Managing Director Public Markets

University of Richmond

About The Position

Spider Management Company (“Spider Management” or “Spider”), a wholly owned affiliate of the University of Richmond (“University”), is the investment office for the University and a select group of other endowments and foundations. Through a unique outsourced chief investment officer (OCIO) model, Spider Management has approximately $6.8 billion in assets under management, representing $3.7 billion from the University and $3.1 billion from other non-profits including colleges & universities, independent schools, community foundations, and cultural institutions. Spider Management is a dynamic and fast-paced investment management firm, investing in a single portfolio across public equity, hedge funds, absolute return, venture capital, private equity, and real assets strategies. The Managing Director – Public Investments supports the investment activities of the University’s Endowment and the private fund through which unaffiliated endowments and foundations invest. The combined assets under management are valued in excess of $6 billion and are highly diversified to include both traditional and alternative strategies. The Managing Director – Public Investments is a senior member of the investment team and will report to the Chief Investment Officer and work closely with other senior members of the group. The position will head the day-to-day implementation of the investment strategies and policy for the public portfolio, approximately 55% of the entire portfolio, to ensure that the invested assets achieve the desired strategic return and risk objectives. While working closely with the other senior team member to manage this portion of the portfolio, the Managing Director – Public Investments’ primary focus will be on sourcing, evaluating, and selecting best-in-class external managers across public equity, absolute return, and fixed income strategies, as well as monitoring portfolio positioning, performance, and exposures. The position may also participate, where relevant, in evaluating opportunistic investments in collaboration with senior team members; however, this is not expected to be a primary responsibility. The Managing Director – Public Investments will also contribute to the team on matters of portfolio construction and asset allocation. The position will participate in client service presentations and serve as an investment liaison for the unaffiliated endowment and foundation investors. This includes speaking to external Board and Investment Committees about various asset classes. Team development and mentorship is an important part of this role and it is expected that this position will supervise a Director focused on public investments.

Requirements

Strong investment track record through complete market cycle(s)
Demonstrated track record of sourcing and investing in public markets managers
Ability to leverage critical thinking, independent judgement and experience to constructively contribute to investment decisions across the portfolio
Sincere interest in investing, combined with a high level of curiosity and motivation to achieve success
Clear investment philosophy, with the ability to remain intellectually open to new ideas and approaches
Ability to incorporate rigorous qualitative and quantitative analyses in the evaluation of investment strategies, human and organizational dynamics, investment processes, and investment performance
Strong understanding of capital market dynamics, risk, and complex investment strategies
Established network of investment contacts and GP relationships; ability to access independent network for manager evaluation and reference checking purposes
High “EQ” and ability to work effectively with multiple constituencies
Strong communication skills and the ability to present perspectives and recommendations, both verbally and in writing, in a clear and logical manner
Team-oriented and willing to roll up his/her sleeves to contribute to the group’s common objectives
Independent thinking
Self-motivated and directed, possessing an ability to motivate others
Ability to portray Spider as a desired investor to top-tier investment managers
The highest level of integrity, honesty, and sense of fiduciary duty
CFA/MBA or equivalent graduate degree expected
Exceptional personal qualities including: Unquestioned integrity and the highest ethical standards, Imagination and creativity, A team orientation and collegial style, Foresight and pragmatism, A commitment to a culture of excellence and client service, Outstanding communication skills, Entrepreneurial nature

Nice To Haves

CFA preferred
10-15 years relevant work experience in the investment industry preferred.

Responsibilities

Build and maintain relationships with underlying investment managers, regularly monitor portfolio holdings, research new investment opportunities and report to various stakeholders of their relevant asset classes.
Public Portfolio Leadership (Public Equity, Absolute Return, Fixed Income)
Ongoing review and analysis of current managers, through reviewing communication from managers and regular meetings and calls
Perform risk analytics on the public portfolios to assess exposures across geographies, industries, factors, leverage, and single name companies.
Maintain relationships with best-in-class potential managers
Conduct thorough due diligence on the most compelling prospective opportunities including analysis of investment strategy, process, organization, realized and unrealized portfolio positions, and performance
Remain current on new managers and developing trends by attending conferences, annual meetings and building and maintaining a well-developed network of contacts within the investment community
Source and maintain a pipeline of investment opportunities that will provide a strategic advantage to Spider’s investment portfolio
Review legal documents
Total Portfolio
Collaborate with the CIO and other team members on asset allocation decisions and share investment knowledge as well as economic and market information gained from regular interaction with managers
Articulate and defend opinions backed by rigorous analysis through both oral and written communication
Research new areas of interest, asset classes, and sectors
Participate actively in asset allocation discussions by developing models and documentation when strategic shifts in asset allocation policy and/or tactical changes within an asset class are recommended
Stakeholder Management
Attend annual meetings and advisory board meetings as needed
Represent Spider with a range of constituents, including the University of Richmond Investment Committee and external partners
Prepare investment memos recommending changes to the portfolio
Work closely with the Investor Relations team to help inform portfolio reporting and communication with Spider’s external clients
Assist in building the team’s reputation for professional excellence and credibility both inside the organization and throughout the investment management community
Team Development
Actively involved with Senior Management in the selection process of potential additions to the Spider team
Act as a team player; holding others accountable, providing clarity, encouragement and feedback, as well as being receptive to feedback and making modifications to one’s approach and behaviors, as needed