Senior Investment Officer- Diversifying Strategies

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

The Senior Investment Officer is a senior level investment professional in the Investments Department. Under the direction of the Deputy Chief Investment Officer, the Senior Investment Officer assists in leading, coordinating and managing investments within the Teachers’ Retirement System’s Diversifying Strategies portfolio, which comprises more than $4 billion in assets.

This role requires a comprehensive understanding of overarching investment principles, with a specific focus on hedge fund investments like trend following, long volatility, global macro, and relative value fixed income hedge funds. The Diversifying Strategies portfolio plays a critical role investing in risk mitigating hedge fund strategies that support the System’s ability to rebalance, meet benefit obligations, and fund capital calls, particularly during periods of market stress. The role requires an individual who can work both independently and within a team, perform comprehensive analysis and due diligence, and deliver actionable recommendations backed by solid research.

This position requires a strong foundation in investment theory, the ability to operate effectively under pressure, and excellent oral and written communication skills. The ideal candidate will bring robust quantitative expertise, a deep knowledge of global financial markets, and a demonstrated ability to evaluate and propose innovative investment strategies. Additionally, the responsibilities encompass assigning and assessing the work of direct reports, conducting annual performance evaluations, and implementing corrective measures when needed, as well as addressing employee concerns and feedback with a thoughtful approach.

Essential Functions

• Source, evaluate, and prepare analyses and proposals for investments in new potential investment managers and structures.
• Evaluate the qualifications of prospective investment management relationships in accordance with investment policy, asset allocation directives and mix, diversification strategies and guidelines controlling risk/return characteristics for the Diversifying Strategies portfolio.
• Research the investment performance and portfolio characteristics of existing and prospective investment management relationships and asset class structures. 
• Evaluate performance and portfolio characteristics to ensure compliance with the   directives of the TRS Board of Trustees regarding investment objectives and constraints.
• Prepare statistical and narrative reports regarding the investment portfolios within the diversified strategy asset class, market factors, alternative investment prospects, and investment industry practices.
• Proactively research investment approaches, asset mixes, and portfolio management techniques to provide potential incremental return to TRS’s individual assets and at the total fund level.
• Interact at the highest level with outside managers in direct management of the relationship to help facilitate co-investments.
• Represent TRS on partnership advisory panels and within the industry.
• Manage internal reviews of documentation and provide logistical leadership for the relevant oversight committee within the Diversifying Strategies asset class.
• Assist Emerging Manager program staff, as necessary, in preparing analyses, due diligence, evaluations and proposals for administering emerging manager investment activity
• Assist with developing the skillsets of investment analysts within the investment program.
• Continue professional development, as prudent.
• Perform other duties as assigned or required.

Knowledge, Skills and Abilities

• Ability to positively represent the organization with external constituents
• Builds and manages effective teams
• Develops and delivers effective presentations
• Demonstrated analytical skills
• Maintains a high degree of professionalism

Minimum Requirements

• A Bachelor’s degree in finance, accounting, economics, business administration or related field is required
• A Chartered Financial Analyst (CFA) designation or credible progress toward earning the CFA charter is preferred
• Requires a minimum of five (5) years of investment experience, ideally focused on hedge fund investments
• A background in due diligence and sourcing is preferred.

Benefits

• State, health, dental, life, and vision insurance
• 12 vacation, 12 sick, and 3 personal time days of compensated time
• Teachers’ Retirement System Pension
• Deferred compensation plan