Chief Investment Officer (CIO)

Kumabe H R•Honolulu, HI

About The Position

The Employees’ Retirement System (ERS) of the State of Hawaii seeks to hire a Chief Investment Officer (CIO) to manage the investment activities of the ERS. This role involves providing guidance to the ERS Executive Director and Board of Trustees, serving as a member of the ERS Executive/Administrative team, and advancing the investment program through vision, leadership, and strategic planning to achieve sustainability for stakeholders and beneficiaries. The ERS administers benefits for state and county government employees, manages a portfolio of approximately $25.2 billion in assets, and is a qualified defined benefit public pension plan.

Requirements

Bachelor’s degree from an accredited college or university, preferably in business administration with an emphasis in finance, economics and/or accounting.
Experience in risk identification, measurement, mitigation and performance attribution.
Substantial experience (ideally five years or more) managing investment portfolios, both traditional and alternative, domestic and international, with a demonstrated track record of success.
Substantive experience working closely with a Board of Trustees.
Extensive experience working with external investment managers across a spectrum of traditional and alternative strategies.
Strong leadership experience (ideally three years or more) managing a diverse group of seasoned investment professionals.
Experience in communicating with the full range of stakeholders including the press.

Nice To Haves

MBA, CFA and CAIA designations are preferred.
Significant experience (ideally five years or more) with a public fund is highly desirable.

Responsibilities

Plans, organizes and manages the investment activities of ERS in accordance with the Investment Policies established by the Board of Trustees and under the provisions of governing state statutes.
Provides insight and guidance to identify investment opportunities and optimize the risk-return potential of the portfolio.
Responsible for the realization of short- and long-term objectives.
Fosters understanding amongst its diverse constituency and collaboration with the broader organization and its efforts as a whole by participating in leadership at the department and executive level.
Develops the strategic plan for the fund’s investment activities, operations and team development.
Supervises, with support of the Deputy CIO, Investment Officers, all functions of the Investment Office.
Evaluates Deputy and Investment Officer’s performance, and approves staff’s performance appraisals.
Executes and oversees investment transactions in accordance with policy.
Makes recommendations to the Executive Director and the Board of Trustees concerning investment policy and interacts with the Board of Trustees.
Serves as staff liaison to the Board of Trustees Investment Committee.
Recommends and manages asset/liability risks including sensitivity to market volatility, interest rate and credit risk.
Stays abreast of investing practices and regulations, recommending changes in fund portfolios and investment strategies to the Executive Director and the Board of Trustees for strategic alignment with Board policy.
Provides leadership for the selection of outside advisors, money managers, and investment consultants.
Works closely with primary consultants and makes periodic assessments.
Maintains investment policy and ensures that all asset management activities are in compliance with policy.
Develops target asset allocation recommendations for the Board and makes tactical asset allocation decisions.
Approves or recommends new managers/strategies according to Board governance.
Represents ERS to external asset managers, legislative bodies, national and international organizations concerning investment issues.
Exercises general supervision over ERS investments in public and private equities, public and private credit, duration, real assets (real estate, timber, infrastructure, agriculture), liquid and illiquid alternative investments, overlay derivatives, cash and securities lending.