Investment Analyst - Rotational

About TRS

Founded in 1939 by the Illinois General Assembly, the Teachers’ Retirement System of the State of Illinois (TRS) is one of the largest pension systems in the United States. We provide retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the city of Chicago. The System serves over 448,000 members and had assets of $72.9 billion as of August 31, 2024. TRS is governed by a 15-member Board of Trustees.  

Mission Statement

Delivering expert pension services to Illinois public educators, helping them achieve their promised retirement security.

The Investments Team

An investments career with TRS is an opportunity to help Illinois public educators achieve their promised retirement security. The Investments team at TRS serves a critical role within TRS’ mission, as the team collectively manages and monitors over $72.9 billion in retirement assets on behalf of the System, as of August 31, 2024. The team consists of over 20 professionals that are responsible for evaluating and selecting external investment managers for the investment portfolio. Investing in a variety of strategies spanning equity, fixed income, real assets, hedge funds, and private markets asset classes, the team’s investment process includes significant qualitative and quantitative diligence.  Investment professionals meet with existing and prospective managers to evaluate manager returns, risk, and fit within the portfolio.  Manager exposures, track record, and other data are thoroughly analyzed within multiple systems throughout the investment process.

Job Summary and Responsibilities

The TRS Investment Analyst program offers a unique and immersive experience for new employees, allowing them to learn about the complexities of the investment world by rotating through various asset classes. What sets this program apart is that the rotations are tailored to both the candidate’s interests and the evolving needs of the department.

The rotational program spans 12 to 18 months, after which analysts will be assigned to a permanent asset class. During the program, analysts should expect to complete one to two rotations at TRS's headquarters in Springfield, IL, before potentially transitioning to the Chicago office. This is an opportunity to gain professional investment experience working for one of the largest pension systems in the country.

Investment Analysts will have the opportunity to rotate through the following asset classes:

• Public Equity – Domestic and International Equities
• Global Income – Including public fixed income investments and private credit
• Private Equity – Including buyout, growth equity, venture capital, distressed debt, and co-investment programs
• Real Assets – Including direct real estate, private equity real estate, and infrastructure
• Diversifying Strategies – Alternatives, including hedge funds, that seek low correlation to traditional asset classes

This program is designed to provide meaningful work through hands-on, investment experiences and helps build a strong foundation in diverse asset classes, preparing analysts for a successful career in investments.

Our Ideal Candidate

We are looking for a dynamic, energetic analyst who is eager to be a part of the investments team. The ideal candidate for the Investment Analyst position is someone who has a strong understanding of general investment theory and can apply that knowledge in practical scenarios. Individuals in this role should be able to work effectively under pressure, demonstrating strong verbal and written communication skills. The candidate will be responsible for conducting in-depth research to validate or challenge hypotheses related to the performance of the fund and its investment partners. Additionally, the individual must work collaboratively with senior investment staff, perform comprehensive analysis and due diligence, and provide well-supported, quantifiable recommendations based on their research.

TRS University

New analysts will engage in a comprehensive 12-week educational program aimed at providing an in-depth understanding of each asset class within the System and how they collectively support our mission. This exceptional opportunity includes presentations, group fireside chats, book reviews and knowledge checks, helping new hires gain valuable insights into the distinctive characteristics of each asset class while promoting collaboration and a deeper grasp of the overall investment process.

Essential Activities

• Support Senior Investment Leadership: Assist Investment Officers and TRS leadership in conducting due diligence on prospective investment managers and monitor portfolio performance of existing relationships.
• Analyze Portfolio Performance: Collaborate with investment and risk teams to analyze portfolio performance, attribution, and risk reports, ensuring alignment with investment goals.
• Ensure Compliance: Evaluate portfolio performance and characteristics to ensure compliance with the Trustees' directives regarding investment objectives and constraints.
• Oversee Investment Manager Searches: Manage the search process for potential investment managers by ensuring all search milestones are met, contracts are in place, and funding directives are executed.
• Optimize Asset Allocation: Assist in researching asset allocation and asset class structures with a focus on optimizing the portfolio’s risk/return profile.
• Prepare Reports: Generate statistical and narrative reports on the TRS portfolio for leadership review.
• Monitor Market Trends: Evaluate market and industry trends to provide key insights and observations to the investment team.
• Facilitate Negotiations: Assist investment staff in high-level negotiations and interactions with external managers, consultants, and legal counsel.
• Support Account Set-up and Monitoring: Collaborate with TRS investment accounting and custodians on setting up and maintaining investment accounts, performance calculations, fee assessments, and related projects.
• Research Investment Strategies: Investigate various investment approaches, asset mixes, and portfolio management techniques to enhance returns at both the individual asset and total fund level.
• Data Analysis: Become well versed with TRS’ various investment systems to further build out the sophistication of the analytics and consistency of the overall investment process.
• Additional Responsibilities: Perform other duties as assigned to support the investment department's objectives.

Key Qualifications

• Education: A bachelor’s degree in finance, economics, accounting, business administration, or quantitative fields like statistics, mathematics, or engineering.
• Professional Development: Progress toward earning a CFA charter is strongly encouraged upon employment.

Skills and Abilities

• Exceptional Representation: Ability to professionally represent TRS with external stakeholders.
• Presentation Skills: Strong ability to develop and deliver impactful presentations.
• Analytical Expertise: Demonstrated proficiency in analytical thinking and problem-solving.
• Professionalism: Maintains a high degree of professionalism in all interactions.