Friday, July 18, 2014

Manager - Public Markets, Caltech - Pasadena

Manager - Public Markets, Caltech - Pasadena

Please, only apply if you meet all the Basic Qualifications, including:

  1. * Do you have five years of experience as an equity manager of managers? This experience would likely be gained in a foundation, endowment, family office, plan sponsor or investment consultant environment.
  2. * Are you able to travel some (around 25%) both domestically and internationally and have personal flexibility in work hours? (Weekends are required based on workload.)
Job Summary
Reporting to the Senior Director of Investments, with direct exposure to the Chief Investment Office, the Manager of Public Markets (“Manager”) will play a key role for the Investment Office overseeing development of the $1 billion global public debt and equity markets portfolio and enhancing the portfolio’s risk management policies and procedures. In this function the Manager will be expected to seek and recommend the best performing asset managers that fit with Caltech’s investment objectives.

The Manager will be responsible for monitoring and understanding global market and economic conditions and developing intermediate and long-term portfolio strategies and allocations which optimize the portfolio risk/return equation consistent with the Institute’s risk profile and return requirements. The Manager, in conjunction with the Senior Director of Investments, will oversee development of both a long-term “strategic” asset allocation as well as a shorter-term “tactical” allocation which may deviate from the strategic allocation from time to time.

In addition, the Manager will oversee manager selection, on-going monitoring and portfolio construction of the public markets portfolio which consists of generally long-only domestic, international developed and emerging markets equity managers. The Manager will have deep knowledge of high quality global investment managers and be familiar with various resources (Morningstar, Bloomberg, industry contacts, etc.) which can provide leads to identify new managers to meet and/or explore hiring.

The Compensation will be competitive and dependent upon skills, experience and qualifications. Compensation will be composed of a competitive base salary and participation in an annual multi-factor bonus pool.

Job Duties
• Proactively identify, meet with, evaluate and potentially recommend new public markets investment managers from around the globe. Develop and execute thorough due diligence practices and procedures. Develop and implement overall public markets portfolio strategy.
• Rigorously review and monitor the performance of existing investment managers. Develop evaluation criteria and maintain an active watch-list/termination protocol.
• Proactively analyze and assess investment strategies and ideas that will allow Caltech to be a leader and stay ahead of the investment crowd. Identify in advance “what can go wrong”, early warning signs, and mitigation plans/exit scenarios.
• Build on a good network within the money management world. Knowledge of new managers, spinouts from existing managers, and an “ear to the ground” to know when there may be issues with existing managers. Effectively and proudly represent Caltech in the marketplace at manager meetings, conferences and in the community.
• Be a leading contributing member of the Caltech investment team. Exchange investment ideas and trends for public markets and other asset classes if appropriate.
• Collaborate with the Director of Investment Operations in developing and executing best practices in back office operations.
• Other duties as assigned.

Preferred Qualifications
• Advanced university degree (Master’s or equivalent) in business administration, finance and/or economics. Chartered Financial Analyst (CFA) designation is very desirable.

Basic Qualifications
• Five years of experience as an equity manager of managers. This would likely be gained in a foundation, endowment, family office, plan sponsor or investment consultant environment.
• Demonstrated investment judgment and perspective on how to manage a public equities portfolio.
• Demonstrated ability to analyze, assess and question portfolio dynamics from investment strategies to individual investment ideas/holdings.
• Demonstrated ability to manage managers – rigorously reviews and monitors the managers’ work. Delves into the appropriate details and asks the right questions. Experience as a fundamental investor, with the ability to incorporate quantitative evaluations and measures together, would be a positive.
• Exhibits understanding of risk management concepts and techniques, quantitative methods of analysis; knowledge of a wide range of asset classes, financial instruments and strategies; knowledge of asset allocation, modern portfolio theory, and manager analysis; strong understanding of portfolio construction.
• Demonstrated superior communication and interpersonal skills and ability to work closely with Caltech’s small investment team. Must be a clear and concise writer. While not overly formal, Caltech’s investment review process is thorough, deep and written. Ability to develop written material for Investment Committee members and communicate with them effectively when called upon.
• Demonstrated ability to: think critically (“healthy skepticism”) and strategically, cut through complexity, and synthesize and articulate complex strategies in a simple, meaningful, jargon-free fashion.
• Demonstrated ability to work on projects in a team environment in a small office and work with and meet established deadlines.
• Ability to act independently with a willingness to put in the effort to achieve a high quality product on-time without constant supervision.
• Act like an owner: we are all responsible for the success of the Investment Office and do what needs to be done to ensure that success.
• Excellent analytical, quantitative and research skills; excellent written and oral communication skills.
• Enthusiasm for institutional investments, capital markets and overall global economic environment. Highly intelligent, and willing to be challenged and challenge others (respectfully). Ability to synthesize large amounts of often-conflicting information and recommendations and then develop a concise “point of view”.
• Impeccable honesty and integrity.
• The ability to handle multiple assignments often with competing priorities and tight deadlines.
• Some travel (around 25%) and personal flexibility in hours/weekends are required based on workload.

Please, only apply if you meet all the Basic Qualifications

To apply:

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