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Sr. Investment Analyst II MSRP

Fixed Income, Currencies and Commodities

Recruitment #22-005037-0001


The Maryland State Retirement Agency (the “Agency”) is the administrator of the Maryland State Retirement and Pension System (the “System”).  The System is a multi-employer, public employees’ benefit retirement system composed of twelve (12) separate retirement and pension systems with additional plan components, covering approximately 245,000 active members and more than 160,000 retires and beneficiaries.

The Agency’s Investment team is both results driven and creative problem solvers who work together to manage a global multi-asset portfolio and to provide a secure base of assets to pay the current and future benefits for the underlying retirees and beneficiaries. The Investment Division is committed to providing a comprehensive work environment that will give the investment team members a complete understanding of the institutional investment process and to provide a diverse and inclusive workplace that embraces both analytical and creative thinkers.

The Agency is seeking a qualified and committed investment professional to serve as a Senior Investment Analyst in the Fixed Income unit of the Investment Division.  The Senior Investment Analyst reports directly to the Managing Director of Fixed Income and will be an active member of the Investment Division. This individual will work collaboratively with the Fixed Income team and will assist in the sourcing, evaluating, recommending, executing and monitoring of portfolio investments.

This is a Management Service position and serves at the pleasure of the Appointing Authority.


MSRP 0009


120 East Baltimore Street

Baltimore, Maryland 21202

Main Purpose of Job

This is a unique opportunity to support the management of a private credit portfolio and the public fixed income portfolios • The Senior Investment Analyst will contribute to the outperformance of all relevant FICC (Fixed Income, Currencies and Commodities) portfolios or investments. • The Senior Investment Analyst’s primary focus will be the private credit portfolio and its on-going investment program. • The Senior Investment Analyst’s primary responsibilities will include researching, sourcing, performing due diligence, managing execution of legal documents, drafting investment recommendations and monitoring existing private credit investments. • The Senior Investment Analyst will contribute to portfolio construction research, design, and implementation with a focus on private investments. • The Senior Investment Analyst will contribute to the development of an annual strategic plan for private credit investments including targeted exposures, commitment pacing and reporting to relevant stakeholders. • The Senior Investment Analyst may assist with developing macroeconomic and asset allocation forecasts to aid the System in its tactical sector allocation decisions and (less frequently) with performing analyses relevant for the System’s Strategic Asset Allocation decisions.


This individual will work collaboratively with the Fixed Income team to support the overall investment program.

The Senior Investment Analyst will perform the following duties: 
· Collaborate with the other Investment Analysts, the Portfolio Managers, and the Managing Director to support the private credit portfolio efforts and to perform other tasks as assigned. 
· Manage documents in the internal system (familiarity with Code Red or similar CRM software is desirable). 
· Perform timely and accurate data management regarding capital calls and distributions (familiarity with Burgiss or similar software is desirable). 
· Conduct research on investment ideas; track and model investment performance and exposures; maintain communications with managers, consultants, peer groups and other information sources to remain current with new developments, including new strategies and fund raising/co-investing activity. 
· Assist the Managing Director in preparing presentation materials for Investment Division staff or for the Board of Trustees’ Investment Committee meetings. 
· Contribute to all Fixed Income team objectives as assigned or as needed. 
· Perform due diligence of potential investments and strategies including fund investments and co-investment. 
· Some travel may be required, both domestic and international. 
· This individual will facilitate manager meetings, attend conferences, collaborate with consultants and other internal asset class teams to inform and enhance the investment decision making process including tactical and strategic planning. 
· Support the development and implementation of strategy related to overall fixed-income investment process, including active participation in daily and weekly meetings.  Proactively contribute ideas and relative value analyses for broad fixed income markets. 
· Communicate routinely with the Investments team on private credit portfolio developments, characteristics, strategy and tactics. 
· Communicate with other members of the fixed income team to exchange ideas on developments in the fixed income markets and share market intelligence; track market performance to have a well-developed basis for relative value recommendations. 
· Understand fixed income holdings and strategy objectives to recognize opportunities as they appear in the market and effectively communicate those ideas and opportunities. 
· Assist Portfolio Managers with management of legal negotiations, investment closings and other legal document execution.  This individual will review and monitor cash flow activity across internal and external portfolios and ensure collaboration and data sharing between internal operations, risk systems, custodians, administrators, and consultants. 
· May assist with developing macroeconomic and asset allocation forecasts to aid the System in its tactical sector allocation decisions and (less frequently) with performing analyses relevant for the System’s Strategic Asset Allocation decisions. 
· Assist in the ongoing development and improvement of portfolio management, trading, and reporting systems.


Education:  Graduated from an accredited four-year college or university with a bachelor’s degree

Experience:  Relevant experience in investments or finance


The key criteria for success in this position include quantitative analysis skills, a willingness to learn, strong interpersonal skills, attention to details, and the capacity to use critical thinking to solve problems. Candidates should be confident, persuasive, and able to make recommendations in an uncertain environment.

A successful candidate will have some of the experiences listed below to enable the Investment Analyst to carry out the responsibilities noted above:   

  • Experience at a pension, endowment, foundation, or other institutional investment organization. 
  • Someone who thrives in a team environment with minimal supervision. 
  • Knowledge of a broad opportunity set in private credit markets, private manager selection principles, business terms negotiation best practices, and private investments pacing models and portfolio construction methods.  
  • Previous experience in the due diligence, selection and execution process for private credit investments in an institutional asset management buy-side firm . 
  • Knowledge of risk management, including tools and strategies to manage idiosyncratic, systematic, and interest rate risks. 
  • Strong understanding of performance and risk attribution.  

Desirable software skills: Proficient level in Microsoft Excel, Word, and PowerPoint; proficient with Bloomberg, CRM system such as Code Red, Burgiss and Aladdin. 


Please make sure that you provide sufficient information on your application to show that you meet the minimum for this recruitment.  All information concerning your qualifications must be submitted by the closing date.  We will not consider information submitted after this date.

Successful candidates will be ranked as Best Qualified, Better Qualified, or Qualified and placed on the employment (eligible) list for at least one year.  This list will be used by the hiring agency to select employees. 

For education obtained outside the U.S., a copy of the equivalent American education as determined by a foreign credential evaluation service must accompany the application. 

Due to the confidential nature of the work, selected candidates must undergo and pass a background check.


The examination will consist of a rating of your education, training, and experience as presented on your application and as they relate to the requirements of the position.  You may be asked to complete a supplemental questionnaire.  The supplemental questionnaire may be used as part of the rating process.  Therefore, it is important that you provide complete and accurate information on your application.



The online application process is STRONGLY preferred. If you are unable to apply online, you may mail a paper application to:  

        DBM/Recruitment & Examination Division  

        301 West Preston Street, Room 608   

        Baltimore, MD 21201 

Please include a cover letter and resume.  All mailed documents must include the applicant's name and the job number and must be received by the closing date. Resumes will NOT be accepted in lieu of completing the application. 

If you have any questions concerning the recruitment process for this position, please call 410-767-6352.

TTY Users: call via Maryland Relay 

As an equal opportunity employer, Maryland is committed to recruiting, retaining and promoting employees who are reflective of the State’s diversity.  People with disabilities and bilingual candidates are encouraged to apply. 

We thank our Veterans for their service to our country and encourage them to apply.

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