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Chief Investment Officer

Employer
North Carolina State University
Location
North Carolina, United States
Salary
Salary Not specified
Posted Date
Apr 29, 2022

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Position Type
Administrative, Business & Administrative Affairs, Financial Affairs
Employment Level
Executive
Employment Type
Full Time
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Chief Investment Officer


Posting Number: PG191642EP
Internal Recruitment: No
Working Title: Chief Investment Officer
Anticipated Hiring Range: Commensurate with Education and Experience
Work Schedule: 8:00 AM - 5:00 PM, Monday - Friday
Job Location: Raleigh, NC
Department: Foundations Accounting & Investments

About the Department

Foundations Accounting and Investments (FAI), under the direction of the University Treasurer, is responsible for providing investment, financial reporting, budgeting, accounting and corporate governance oversight for seven (7) University-related foundations, the NC State Investment Fund, Inc. (NCSIF), the Endowment Fund of NC State University, the Alumni Association, the NC State Partnership Corporation, nine (9) active subsidiary LLC's and a for profit subsidiary of one of the foundations. Each of these entities provides substantial resources in support of the University through its various colleges. As of June 30, 2021, these responsibilities included approximately 13,000 funds with a combined market value in excess of $2.4 billion and an endowment of $2 billion that will contribute $64 million in spending for fiscal 2023.

Essential Job Duties

The Chief Investment Officer is an HR and administrative report to the Senior Director of the department, the Assistant Treasurer for many of the university's foundations, to ensure effective use of shared services and coordination of functions provided to the same Associated Entities of NC State. The Office of Investments is a unique unit within the Department of FAI, and it has investment responsibility and investment oversight for approximately 13,000 funds with a combined market value in excess of $2.4 Billion.

The Chief Investment Officer, with four other employees (two senior analysts, one investment professional, and one other professional), manages the investment team and office and oversees the due diligence and recommendations associated with managers in three separate portfolios that hold the majority of the endowment attributable to NC State and a significant portion of operating reserves of the university and its various associated entities. The three key portfolios include the NC State Investment Fund, NC State Intermediate-Term Fund, and the Sustainable and Responsible Investment Fund. The Chief Investment Officer also provides general investment advice and consultation to senior university leadership on other investment matters.

The largest portfolio (the NC State Investment Fund) is heavily outsourced to UNC Management Company, a manager for approximately 80% of the long-term pool. The other 20% of the NCSIF is in the form of cash; a small, but growing private equity program managed in consultation with an outside partner; and a passive policy portfolio. The Intermediate-Term Fund is comprised of actively traded, largely fixed income, institutional quality funds. The SRI fund is overseen by the Chief Investment Officer working collaboratively with the University Treasurer to manage a small, but diversified portfolio comprised of ESG (Environmental, Social, and Governance)-type strategies.

Working with the University Treasurer and the Senior Director of Foundations Accounting and Investments (FAI), the Chief Investment Officer provides investment guidance for a small Planned Giving Assets program managed by an outside planned giving administrator. He/she/they also work collaboratively with the Senior Director of FAI to oversee the investment decisions of the Associated Entities' operating cash holdings in accordance with the operational/financial needs and investment policies established by the respective Boards.

The Chief Investment Officer provides guidance to staff in the Office of Investments as they conduct quarterly and annual due diligence, research possible new managers, monitor market changes, and develop new investments strategies. The Office of Investments oversees a regular schedule of due diligence monitoring of the various GPs associated with the portfolios. The Chief Investment Officer works collaboratively with staff under the direction of Foundations Accounting and Investments (FAI) in the Associated Entity Office who manage the financial operations associated with investments, and handle investment transactions, investment accounting, and capital calls.

The Chief Investment Officer, along with the University Treasurer and the Vice Chancellor for Finance and Administration, is an officer of the NC State Investment fund, the central pooled investment vehicle that invests the long-term assets of NC State's Associated Entities.

The Chief Investment Officer acts collaboratively with senior university leadership to plan for the adequacy of human capital and financial resources in the Office of Investments. A specific budget is provided each year for the Office's operating needs. The Chief Investment Officer will be a prudent manager of funds and resources, with a keen respect for staff retention efforts, collaborative thinking, and fostering a positive office climate and culture.

As an agent on behalf of the Treasurer and the Assistant Treasurer(s) of various organizations, the Chief Investment Officer has the ability to bring recommendations to the various boards on their behalf.

Working with the University Treasurer and the Senior Director of Foundations Accounting and Investments (FAI), the Chief Investment Officer (CIO) provides investment guidance for a small Planned Giving Assets program managed by an outside planned giving administrator. He/she/they also work collaboratively with the Senior Director of FAI to oversee the investment decisions of the Associated Entities' operating cash holdings in accordance with the operational/financial needs and investment policies established by the respective Boards.

Portfolio Management (60%)

• A significant portion of the position is devoted to overseeing the due diligence and tracking of three key portfolios: NCSIF long-term pool at $1.75 billion, the SRI portfolio at $78 million, and the Intermediate-Term Fund at $344 million.
• The position oversees the closely held stock program developed through the Office of Technology Transfer and keeps the Senior Director of Foundations Accounting and Investments and the University Treasurer updated about any developments.
• The largest portfolio (the NC State Investment Fund) is heavily outsourced with 80% of the long-term pool managed in the UNC Investment Fund. The other 20% of the long-term pool of the NCSIF in February 2022 includes a Blackrock LPP of $238 million, a small, but growing private equity program managed in conjunction with an outside private equity consultant; and cash.
• In addition to the long-term pool the Office, oversees the managers of the Intermediate-Term Fund, a portfolio comprised of actively traded, largely fixed income, institutional quality funds that stood at $344 million on December 31, 2021.
• Oversees the $78 million SRI fund, working collaboratively with the University Treasurer to manage a small, but diversified portfolio comprised of ESG-type strategies. The Chief Investment Officer presents opportunities and makes recommendations for proposed changes.
• Assets under in-house discretion were $400 million of long-term portfolio investments and $350 million of fixed-income investments.
• Working with the University Treasurer and the Senior Director of FAI, the Chief Investment Officer provides investment guidance for a small Planned Giving Assets program of $25 million, managed by an outside planned giving administrator.
• Works collaboratively with the Senior Director of FAI to oversee the investment decisions of the Associated Entities' operating cash holdings in accordance with the operational/financial needs and investment policies established by the respective Boards.
• Evaluates the discretionary portion of the Office of Investments' portfolios to determine any changes in strategy stemming from market changes or manager changes.
• Improves key process points and standard operating procedures that drive the review of managers and portfolios.
• Continually evaluates the risk and opportunities in the portfolios, implements key risk indicators, and is able to present a coherent case for any proposed changes based on underlying risks.
• Develops recommendations for any changes in investment strategy, and presents the respective governing board, or key decision-makers.
• Works collaboratively with operations staff in Foundations Accounting and Investments to assess the financial impact of desired investment strategies and outcomes.


Communications (10%)

• Supports the Treasurer's communications within the University and foundation governing boards.
• Produces annual activities reports for the NCSIF and the SRI portfolio (the financial audits and all other financial reports are produced separately by the Associated Entity Office).
• Serves as a key spokesperson for the Office of Investments at industry conferences, while developing the professional staff to encourage their participation.
• Act as a key contact with external investment professionals who manage the portfolio, or with external consultants who assist in managing the portfolio.
• Regularly communicates with key constituencies on portfolio performance.


Partnerships and Governance (10%)

• Acts as Secretary for the NC State Investment Fund, interacting regularly with the Board of Directors to discuss and plan potential meeting agendas and establish good governance practices in corporate records.
• Supports the Advancement function at NC State through meetings requested with potential donors to describe investment strategy and performance.
• Provides support to the academic faculty and students at NC State through collaborative work with the Student Investment Clubs, and the Office of Investments internship program.


Administration of the Office of Investments (20%)

• Leads and manages the Office of Investments' professional staff (currently five positions and two interns).
• Oversees HR for the Office of Investments, working through the department's HR function.
• Oversees the management of Office websites and communications, working with Instructional Designers, IT, and FAI staff to develop joint training materials and communications relating to investments.
• Oversees and manages the staff processes of due diligence and conviction scorecards.
• Oversees the storage of information pertaining to portfolio reviews and the performance of underlying managers.
• Manages the Office of Investments operating budget to achieve the strategic goals of the Office in a cost-effective manner, making strategic decisions about Investment Management software and associated technology to assist with portfolio tracking.

Other Responsibilities: Other duties as assigned.

Qualifications

Minimum Education and Experience:
Master's degree in accounting, business management, or finance, or an equivalent combination of education and experience is required with 7-10 years of investment, or related, experience.

Other Required Qualifications:
The successful candidate will have a keen understanding of global capital markets, strong quantitative and exceptional communications skills.

Preferred Qualifications:
A master's degree in economics, finance, business administration or a related field, and at least 10 years of industry experience is preferred. Significant industry experience in private equity management, asset management, or work at other university endowments may offset the requirement for an advanced degree. In the absence of an advanced degree, other credentials such as the CFA would be preferred.

Required License(s) or Certification(s): N/A
Valid NC Driver's License required: No
Commercial Driver's License required: No

Recruitment Dates and Special Instructions

Job Open Date: 04/13/2022
Anticipated Close Date: Open until filled.
If Interested, please apply: https://apptrkr.com/3038598

Special Instructions to Applicants:
In addition to your application please submit a resume/CV, cover letter, and the contact information for at least three (3) professional references.

Position Details

Position Number: 00065061
Position Type: SAAO Tier II
Full Time Equivalent:(FTE) (1.0 = 40 hours/week)1.00
Appointment: 12 Month Recurring
Mandatory Designation - Adverse Weather: Non Mandatory - Adverse Weather
Mandatory Designation - Emergency Events: Non Mandatory - Emergency Event
Is this position partially or fully funded on ARRA stimulus monies? No
Department ID: 492001 - Foundations Accounting & Inves

AA/EEO
NC State University is an equal opportunity and affirmative action employer. All qualified applicants will receive consideration for employment without regard to race, color, national origin, religion, sex, gender identity, age, sexual orientation, genetic information, status as an individual with a disability, or status as a protected veteran.

If you have general questions about the application process, you may contact Human Resources at (919) 515-2135 or workatncstate@ncsu.edu. Individuals with disabilities requiring disability-related accommodations in the application and interview process, please call 919-515-3148.

Final candidates are subject to criminal & sex offender background checks. Some vacancies also require credit or motor vehicle checks. Degree(s) must be obtained prior to start date in order to meet qualifications and receive credit.

NC State University participates in E-Verify. Federal law requires all employers to verify the identity and employment eligibility of all persons hired to work in the United States.

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