The Dallas Police and Fire Pension System (DPFP) seeks to hire a Chief Investment Officer (CIO). The CIO will be the senior investment professional at DPFP and will lead the investment process, providing leadership, vision and oversight for the management and strategic growth of the assets. The CIO is responsible to implement investment related Board direction, the investment policy and the asset allocation.
The CIO will operate with the utmost integrity, have effective interpersonal skills, and have a history of team leadership. Additionally, the successful candidate will have an impressive proven track record as a CIO or high-level investment professional in a similar environment, including experience with direct real estate investments. The CIO will be tasked with continuing to transition the legacy underperforming portfolio which is 49% illiquid to a portfolio in alignment with the Board’s asset allocation while ensuring maximum returns with the appropriate risk levels.
The CIO works under the direction of the Executive Director and is a member of the Executive Team.
• Oversees all investment related activities.
• Works with the investment consultant to develop, recommend and implement asset allocation, portfolio construction and investment strategies, evaluate investment managers, select new managers as necessary and respond to changing market conditions.
• Guides the portfolio under changing conditions. Ensures the portfolio is designed to meet current cash flow requirements and future liabilities.
• Educate, advise, and provide expertise and solutions to the Board.
• Leads a team of three investment professionals.
• Develop the investment team. Expand the skill set, mentor, earn trust, promote collaborative problem solving, provide clear direction, reward and hold individual members accountable.
• Evaluate the structure of the investment program and recommend efficiency improvements and costs savings.
• Responsible to coordinate activities related to the IAC meetings, including planning, agenda preparation and assisting the IAC chair in conducting the IAC meetings. Responsible for investment related items for Board meetings.
• Implements IAC and Board direction, investment policies and programs
• Prepares and presents investment related items at IAC and Board meetings.
• Establishes reporting mechanisms to keep the IAC and Board sufficiently and appropriately informed as to the status of the investment program.
• Conducts due diligence for existing managers and potential new investments and new managers.
• Manages asset manager and consultant relationships.
• Manages the Investment Division budget.
• Recommends rebalancing as necessary to meet the portfolio strategy and to meet cash requirements. Prepares future cash forecasts.
Dallas Police and Fire Pension System (DPFP) (www.dpfp.org) is an independently governed entity and a component unit of the City of Dallas. DPFP serves to provide retirement, death and disability benefits to the City of Dallas police officers and fire fighters. DPFP has approximately 10,000 active members and beneficiaries and $2 billion in assets.
On May 31, 2017, the Texas Legislature passed, and the Governor signed, House Bill 3158. The amendments in HB 3158 set DPFP on a path to solvency with anticipated full funding by 2061. With the new legislation, DPFP has a new governing Board of Trustees (www.dpfp.org/Board/Board-of-Trustees/) made up of 11-members that were recently fully seated in October 2017. The majority of the new Board of Trustees have strong investment backgrounds.
The $2 billion portfolio is currently in a state of transition from an underperforming legacy portfolio that contains approximately 49% illiquid assets to a more traditional asset allocation.
The complete CIO position specification can be found at the following link: https://www.dpfp.org/Resources/c92d5c2d-f14b-4280-9754-8fd77c59fbf4/DPFP%20-%20Position%20Specification%20-%20CIO%20-%20Final.pdf?TrackID=DPFP%20-%20Position%20Specification%20-%20CIO%20-%20Final.pdf
To apply for the CIO position, send your resume to email@example.com