Deputy Chief Investment Officer - Pensions
About The Position
The City of Philadelphia Board of Pensions and Retirement (“Board”) was created by the 1951 Philadelphia Home Rule Charter (“Charter”) as an independent board, that is, one not connected to any particular City department. The composition of the Board, spelled out in the Charter, includes nine voting members and one non-voting member. The Board is vested under state law, the Charter and City ordinances to be trustees of the Plan, with exclusive authority and full powers to control and manage the Plan’s investments (“Fund”). Position Summary The City of Philadelphia Board of Pensions and Retirement, with defined benefits assets exceeding $10 billion and deferred compensation assets exceeding $2 billion, is seeking a Deputy Chief Investment Officer (“DCIO”). Reporting to the Chief Investment Officer ("CIO"), the DCIO serves as the second-ranking member of the Investment Office and plays a central role in the management and oversight of the Fund. The DCIO supports the CIO in developing and executing the Fund’s investment strategy, asset allocation, and investment policy; leads the sourcing, due diligence, and monitoring of external investment managers across public and private asset classes; and oversees portfolio risk management, performance measurement, and reporting to the Board and its committees. The DCIO helps lead and develop the Investment Staff, works closely with the Fund’s investment consultant(s), custodian, and other service providers, and serves as acting CIO in the CIO’s absence. The successful candidate will be a seasoned institutional investor with sound judgment, strong fiduciary values, and the ability to communicate complex investment matters clearly to a public board of trustees and other stakeholders.
Requirements
- Bachelor’s degree from an accredited college or university in finance, economics, business administration, or a related field is required
- A minimum of ten (10) years of progressively responsible institutional investment experience, preferably with a public pension fund, endowment, foundation, or other institutional asset owner or advisor.
- A minimum of five (5) years of experience supervising and developing investment professionals.
- Demonstrated experience conducting manager due diligence and overseeing multi-asset-class portfolios, including alternative investments.
- Experience presenting to boards, investment committees, or similar governing bodies, preferably in a public setting.
- An equivalent combination of education and experience may be considered.
Nice To Haves
- an advanced degree (e.g., MBA or master’s in finance) is preferred.
- Chartered Financial Analyst (CFA) designation, CAIA or other relevant professional designations are a plus.
Responsibilities
- Support the CIO in the development, implementation, and ongoing review of the Fund’s investment policy statement, strategic and tactical asset allocation, and overall investment strategy. This includes oversight across both defined benefit and deferred compensation plan assets.
- Lead the sourcing, due diligence, selection, and ongoing monitoring of external investment managers across asset classes, including public equity, fixed income, private equity, private credit, real estate, real assets, and other alternative investments.
- Oversee portfolio construction, rebalancing, liquidity, and cash flow management to ensure the Fund is positioned consistent with policy targets and benefit payment obligations.
- Oversee the Fund’s risk management program, including the identification, measurement, and monitoring of market, credit, liquidity, and operational risks.
- Oversee performance measurement and attribution analysis; prepare and present investment memoranda, performance reports, and recommendations to the CIO, the Board, and its committees.
- Manage, mentor, and develop investment staff; foster a collaborative, high-performing, and ethical team culture.
- Coordinate with the Fund’s investment consultant(s), custodian bank, actuary, legal counsel, and other service providers.
- Negotiate and review investment management agreements, fee structures, and side letters in coordination with legal counsel.
- Monitor capital markets, economic conditions, and industry developments, and assess their implications for the Fund.
- Ensure investment activities comply with applicable laws, City ordinances, Board policies, and fiduciary standards.
- Represent the Investment Office before the Board, City officials, and external parties as needed.
- Supervise & manage two (2) administrative employees which includes: planning, directing, and organizing the day-to-day activities of the Investment Office; facilitating current assignments and special projects; ensure completion of all duties in a timely manner.
- Perform other related duties as assigned.
Benefits
- Comprehensive health coverage for employees and their eligible dependents.
- Our wellness program offers eligibility into the discounted medical plan
- Employees receive paid vacation, sick leave, and holidays
- Generous retirement savings options are available
- As a qualifying employer, City of Philadelphia employees are eligible to participate in the Public Service Loan Forgiveness program.
- The City of Philadelphia has forged partnerships with over a dozen esteemed colleges and universities in the area, ensuring that our employees have access to a wide range of tuition discounts and scholarships. Experience savings of 10% to 40% on your educational expenses, extending not only to City employees but in some cases, spouse and dependents too!
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What This Job Offers
Job Type
Full-time
Career Level
Senior
