OFFICE OF THE COMPTROLLER
Deputy Chief Investment Officer and Head of the ETI Portfolio
OFFICE OF THE COMPTROLLER, New York, New York, us, 10261
Deputy Chief Investment Officer and Head of the ETI PortfolioOFFICE OF THE COMPTROLLER
Full-Time
Location:
MANHATTAN
No Exam Required
Department:
Asset Management
Salary Range:
$300,000.00 – $334,000.00
Job DescriptionThe New York City Comptroller’s Office works to promote the financial health, integrity, and effectiveness of New York City government, in order to strengthen trust, secure a thriving future for all New Yorkers, and build a more just, equitable, and resilient city. Led by an independently elected citywide official, the comptroller’s office provides checks and balances needed to hold City government accountable for budgeting wisely, investing responsibly, operating efficiently, acting fairly, living up to its obligations and promises, and paying attention to the long-term challenges we face together.
WHAT MATTERS TO US: As a workplace driven by our values, we are: Principled, Collaborative, Communicative, Equitable, Transformative, and Innovative.
The Bureau of Asset Management (BAM) is responsible for oversight of the investment portfolios of the five New York City pension systems. Through a culture of collaboration, individual development, and teamwork that leverages diverse talent and strives for continuous improvement, the goal of the Bureau of Asset Management is to achieve exceptional investment outcomes for all stakeholders; to deliver outstanding support to plan Trustees; and to serve as a responsible steward of the resources of plan beneficiaries and the City of New York.
Reporting directly to the Chief Investment Officer, the Deputy Chief Investment Officer (DCIO) will be a member of the BAM senior leadership team and a voting member of the Investment Committee. The DCIO will lead the Economically Targeted Investment (ETI) program and will have oversight over the Diverse and Emerging Manager and Brokerage programs and the broader ESG program, including Corporate Governance and ESG Due Diligence.
Economically Targeted InvestmentsThe Systems are authorized to deploy 2% of the total portfolio (up to $5.4 billion in 2024) towards Economically Targeted Investments (ETIs) – investments that return an appropriate risk-adjusted rate of return while also creating collateral benefits for the residents of New York City and its surrounding counties. The Systems have operated an ETI program, focused largely on affordable housing, for many years. They now seek to invigorate and expand this work through targeted investments in affordable housing, green investments, small business lending, and more.
The DCIO will provide visionary leadership to architect and implement this reinvigorated program. In partnership with the BAM senior leadership including the Asset Class Heads, the Systems’ trustees, and the Systems’ consultants the DCIO will further develop the Systems’ ETI thesis and investment priorities to establish a comprehensive approach to ETIs. The DCIO will build a staff of ETI professionals who will work with the System’s trustees and their consultants, as well as the asset class teams, to identify and recommend investments as well as monitor the portfolio.
Diverse and Emerging Manager ProgramThe Systems are at the forefront of growing investment in diverse and emerging investment management firms. The value of diversity in a thriving and inclusive economy is well-documented – and that holds particularly true in the investment industry. A diverse range of expertise and perspectives enhances performance and drives excess returns for investment portfolios. Despite this, minority- and women-owned (MWBE) investment firms and smaller asset managers have been significantly underrepresented in investment management for many years, a trend that must change. In 2023, Comptroller Lander announced a strategic effort to expand the Systems’ investments in diverse and emerging firms. It is anticipated that through this strategic expansion, 20% of the pension funds’ US-based, actively managed assets will be invested with high quality MWBE investment management firms by 2029. The DCIO will oversee this effort led by our Director of Diverse and Emerging Manager Strategy and will collaborate with each Asset Class Head to identify diverse and emerging managers that are well-fit for the Systems’ portfolios. This initiative supports us in fulfilling our fiduciary duty to the pensioners, ensuring strong risk-adjusted returns while promoting diversity and inclusion in the investment industry.
Environmental, Social, and Governance (ESG) ProgramOur Environmental, Social, and Governance program, known as ESG, is a critical area of our work and an essential part of the investment process. The DCIO will oversee this effort led by our Chief ESG Officer. We have an obligation to pay benefits to NYC public servants for decades to come, and this means that we are singularly focused on generating sustainable long-term risk-adjusted returns for our beneficiaries. Our ESG work is central to our ability to deliver on that mandate by enabling us to address systemic investment risks including climate change, poor labor conditions, mistreatment of tenants, etc. within our portfolio. Due to the collective AUM of the five pension systems, they are nearly universal owners. This means that the Systems can't just invest with those that are the strongest on these issues – instead, we must work with the asset managers that invest our money and their underlying portfolio companies on the Systems’ behalf to ensure that they're focused on these critical long-term risks.
ESG integration work, which ensures that assessment of ESG risk is embedded in our asset manager due diligence and monitoring processes across all asset classes;
Corporate Governance work to hold publicly traded companies in our portfolio to appropriate standards through proxy voting and shareholder proposals;
Engagement work with our asset managers, primarily in private markets;
Divestment in unique circumstances where engagement is likely to be futile;
Partnerships with stakeholders including other asset owners and LP associations who understand the importance of addressing these risks.
Job Duties Include:
Serve as a voting member of the BAM’s Investment Committee;
Participate in the BAM’s review and recommendation of investments across all asset classes including investment recommendations, portfolio construction, rebalancing and other investment functions;
Represent ETIs, Diverse and Emerging Manager programs and ESG priorities in leadership team meetings;
Supervise the ETI team, the Chief ESG Officer, and the Director of Diverse and Emerging Manager Programs;
Work with the Systems’ Boards of Trustees and their Consultants to design and implement the ETI plan, diverse and emerging manager programs, and ESG priorities;
Identify staffing needs for a bespoke ETI team and develop recommendation for Asset Class-based ETI support;
Work in collaboration with the Asset Class teams as they work with external managers who invest in various asset classes including affordable housing, green investments, small business lending, and more;
Develop investment programs, guidelines and monitoring procedures to oversee the existing portfolio and identify new investment opportunities; conduct research on market trends to inform investment recommendations;
Collaborate with the System’s consultants and BAM Risk Management team to set an optimal allocation to emerging investment managers across asset classes;
Be the public face of the Systems’ ETI program to source potential transactions and establish the Systems as a thought leader in the space;
Perform due diligence through quantitative and qualitative analysis of existing and prospective ETIs; create and maintain databases of investment information to support existing investments and identify future opportunities;
Prepare detailed written recommendations in support of new and follow-on investments or programs; assist in the negotiation and documentation of terms and conditions of ETIs;
Manage relationships with investment partners including ongoing monitoring and reporting of investment activities and, as appropriate, serving on limited partner committees or in other capacities. Proactively address significant events. Provide oversight of activities including, but not limited to, capital calls and distributions, amendment requests, consent notices and compliance with investment agreements;
Measure and present financial and social performance results of the portfolio and individual investments to the Systems’ Boards of Trustees and to the BAM Investment Committee;
Perform related assignments or special projects as may be required.
Minimum Qualification Requirements:
Graduate degree from an accredited university in economics, finance, business, or a closely related field, and ten (10) or more years of progressively responsible full-time professional experience in a financial services role with over $25 billion in assets with progressively increasing responsibility, or similar experience at a consulting, strategic advisory or government entity or closely related area, at least eighteen (18) months or more of this experience must have been in a managerial, administrative, or supervisory capacity. Supervision must have included supervising staff performing professional work in financial services areas described above;
BA/BS degree from an accredited college and twelve (12) or more years of progressively responsible experience in a financial services organization as described in “1” above, including at least eighteen (18) months of managerial, administrative or supervisory experience as described in “1” above;
A satisfactory equivalent of education and experience mentioned above.
Preferred Skills:
Direct, senior level experience in investment management in Economically Targeted Investments, ESG, or Impact Investing;
Extensive experience within a multi-asset, externally-managed portfolio of public and private investments;
Chartered Financial Analyst Certification (CFA), CAIA, or equivalent;
Excellent interpersonal, communication, report writing and organizational skills;
Ability to travel domestically and internationally to represent the BAM.
Public Service Loan Forgiveness:As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at https://studentaid.gov/pslf/.
Residency Requirement:New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.
Additional Information:The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.
Job ID:
648273
Title code:
95612
Civil service title:
DIRECTOR OF INVESTMENTS (COMP)
Title classification:
Non-Competitive-5
Business title:
Deputy Chief Investment Officer And Head Of The ETI Portfolio
Posted until:
11/20/2024
Experience Level:
Manager
Job level:
MY
Number of positions:
1
Work location:
1 Centre St., N.Y.
Category:
Finance, Accounting, & Procurement
#J-18808-Ljbffr
Full-Time
Location:
MANHATTAN
No Exam Required
Department:
Asset Management
Salary Range:
$300,000.00 – $334,000.00
Job DescriptionThe New York City Comptroller’s Office works to promote the financial health, integrity, and effectiveness of New York City government, in order to strengthen trust, secure a thriving future for all New Yorkers, and build a more just, equitable, and resilient city. Led by an independently elected citywide official, the comptroller’s office provides checks and balances needed to hold City government accountable for budgeting wisely, investing responsibly, operating efficiently, acting fairly, living up to its obligations and promises, and paying attention to the long-term challenges we face together.
WHAT MATTERS TO US: As a workplace driven by our values, we are: Principled, Collaborative, Communicative, Equitable, Transformative, and Innovative.
The Bureau of Asset Management (BAM) is responsible for oversight of the investment portfolios of the five New York City pension systems. Through a culture of collaboration, individual development, and teamwork that leverages diverse talent and strives for continuous improvement, the goal of the Bureau of Asset Management is to achieve exceptional investment outcomes for all stakeholders; to deliver outstanding support to plan Trustees; and to serve as a responsible steward of the resources of plan beneficiaries and the City of New York.
Reporting directly to the Chief Investment Officer, the Deputy Chief Investment Officer (DCIO) will be a member of the BAM senior leadership team and a voting member of the Investment Committee. The DCIO will lead the Economically Targeted Investment (ETI) program and will have oversight over the Diverse and Emerging Manager and Brokerage programs and the broader ESG program, including Corporate Governance and ESG Due Diligence.
Economically Targeted InvestmentsThe Systems are authorized to deploy 2% of the total portfolio (up to $5.4 billion in 2024) towards Economically Targeted Investments (ETIs) – investments that return an appropriate risk-adjusted rate of return while also creating collateral benefits for the residents of New York City and its surrounding counties. The Systems have operated an ETI program, focused largely on affordable housing, for many years. They now seek to invigorate and expand this work through targeted investments in affordable housing, green investments, small business lending, and more.
The DCIO will provide visionary leadership to architect and implement this reinvigorated program. In partnership with the BAM senior leadership including the Asset Class Heads, the Systems’ trustees, and the Systems’ consultants the DCIO will further develop the Systems’ ETI thesis and investment priorities to establish a comprehensive approach to ETIs. The DCIO will build a staff of ETI professionals who will work with the System’s trustees and their consultants, as well as the asset class teams, to identify and recommend investments as well as monitor the portfolio.
Diverse and Emerging Manager ProgramThe Systems are at the forefront of growing investment in diverse and emerging investment management firms. The value of diversity in a thriving and inclusive economy is well-documented – and that holds particularly true in the investment industry. A diverse range of expertise and perspectives enhances performance and drives excess returns for investment portfolios. Despite this, minority- and women-owned (MWBE) investment firms and smaller asset managers have been significantly underrepresented in investment management for many years, a trend that must change. In 2023, Comptroller Lander announced a strategic effort to expand the Systems’ investments in diverse and emerging firms. It is anticipated that through this strategic expansion, 20% of the pension funds’ US-based, actively managed assets will be invested with high quality MWBE investment management firms by 2029. The DCIO will oversee this effort led by our Director of Diverse and Emerging Manager Strategy and will collaborate with each Asset Class Head to identify diverse and emerging managers that are well-fit for the Systems’ portfolios. This initiative supports us in fulfilling our fiduciary duty to the pensioners, ensuring strong risk-adjusted returns while promoting diversity and inclusion in the investment industry.
Environmental, Social, and Governance (ESG) ProgramOur Environmental, Social, and Governance program, known as ESG, is a critical area of our work and an essential part of the investment process. The DCIO will oversee this effort led by our Chief ESG Officer. We have an obligation to pay benefits to NYC public servants for decades to come, and this means that we are singularly focused on generating sustainable long-term risk-adjusted returns for our beneficiaries. Our ESG work is central to our ability to deliver on that mandate by enabling us to address systemic investment risks including climate change, poor labor conditions, mistreatment of tenants, etc. within our portfolio. Due to the collective AUM of the five pension systems, they are nearly universal owners. This means that the Systems can't just invest with those that are the strongest on these issues – instead, we must work with the asset managers that invest our money and their underlying portfolio companies on the Systems’ behalf to ensure that they're focused on these critical long-term risks.
ESG integration work, which ensures that assessment of ESG risk is embedded in our asset manager due diligence and monitoring processes across all asset classes;
Corporate Governance work to hold publicly traded companies in our portfolio to appropriate standards through proxy voting and shareholder proposals;
Engagement work with our asset managers, primarily in private markets;
Divestment in unique circumstances where engagement is likely to be futile;
Partnerships with stakeholders including other asset owners and LP associations who understand the importance of addressing these risks.
Job Duties Include:
Serve as a voting member of the BAM’s Investment Committee;
Participate in the BAM’s review and recommendation of investments across all asset classes including investment recommendations, portfolio construction, rebalancing and other investment functions;
Represent ETIs, Diverse and Emerging Manager programs and ESG priorities in leadership team meetings;
Supervise the ETI team, the Chief ESG Officer, and the Director of Diverse and Emerging Manager Programs;
Work with the Systems’ Boards of Trustees and their Consultants to design and implement the ETI plan, diverse and emerging manager programs, and ESG priorities;
Identify staffing needs for a bespoke ETI team and develop recommendation for Asset Class-based ETI support;
Work in collaboration with the Asset Class teams as they work with external managers who invest in various asset classes including affordable housing, green investments, small business lending, and more;
Develop investment programs, guidelines and monitoring procedures to oversee the existing portfolio and identify new investment opportunities; conduct research on market trends to inform investment recommendations;
Collaborate with the System’s consultants and BAM Risk Management team to set an optimal allocation to emerging investment managers across asset classes;
Be the public face of the Systems’ ETI program to source potential transactions and establish the Systems as a thought leader in the space;
Perform due diligence through quantitative and qualitative analysis of existing and prospective ETIs; create and maintain databases of investment information to support existing investments and identify future opportunities;
Prepare detailed written recommendations in support of new and follow-on investments or programs; assist in the negotiation and documentation of terms and conditions of ETIs;
Manage relationships with investment partners including ongoing monitoring and reporting of investment activities and, as appropriate, serving on limited partner committees or in other capacities. Proactively address significant events. Provide oversight of activities including, but not limited to, capital calls and distributions, amendment requests, consent notices and compliance with investment agreements;
Measure and present financial and social performance results of the portfolio and individual investments to the Systems’ Boards of Trustees and to the BAM Investment Committee;
Perform related assignments or special projects as may be required.
Minimum Qualification Requirements:
Graduate degree from an accredited university in economics, finance, business, or a closely related field, and ten (10) or more years of progressively responsible full-time professional experience in a financial services role with over $25 billion in assets with progressively increasing responsibility, or similar experience at a consulting, strategic advisory or government entity or closely related area, at least eighteen (18) months or more of this experience must have been in a managerial, administrative, or supervisory capacity. Supervision must have included supervising staff performing professional work in financial services areas described above;
BA/BS degree from an accredited college and twelve (12) or more years of progressively responsible experience in a financial services organization as described in “1” above, including at least eighteen (18) months of managerial, administrative or supervisory experience as described in “1” above;
A satisfactory equivalent of education and experience mentioned above.
Preferred Skills:
Direct, senior level experience in investment management in Economically Targeted Investments, ESG, or Impact Investing;
Extensive experience within a multi-asset, externally-managed portfolio of public and private investments;
Chartered Financial Analyst Certification (CFA), CAIA, or equivalent;
Excellent interpersonal, communication, report writing and organizational skills;
Ability to travel domestically and internationally to represent the BAM.
Public Service Loan Forgiveness:As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at https://studentaid.gov/pslf/.
Residency Requirement:New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.
Additional Information:The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.
Job ID:
648273
Title code:
95612
Civil service title:
DIRECTOR OF INVESTMENTS (COMP)
Title classification:
Non-Competitive-5
Business title:
Deputy Chief Investment Officer And Head Of The ETI Portfolio
Posted until:
11/20/2024
Experience Level:
Manager
Job level:
MY
Number of positions:
1
Work location:
1 Centre St., N.Y.
Category:
Finance, Accounting, & Procurement
#J-18808-Ljbffr