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Investment Division

Recruitment #23-005086-0001


The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension 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.

The Agency is seeking a committed leader to serve as the Chief Operating Officer (COO) in the Investment Division.  The Chief Operating Officer reports directly to the Chief Investment Officer(CIO) and will be an active member of the senior management team as well as responsible for managing a team of twelve professionals in the areas of investment accounting, cash management, middle- and back-office functions associated with internal trading, corporate governance, ESG and DEI initiatives, proxy-voting, compliance and procurement.

This is a Management Service position that is key to enabling a mission-driven team of investment professionals. The Investment Division is a team of results-focused, creative problem solvers who work together with the Board of Trustees, consultants and asset managers to provide a secure base of assets to pay the current and future benefits for the underlying 400,000 members, retirees and beneficiaries.

This position serves at the pleasure of the Appointing Authority.


MSRP 0015


120 East Baltimore Street
Baltimore, Maryland 21202

Main Purpose of Job

Reporting to the CIO, the Chief Operating Officer guides the Investment Division’s workflow strategy and organization of all essential business processes and is responsible for operational effectiveness. The COO provides leadership, management and the understanding of processes and performance needed to achieve the agency’s short-term and long-term goals. Responsible for developing an annual Business Plan and attaining performance goals, the COO works in collaboration with the Chief Investment Officer, Deputy CIO, and Managing Directors and integrates key support functions like human resources and information technology.

The COO leads the improvement of the Investment Division’s operational strategies, is responsible for building high-performing team functions, and provides oversight and improvement of processes and support technologies.

Responsibilities of the Investment Division Chief Operating Officer include oversight of the preparation of financial statements for inclusion in the Systems Annual Comprehensive Financial Report based on GASB standards; the monthly closing of accounting books; the review and reconciliation of management fees; and the ongoing management of the custodial bank contract and relationship. 

This position provides critical oversight of investment operations activity including trade settlement, position reconciliation, and cash flow processing. A strong attention to detail is needed. 

The candidate should have prior experience with managing, mentoring, recruiting and evaluating a talented team of accountants and operations experts. 

In addition, the candidate should expect to collaborate with other members of the senior management team to make recommendations to the Chief Investment Officer for the effective management of the Division.


  1. Lead a team of twelve professionals in the areas of investment accounting, cash management, middle- and back-office functions associated with internal trading, corporate governance, ESG and DEI initiatives, proxy-voting, compliance and procurement.
  2. Develop effective organizational processes, functions, and structures that maximize performance and align with division strategies and objectives.
  3. Measure and evaluate critical operational and functional processes; identify opportunities for improvement and best practice implementation, leading to streamlined workflow, operational efficiencies, and cost reductions.
  4. In collaboration with the Chief Investment Officer and Deputy Chief Investment Officer, prepare and submit an annual business plan, as well as a 5-Year strategic plan, and provide strategies to manage effectively to these plans.
  5. Drive team performance to achieve the business plans’ goals and initiatives.
  6. Perform in-depth quarterly reviews in conjunction with other senior leaders to promote success by developing action plans to correct unfavorable performance and remove operational and process barriers.
  7. Provide critical oversight of investment operations activity including trade settlement, position reconciliation, and cash flow processing.


  • Graduation from an accredited four-year college or university with a bachelor’s degree

  • Minimum of eight years of progressive operational managerial experience in the financial services industry


Preferred Qualifications

A productive and successful candidate will have some if not all of the experiences listed below to be able to manage the ongoing activities in this very busy unit: 

· Institutional multi-asset investment accounting and operations experience. 
· Experience in all functions and phases of operations in an investment or financial organization. 
· Familiarity with the Bloomberg trade order management system. 
· Demonstrated experience in a plan sponsor environment. 
· Knowledge of Governmental Accounting Standards Board standards. 
· Bachelor’s degree in Accounting, Finance, Economics, Mathematics or similar technical field 
· Supervisory experience of one or more individuals. 
· Master’s degree in Business, Finance or related field.


Please make sure that you provide sufficient information on your application to show that you meet the minimum qualifications 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 online access is not available, you may mail a paper application and supplemental questionnaire (by the closing date) 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 410-767-9587.

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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