereas the Investment Operations Officer is responsible for overseeing the various activities in the day-to-day functioning of the investment program. This classification supervises the classifications of Investment Analyst, ACERA, and administrative positions within the department.
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EXAMPLES OF DUTIES
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NOTE: The following are the duties performed by employees in this classification. However, employees may perform other related duties at an equivalent level. Each individual in the classification does not necessarily perform all duties listed.
- Monitors external investment managers and vendors (e.g. Investment consultants and custodian bank) for compliance with investment contracts, policy, and guidelines; prepares and summarizes Exception reports for the Chief Investment Officer’s review. Provides operational oversight of the investment managers and vendors.
- Serves as a primary internal resource to the Chief Investment Officer in the oversight and management of the operations and administrative functions of the ACERA investment portfolio to achieve the investment goals stated in the ACERA Investment Policy.
- Assists the Chief Investment Officer in successful implementation of the investment recommendations adopted by the Board of Retirement; monitors the progress of the implementation to ascertain that the above-mentioned investment recommendations are on track. Provides Exception report to CIO if appropriate.
- Supervises and manages investment staff to successfully complete their investment duties as defined by ACERA.
- Directs investment staff to analyze and research investment operations matters in accordance with ACERA’s policy and procedures. Conducts independent investment research and analyses of existing and prospective investment managers and vendors to evaluate and potentially enhance their ongoing and potential contributions to the ACERA portfolio.
- Provides oversight and is responsible for the operational needs of ACERA’s investment department including its monthly production and distribution for the Investment Committee Meeting, Board Meeting and all ad-hoc meetings.
- Conducts independent research and analyses of any investment-related matters deem appropriate by ACERA for an institutional investor such as ACERA.
- Assists Chief Investment Officer in researching, preparing, reviewing, and recommending any investment-related policies and procedures.
- Monitor, analyze, and project cash flow to anticipate fund expenditure requirements and maximize earning power of funds available for investment; ensures that the asset allocation plan is properly executed.
- Prepare standard RFP documents under the direction of the Chief Investment Officer, ACERA.
- Assists the Chief Investment Officer, ACERA, in the preparation of the Investment department budget to ensure adequate staffing and resources to meet the goals and objectives of the department.
- Recommend portfolio operation guidelines and procedures consistent with Investment Committee-approved mandate. Prepare and present understandable written and oral reports to the Investment Committee, Plan Sponsors or other groups as required.
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MINIMUM QUALIFICATIONS
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EITHER I
Experience:
The equivalent of three (3) years of full-time experience in the classification of Investment Officer, ACERA.
OR II
Education:
Graduation from an accredited college or university with a bachelor's degree in MINIMUM QUALIFICATIONS - continued Finance, Economics, or in Business Administration with an emphasis in Investments, Finance, Economics, or a related field.
AND
Experience:
The equivalent of seven (7) years of full-time experience in a financial institution, which has included investment operations in the following areas: institutional portfolio management, overseeing investment operations for a pension or endowment/institutional fund, portfolio level asset allocation, manager performance evaluations, managing custodial relationships, working with investment consultants and advisors, and compliance/audit issues. At least two (2) years’ experience must have been in a supervisory capacity.
Highly Desirable:
- A master’s degree in business administration.
- Certification as a Chartered Financial Analyst (CFA).
NOTE: The Civil Service Commission may modify the Minimum Qualifications in the announcement of an examination.
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KNOWLEDGE AND SKILLS
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NOTE: The level and scope of the following knowledge and abilities are related to duties listed under the “Examples of Duties” section of this specification.
Knowledge of:
- Word processing, spreadsheets, database management and other computer applications.
- Statistical and computer techniques/programs applicable to financial data in evaluating investment managers and portfolios.
- Investment management procedures and practices.
- Principles of finance, statistics, and administrative analysis.
- 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.
- Principles and practices of research methods and report preparation.
- The scientific method of solving problems.
Ability to:
- Establish and maintain professional relationships with members of the Retirement Board, ACERA staff, members of the Retirement Association, other governmental agencies, legal and investment professionals, and consultants.
- Demonstrate skills and experience in supervising, evaluating, and leading a diverse team of staff to motivate them to achieve the goals and mission of ACERA.
- Demonstrate experience and knowledge of principles of finance, statistics, investment analysis, research methods, and report preparation.
- Demonstrate knowledge, experience, and skills in investment management, theories, principles, procedures, and practices.
- Use spreadsheets and databases for analysis and presentation of information such as financial statements and budgets.
- Communicate effectively orally and in writing and exhibit strong interpersonal skills.
- Represent ACERA in meetings with others and interact with external service providers such as actuarial and investment consultants, attorneys for contract formulation and negotiation, custodians, and money managers.
- Establish written internal operating procedures and systems that assure knowledge transfer, institutional memory, and sufficiency of training materials.
- Understand and assess the quality, accuracy, and reliability of manager and consultant reports.
- Understand and assess the business risks associated with investment manager contracts, including fee structures and general compliance with contract terms such as MFNs.
- Understand and interpret laws, rules, and regulations governing the investment of public funds so as to oversee the investment/legal workload and processes.
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CLASS SPEC HISTORY
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Newspecs: 1349.doc
AM:cs
CSC Date: 1/9/13
TG:sa Revised/Retitled 05/26/2020
Old Title: Senior Investment Officer, ACERA
CSC Date: 06/03/2020
IL:saa Revision 01/23/24
CSC:03/06/2024
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BENEFITS
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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
- 1st 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.
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