State of Connecticut Executive Branch

Principal Investment Officer (8489VR)

$0.01-$478.93 Hourly / $0.00-$0.00 BiWeekly /
$1.00-$999,999.00 Yearly

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Office of the State Treasurer this class is accountable for performing the most complex tasks in managing one or more investment programs or trust funds including monitoring, reporting, evaluating and recommending investment opportunities for public or private market investments and for risk management oversight of the assets of the retirement plans and trust funds.

GUIDELINES FOR JOB CLASS USE

The PFM Investment classes are structured into successive levels, which are distinguished based on the complexity, variety, scope, and independence of the responsibilities assigned and the size of the staff managed. The Principal Investment Officer manages complex programs and/or trust funds.

The class has administrative responsibility for the Connecticut Retirement Plans and Trust Funds (CRPTF). Individual positions serve as the subject matter expert over their assigned investment area(s) listed below in adherence with all aspects of the Investment Policy Statement.
  • PUBLIC MARKETS
  • RISK MITIGATION
  • LIQUIDITY
  • PRIVATE MARKETS
  • OPERATIONS
  • RISK MANAGEMENT

SUPERVISION RECEIVED

Receives administrative direction from a higher-level investment professional.

SUPERVISION EXERCISED

Supervises professional and clerical staff.

EXAMPLES OF DUTIES

  • Performs investment-related tasks necessary for the administration and operations of the CRPTF within the Pension Funds Management Division;
  • Directs the staff and operations of an investment program unit; 
  • Monitors and reviews unit activities and evaluates performance of staff; 
  • Coordinates, plans and manages unit activities; 
  • Coordinates with the Chief Investment Officer to develop and implement policies through preparation and execution of investment strategies; 
  • Develops and implements long and short term plans to achieve fiscal and economic integrity of state investment programs; 
  • Conducts feasibility reviews and presents the merits and risks of investment opportunities to the Chief Investment Officer and Treasurer and makes recommendations; 
  • Maintains close contact with government and private sector officials (e.g., consultants, money managers, General Partners, external managers, clients of the Investment Division, etc.); 
  • Monitors world and market events and other factors which could affect investment programs; 
  • Performs research and analyses of economic indicators in investment markets to project trends and their impact on the investment programs; 
  • Supervises or conducts periodic reviews of on-going investment programs and recommends adjustments or changes in strategy as required; 
  • Monitors regulatory, legal, statutory and other rule-making entities for potential changes that may affect the investment landscape and prepares position statements, testimony, comment letters and investment recommendations as appropriate; 
  • Initiates, supervises, conducts and/or coordinates due diligence of potential investments, external investment managers and vendors and makes the appropriate recommendations; 
  • Supervises the maintenance of records; 
  • Performs complex analysis of financial statements, investment valuations, and scenario modeling of investment holdings; 
  • Prepares reports requested by the Treasurer, Deputy Treasurer, Chief Investment Officer, or Deputy Chief Investment Officer; 
  • Prepares and executes the investment pacing plans for private market strategies;
  • Negotiates the business aspects and investment guidelines of investment contracts;
  • Oversees investment contracts, investment policy and guideline compliance;
  • Assists in screening, selection and monitoring of external investment managers and investment vehicles;
  • Participates in the recruitment and hiring of staff, including outreach, interview and selection;
  • Responsible for preparation, analysis and reporting of the annual review for each combined investment fund;
  • Recommends risk management strategies to meet policy objectives;
  • Manages risk exposure in line with the asset allocation plan;
  • Initiates and implements compliance programs to ensure that the CRPTF is in adherence to its investment policy and legal contracts;
  • Develops and implements best practices for investment risk management;
  • Ensures transactions are properly posted to master custodian systems;
  • Performs performance attribution, compliance with capital call and distributions requests;
  • Performs complex holdings based and returns based modeling of CRPTF investment positions;
  • Recommends portfolio construction of each Combined Investment Fund to meet its policy objectives;
  • Recommends and/or implements tactical rebalancing by asset class;
  • May present data relevant to assigned investment program to the Investment Advisory Council; 
  • Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

  • Considerable knowledge of
    • investment practices and procedures; 
    • specific disciplines required for performance of duties (real estate, private equity, public equity, fixed income, liquidity, risk management, operations, etc.); 
    • and ability to apply management principles and practices;
  • Considerable
    • interpersonal skills; 
    • oral and written communication skills; 
  • Considerable ability to
    • analyze and evaluate investment alternatives; 
    • prepare financial and analytical reports; 
    • plan and maintain appropriate controls and records of investment transactions; 
  • Supervisory ability.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Fourteen (14) years of experience performing investment functions specific to the assigned area in an investment management, pension, endowment, accounting, or equivalent environment.

MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED

College training in a closely related field to the assigned area may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years for a Bachelor’s degree.

CHARACTER REQUIREMENTS

In addition to the checking of references and of facts stated in the application, a thorough background investigation of each candidate may be made before persons are certified for appointment.

APPOINTMENT

Appointed by the State Treasurer in accordance with Section 3-13a of the Connecticut General Statutes.

COMPENSATION GUIDELINES

Compensation for this class shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with the Investment Advisory Council.

NOTE: Incumbents in this class are subject to the policies governing appointed officials. Incumbents are not subject to Section 5-210 of the C.G.S.

JOB CLASS DESIGNATION

Unclassified

OCCUPATIONAL GROUP

(01)-Accounting/Auditing

BARGAINING UNIT

(01)-EXEMPT/ELEC/APPOINT

EEO

(1)-Officials And Administrators

SALARY INFORMATION

VR 99

ACKNOWLEDGEMENT

As defined by Sec. 5-196 of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all inclusive of every task and/or responsibility.

CANCELLATION CLAUSE

This replaces the existing specification for the class of Principal Investment Officer assigned to Salary Group VR 99 approved effective July 1, 2023. (Revised to modify content. Reviewed in accordance with Connecticut General Statute § 5-200a.) Item No. 24-134

EFFECTIVE DATE

10/08/2024
CLASS: 8489VR; EST: 7/12/1991; REV: 10/10/2024;