Job Posting: Chief Investment Officer

Public Employees Retirement System

JC-213700
-
Chief Investment Officer
CHIEF INVESTMENT OFFICER, PUBLIC EMPLOYEES RETIREMENT SYSTEM

$35,375.00 - $58,958.33 per Month

Final Filing Date: Until Filled

Job Description and Duties

Under the administrative direction of the Chief Executive Officer, and the policy direction of the Board of Administration’s Investment Committee, the Chief Investment Officer (CIO) manages the Fund’s investments and is responsible for the management and oversight of both the administration and investment functions of the CalPERS Investment Office, which includes but is not limited to: managing the fund’s investments; advising the Board on asset allocation and the development of new and innovative investment strategies; implementing approved investment strategies and policies; leading a team of 350 multi-disciplinary investment professionals with 7 direct reports; establishing work flow and priorities and ensuring that investments earn returns above established benchmarks. The CIO must possess the investment acumen, experience, and knowledge to work with and gain the confidence of the CEO and CalPERS Board of Administration’s Investment Committee, and to implement prudent strategies to fulfill CalPERS mission.

The CIO will be an integral leader in a large, diverse organization that administers pension benefits and purchases health care for 2 million members, and deals with a wide array of financial, economic, policy and administrative issues. The CIO is a critical member of the Executive Team for a highly visible and complex government organization and must have the skills to build and maintain cooperative relationships. The ideal candidate will be goal-oriented, organized and can carry out a complicated, highly visible, fast-paced, multi-faceted role with poise, integrity, and grace. Excellent communication skills are essential, as is transparency.

You will find additional information about the job in the Duty Statement.

Minimum Requirements

You will find the Minimum Requirements in the Class Specification.

Position Details

Job Code #:
JC-213700
Position #(s):
275-140-4692-001
Working Title:
Chief Investment Officer
Classification:
CHIEF INVESTMENT OFFICER, PUBLIC EMPLOYEES RETIREMENT SYSTEM
$35,375.00 - $58,958.33

NOTE: Salaries do not reflect recent changes necessitated by the unanticipated budget shortfalls arising from the COVID-19 pandemic. Information for actual reductions of salaries is available in the Human Resources Manual, Section 2113, Personal Leave Program (PLP) at http://hrmanual.calhr.ca.gov/Home/ManualItem/1/2113
# of Positions:
1
Work Location:
Sacramento County
Job Type:
Permanent, Full Time

Department Information

The California Public Employees’ Retirement System is currently seeking a Chief Investment Officer (CIO). CalPERS is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $416.71 Billion as of October 15, 2020. Headquartered in downtown Sacramento, CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations in California. The CalPERS team is committed to their core values and their decisions and actions are guided by the organization's investment beliefs.

Special Requirements

Live Scan
The selected candidate is required to submit to a criminal history review process utilizing Live Scan fingerprinting. 

Background Investigation
In addition to Live Scan, this position requires additional background screening prior to employment.

Surety Bond

Must be able to qualify for a Surety Bond.

CalPERS Disclosure Requirements

If employed, you may be subject to rules imposed by Personal Trading Regulations and Conflict of Interest Code that apply to CalPERS employees, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700)

Application Instructions

Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.

Final Filing Date: Until Filled

Who May Apply

Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.

Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process.
Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).

How To Apply

Complete Application Packages (including your Examination/Employment Application (STD 678) and applicable or required documents) must be submitted to apply for this Job Posting. Application Packages may be submitted electronically through your CalCareer Account at www.CalCareers.ca.gov. When submitting your application in hard copy, a completed copy of the Application Package listing must be included. If you choose to not apply electronically, a hard copy application package may be submitted through an alternative method listed below:

Address for Mailing Application Packages

You may submit your application and any applicable or required documents to:

Public Employees Retirement System
Attn: JC-213700/KM
Human Resources Division
P. O. Box 942718
Sacramento, CA 94229-2718

Address for Drop-Off Application Packages

You may drop off your application and any applicable or required documents at:

Public Employees' Retirement System/ JC-213700/KM
Human Resources Division
400 Q Street, LPN, 3rd Floor, Room 3260
Sacramento, CA 95811
08:00 AM - 05:00 PM

Required Application Package Documents

The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:

  • Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
  • Resume is optional. It may be included, but is not required.
Applicants requiring reasonable accommodations for the hiring interview process must request the necessary accommodations if scheduled for a hiring interview. The request should be made at the time of contact to schedule the interview. Questions regarding reasonable accommodations may be directed to the EEO contact listed on this job posting.

Desirable Qualifications

In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
  • The CIO must be an experienced and respected institutional investment professional with strong knowledge of global economic principles and trends, and their impact on diverse investment programs; investment vehicles and markets, including equities, fixed assets, real estate, and alternative investments.
  • Experience must include managing both internal investment strategies as well as external managers separately or within a fund-of-fund environment.
  • The CIO should possess a strong understanding of asset allocation, as an alpha generator and diversifier, across multiple asset classes. There should also be an understanding of the derivation of alpha for a $400+ billion portfolio within the context of a strong risk management culture.
  • CalPERS has adopted a set of Investment Beliefs that include, among other items, a focus on effective cost management. The CIO must embrace a philosophy and strategy that are aligned with the Investment Beliefs.
  • The CIO must have a visionary/strategic approach and be able to establish, articulate, and implement clear priorities and processes for meeting the strategic goals of CalPERS, including management of a dynamic investment strategy moving forward.
  • The CIO must have considerable experience managing, leading and motivating a large professional staff, and the ability to foster a collaborative working environment across the asset classes.
  • The CIO must have experience developing and managing staff development and motivation through progressive training, and a multifaceted compensation strategy that fosters teamwork.
  • The CIO must also possess the collaborative skills to coordinate with the Actuarial Office and the Financial Office on asset liability management, such as maintaining adequate funding to pay promised benefits is CalPERS’ primary measure of success.
  • The CIO must have demonstrated prudent risk management and ability to instill sound risk management principles as guides to decision-making throughout an organization.
  • The CIO must have experience in investment management operations with some knowledge of systems applications.
  • The successful candidate must have demonstrated a commitment to diversity throughout his/her career.
  • The CIO must demonstrate leadership through integrity and accountability.
  • The CIO must gather and analyze a broad range of economic and investment information and synthesize it into concise and coherent conclusions and recommendations to internal and external stakeholders.
  • The CIO must evaluate a broad variety of investment options and reach prudent investment management decisions; adapt effectively to changing market conditions; maintain up-to-date knowledge of economic and investment trends and ideas and use that knowledge to develop and implement innovative investment strategies.
  • The CIO must effectively promote equal opportunity in employment and maintain a work environment that is free of discrimination and harassment. He/she must promote equal opportunity in hiring and promotional development of employees.

Benefits

CalPERS employees are eligible for several benefits. Health benefits and leave programs are available for most permanent, full-time employees and some permanent, part-time employees. Benefit eligibility may depend on length of service and may be subject to collective bargaining agreements, which are contracts negotiated between the State of California and employee organizations that define employees' wages, hours, and conditions of employment. Some added benefits CalPERS offers include:
  • Alternate Work Schedules
  • Flexible Work Hours
  • Independently run childcare facility located on CalPERS campus
 For more details about employee benefits, visit the California Department of Human Resources website.

Contact Information

The Human Resources Contact is available to answer questions regarding the position or application process.

Human Resources Contact:
Kristina Morgan
(916) 795-3563
kristina.morgan@calpers.ca.gov

Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department's EEO Office.

EEO Contact:
CalPERS EEO
(916) 795-3675
EEO@calpers.ca.gov
California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.

Recruitment Process

The executive search firm, Korn Ferry is assisting in the recruitment process for this position. You are welcome to submit your cover letter and resume directly to Korn Ferry. Please note the contact information below.

Korn Ferry
Attn: CalPERS CIO
1201 West Peachtree, NW, Suite 2500
Atlanta, GA 30309

Michael Kennedy
Senior Client Partner
email: Michael.Kennedy@KornFerry.com
(404) 222-4009

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.

Application Methods:
Electronic (Using your CalCareer Account)
By Mail
Drop-off