Investment Associate, Public Markets (Treasury)

Salary : $103,077.00 - $116,814.00 Annually
Location : Providence, RI
Job Type: Non-Union Treasury (108)
Job Number: 2360-90101-TBD
Department: OFFICE OF THE GENERAL TREASURER
Division: Investments
Opening Date: 03/10/2025
Closing Date: 3/31/2025 11:59 PM Eastern
Restrictions/Limitations: POSITION SERVES AT THE PLEASURE OF THE GENERAL TREASURER
Pay Grade: 08537A
Classification: Unclassified
Scheduled Work Days; Hours of Work: Mon-Fri; 8:30am - 4:00pm
Work Week: Non-Standard
Bargaining Union: Non-Union Treasury (108)
Assignment(s)/Comments: Non-standard hours. Subject to 6 month probationary period. Demonstration of skills will be required.

Class Definition
BACKGROUND:
Authority for investment of all state funds is vested in the State Investment Commission (SIC), which is a 10-member volunteer body that is chaired by the Rhode Island General Treasurer. The SIC, which meets monthly, is responsible for the investments of the Rhode Island Employees Retirement Systems Pooled Trust ($11 billion defined benefit portfolio) as well as the oversight non-pension related investments such as the OPEB Trust ($700 million), General Fund ($2 billion), the 529 CollegeBound funds ($5 billion), the Ocean State Investment Pool ($500 million), and supports investment selection for the state's 401a defined contribution and 457b deferred compensation plans ($2 billion).
The Investment Staff, led by the Chief Investment Officer, is the division within the Rhode Island Office of the General Treasurer that is responsible for executing the operations of the State's investment programs on behalf of the SIC; as a member of the Investment Staff, the Investment Associate, Public Markets, will primarily focus on the ~$11 billion Rhode Island Employees Retirement Systems Pooled Trust ("ERSRI") investment portfolio as well as the investment options held within the various participant directed programs (401a, 457b, and 529 CollegeBound), while providing assistance on the other investment programs as needed. The SIC hires third-party Investment Managers to manage, purchase, and sell assets and securities for the fund; The Investment Staff cooperates with third-party Investment Consultants to conduct due diligence and endorse Investment Managers for approval by the SIC.
GENERAL STATEMENT OF DUTIES:
To support the functions of the Pension Investment Division in a variety of financial functions pertaining to the Rhode Island Employees Retirement Systems Pooled Trust, the OPEB Trust, defined contribution and deferred compensation plans, and CollegeBound products.
The Investment Associate will be assigned coverage of a variety of asset classes held within the Rhode Island Employees Retirement Systems Pooled Trust investment portfolio; they will monitor and perform related research and analytical work to support the Pension Investment Division's active portfolio management and reporting to key stakeholders. While the Investment Associate's scope of coverage will broadly include both traditional and alternative asset classes, they will predominately focus on ERSRI's liquid allocations, including equities, fixed income, cash, derivatives-based strategies, and hedge funds. The Investment Associate will collaborate closely with external Investment Consultants to monitor funds within the ERSRI and various participant directed program portfolios by regularly reviewing fund-level and portfolio-level performance, evaluating fund-level and portfolio-level exposures and risks, and maintaining relationships with external managers. The Investment Associate will additionally identify and evaluate prospective investment opportunities as appropriate.
The Investment Associate will assist the broader Pension Investments Division in performing portfolio management activities including asset allocation reviews, risk modeling, and reporting to key stakeholders.

STATEMENT OF FLEXIBILITY:
To professionally, courteously, and respectfully treat all contacts with customers of the General Treasurer's Office including the public, other government agencies, the business community, fellow employees and any other customers, both in person, when answering incoming phone calls, emails, letters and any other form of contact, and to project a customer-friendly attitude committed to provide high quality customer service.
To perform duties as directed to support the operations of the General Treasurer's Office during times of increased departmental workloads, including but not limited to working on a temporary basis (not to exceed 3 months, which may be extended by mutual agreement) in the Crime Victim Compensation Program, General Administration, Business Processing, Employees' Retirement, Unclaimed Property and/or the Investment Division. Designated managers within each division will review work for conformance to established procedures and regulations. Employees will not be disciplined for their inability to meet job requirements which are specific to a position to which they are temporarily transferred. Experience, including working in other departments, may be considered as a factor in selecting employees for promotions and/or transfers to new positions.
SUPERVISION RECEIVED: Works under the direction of the Chief Investment Officer.
SUPERVISION EXERCISED: No direct reports; The Investment Associate, Public Markets is a senior team member with responsibility to guide and mentor Investment Analysts in their duties.

Illustrative Examples of Work Performed

ESSENTIAL JOB FUNCTIONS AND RESPONSIBILITIES:
Portfolio Management

• Monitors fund-level and portfolio-level performance and exposures to verify and assess the implementation of portfolio construction targets and desired investment results.
• Maintains relationships and engages in regular dialogue with investment managers, consultants, and other parties to enhance understanding of fund-level performance and relevant issues.
• Coordinates with legal counsel and other third parties to negotiate legal and structural terms for Investment Management Agreements.
• Supports month-end liquidity processes to facilitate portfolio rebalancing and outflows for benefit payments and expenses.
• Participates in Fund Annual Meetings as appropriate.

Portfolio Construction

• Works in concert with the Chief Investment Officer and other Pension Investment Division staff to recommend portfolio asset class targets during periodic strategic asset allocation studies for ERSRI and OPEB.

• Works in concert with the Chief Investment Officer and other Pension Investment Division staff to recommend target ranges for sub-strategies, geographies, sectors and market size exposures for each of the allocations within the ERSRI and OPEB portfolios.

• Works in concert with the Chief Investment Officer and other Pension Investment Division staff to formulate target-date/age-based portfolio construction, including fund lineups and glidepaths.

Manager Due Diligence

• Implements and executes managerial due diligence processes for both existing and prospective Investment Managers.
• Prepares analytical due diligence reports and recommendations for senior staff and SIC board presentations.
• Coordinates with external consultants on timing and delivery of consultant due diligence reports and recommendations for Pension Investment Division staff and SIC.

Communication and Reporting

• Provides comprehensive written proposals and verbal presentations to Rhode Island State Investment Commission.

• Contributes to the creation and publication of regular and ad-hoc portfolio analysis and reporting for key stakeholders.

Market Research

• Conducts research to develop and maintain current and comprehensive understanding of market conditions pertinent to Public Asset Portfolio asset classes, sub-strategies and market microstructures.
• Attends industry conferences and investor meetings and engages in dialogue with other limited partners and prospective investment managers as appropriate to acquire information and gain new insights.

Additional Responsibilities

• Serves as a primary liaison for investment managers and other service providers.
• Coordinates onboarding process for new investment managers in coordination with internal and external legal counsel, custodian banks, and other Pension Investment Division staff.
• Coordinates legal and investment review of proposed amendments, MFN provisions, and other legal documentation subsequent to initial fund onboarding and relating to investment funds to which ERSRI has committed or invested.
• Monitors the contractual provisions of the investment managers and other service providers to ensure compliance with contractual provision and guidelines and restrictions outlined in Investment Policy Statements.
• Collaborates with colleagues within the Pension Investments Division to maintain and update data housed within portfolio monitoring databases, software, and tools.
• Assists to verify and reconcile performance of the investment managers within the Public/Liquid Asset Portfolios, as well as other portions of ERSRI and OPEB as needed.
• Assists in collection, drafting, and publication of manager performance, fees, and terms in accordance with Rhode Island transparency initiatives.
• Assists in collection and distribution of non-confidential information and documents requested in accordance with the Access to Public Records Act.
• Assists in management and oversight of the defined contribution and deferred compensation plans, and CollegeBound products.

• Other duties as assigned by the General Treasurer, Chief Investment Officer, or Deputy Chief Investment Officer.

Required Qualifications for Appointment
Professional Experience, Qualifications, and Education:

• Preferred minimum 5 years of relevant investment experience, such as institutional investment portfolio management with a public or corporate pension plan, endowment, investment consulting firm, private trust, or asset management firm.
• A degree from an accredited college or university is preferred but not required.
• Achievement or progress towards a designation such as Chartered Financial Analyst or Chartered Alternative Investment Analyst or MBA is preferred.
• Must demonstrate professional communications skills and the ability to function in a team setting. A successful applicant will have critical thinking skills, intellectual curiosity and excitement, pays close attention to detail, and has a demonstrated ability to analyze, troubleshoot and problem-solve.
• A broad knowledge of the principles of investment management and an ability to assess the key aspects of diverse investment strategies is required.
• Or, any combination of education and experience that shall be substantially equivalent to the above education and experience.

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