Chief Investment Officer

Company:Municipal Employees’ Annuity and Benefit Fund of Chicago

The Municipal Employees’ Annuity and Benefit Fund of Chicago (MEABF) was established in 1921 by the Illinois General Assembly to provide retirement annuities and disability benefits for covered employees of the City of Chicago and the Chicago Board of Education and for survivors and other beneficiaries of such employees. MEABF is a single employer defined benefit plan and is a qualified pension plan under section 401 of the Internal Code. MEABF is one of four pension plans created by Illinois State Statutes for the employees of the City of Chicago and as such, is included in the City’s annual financial statements as a pension trust fund. As of December 31, 2013, MEABF provided services to over 30,000 participating members and to over 24,000 benefit recipients. As of December 31, 2013, MEABF’s actuarial funding ratio was 36.9% and assets were valued at $5.4B as of June 30, 2014.
MEABF is administered by a Retirement Board of five trustees. Three of the trustees are active members of MEABF and are elected by the active membership. Two trustees are ex-officio by position, the Treasurer of the City of Chicago and the Comptroller of the City of Chicago.
MEABF investment portfolio is well-diversified and consists of domestic and international equities, domestic fixed income, real estate, alternative investments and cash. Portfolio allocation as of June 30, 2014 was:
Asset Class $Millions Actual Percent Actual Percent Target

Domestic Equity 1,368 25.9% 26.0%
International Equity 1,173 22.2% 22.0%
Fixed Income 1,321 25.0% 27.0%
Real Estate 504 9.5% 10.0%
Alternatives 858 16.2% 15.0%
Cash 63 1.2% 0.0%
5,287 100.0% 100.0%

Portfolio returns for the calendar years 2013 and 2012 were 16.1% and 12.8% respectively. Longer-term results annualized as of December 31, 2013:
5 Years 12.3%
10 Years 6.2%
20 Years 7.5%
30 Years 9.0%
As of June 30, 2014, MEABF year-to-date return is 4.6%. The Fund ranked in the 38th percentile and the 30th percentile of the InvestorForce Public Defined Benefit (Net of Fees) Universe for the three year return of 9.4% and fiver year return of 12.4%, respectively.
For more information about MEABF, please visit our website at

The Chief Investment Officer (CIO) provides recommendations to the MEABF Retirement Board and Executive Director on the direction of the MEABF investment program. The CIO oversees asset allocation policy, the investment manager due diligence and selection process, monitors investment manager performance across all asset classes and works directly with the Investment Consultant of the Retirement Board. All MEABF assets are managed externally, utilizing 54 firms with 74 distinct assignments. Key responsibilities include:
• Management of the investment program of MEABF which includes, but not limited to, asset allocation, the investment manager and due diligence process and the performance monitoring process. Oversight is through both internal staff and external consultants and investment managers.

• Oversee the day-to-day activities of the Investment Department. This includes development and monitoring of the annual budget; preparation of reports; coordinating communications between master custodian, investment managers, transition managers and staff; monitoring the securities lending program; policy compliance and review enforcement; responding to inquiries from the legislature, the MEABF membership, government agencies and the public concerning investments; and creating strong lines of communication between all parties involved in the MEABF investment process.

• Insure compliance with all applicable laws, policies, and guidelines.

• Provide effective oral and written communication to the Retirement Board, Executive Director, Government Agencies, and other necessary parties.

• Execute special projects assigned by the Retirement Board and Executive Director.

• Coordinate and communicate investment strategy, process and philosophy to other areas in the MEABF organization.

• Advanced degree in a business-related major or the CFA designation or commitment to completing the designation are preferred

• Leadership experience in a similar institution, organization or government agency; experience in a public pension system is desirable

• Good understanding of institutional investment management

• Management of staff experience

• Ability to analyze and evaluate investment managers; solid understanding of and experience with the due diligence process

• Experience working with a Retirement Board, investment consultants, auditors, and actuaries

• Basic technology skills and knowledge

• Experience in management of institutional assets is preferred

• Fundamental accounting skills

• Knowledge of the Illinois Pension Code

• Strong oral and written communication skills; an understanding of the importance of regular communication with the Retirement Board, Executive Director and staff

• Proven record of ethical behavior and integrity

• Good interpersonal skills to relate to and deal effectively with a diverse group of constituents, both internal and external

• Effective people management skills; desire and ability to coach staff and foster a team environment

• Good balance of hands-on attention to the portfolio with an ability to delegate to staff

• Willingness to provide advice and input to the Executive Director as appropriate

MEABF will offer a competitive compensation package consisting of an attractive base salary and MEABF’s competitive benefit package.


MEABF firmly supports the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state or local law.
Please send cover letter and resume to . Please reference the Chief Investment Officer search in your subject line. Responses required by October 24, 2014.