Senior Portfolio Manager – Real Assets
Company: San Francisco Employees’ Retirement System
Location: San Francisco, CA
Date: August 8, 2014
Senior Portfolio Manager – Real Assets
San Francisco Employees’ Retirement System
San Francisco, CA
Annual Salary: $128,752.00 - $164,346.00/year
Established in 1922, SFERS is dedicated to securing, protecting and prudently investing pension trust (the “Trust”) assets and administering a defined benefit pension fund for eligible members of the City and County of San Francisco (the “City”), San Francisco Unified School District, City College of San Francisco, and the Superior Court for the County of San Francisco. SFERS’ Retirement Board (the “Retirement Board”) and investment team oversee the management of over $20 billion in Trust assets in global public equities, fixed income and alternative investments.
SFERS is seeking a qualified, highly motivated individual to serve as a Senior Portfolio Manager (“SPM”) for its real assets portfolio, which includes investments in real estate and natural resources. Reporting directly to the Managing Director, Private Markets and the Chief Investment Officer (“CIO”), the SPM and the Real Assets team responsible for the oversight and management of SFERS’ large and growing real assets portfolio, which currently includes approximately $2 billion in investments. The SPM will have the opportunity to construct and manage a global real assets portfolio through the sourcing, underwriting, execution and active management of global investment partnerships and direct investments.
• Review and provide recommendations for SFERS’ real asset strategies, including the review of appropriate asset class goals and objectives, asset allocation, cash flow forecasting, and investment pacing.
• Work closely with the Managing Director and the Private Markets’ team to prepare and execute an annual Strategic Plan that includes the long-term vision, goals and recommended target sub-strategies and markets for the real assets portfolio.
• Source and conduct full due diligence on leading external managers and direct investment opportunities to help construct an investment portfolio in accordance to SFERS’ real assets strategy and risk-adjusted return objectives for the asset class.
• Evaluate investment opportunities, including meeting with investment managers to assess their qualifications and track records, conducting reference checks, and identifying any significant issues (including investment risks and concerns) to be addressed during the course of due diligence.
• Prepare detailed investment memoranda that discuss the merits and considerations of the most compelling real assets investment opportunities.
• Present investment recommendations (both written and oral) to the Managing Director, CIO and Retirement Board for review and approval.
• Review, evaluate and negotiate key partnership terms and documents
Conduct ongoing active portfolio management, including frequent, direct interaction with SFERS’ investment managers globally.
• Conduct comprehensive review of the existing real assets portfolio and provide recommendations for improvement / optimization.
• Work closely with SFERS’ real assets consultant(s) to achieve asset class goals and manage portfolio in accordance with the Strategic Plan.
1. Possession of a baccalaureate degree from an accredited university or college, with major coursework in finance, economics, business administration, engineering or closely related field; AND
2. Five years of investment / financial management experience, with at least three years of private investment management experience (real assets, real estate and / or private equity) with an investment management firm, pension plan, university endowment, foundation, family office, consulting firm, or other investment institution with at least $1 billion in total assets.
1. Possession of a graduate degree in Business Administration, Finance, Economics, or similar field may substitute minimum qualifications #1.
2. Possession of Chartered Financial Analyst (CFA) designation and a baccalaureate degree in a different field may substitute minimum qualifications #1.
3. Additional five (5) years of relevant investment experience as described above under minimum qualifications #2 may substitute for minimum qualifications #1.
• Extensive private markets investment experience in real assets, including real estate, and / or private equity.
• Direct investment experience in real estate, natural resources or private equity investments is highly desirable but not required.
• Experience and relationships with leading real assets investment managers in real estate and natural resources, including oil and gas, renewable energy, metals and mining, timber, agriculture, infrastructure and other inflation-sensitive assets.
• Experience and skill in understanding and evaluating sophisticated investment strategies and concepts, as well as global private markets trends and developments.
• Experience in reviewing, evaluating and negotiating complex partnership and contractual agreements.
• Ability to work independently as well as in a collaborative, team-oriented environment.
• Excellent written, oral and interpersonal communication skills.
• Travel requirements total approximately 15-20%.
• Possession of a Master’s degree in business administration, finance or economics and / or a Chartered Financial Analyst (CFA) designation.
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