CalSTRS Searches for Director of Investment Services

The California State Teachers’ Retirement System (CalSTRS) is searching for a director of investment services to replace Chief Operating Investment Officer Debra Smith, who retired this month.

The senior position on the investments team was created after Smith, who worked at the fund for 24 years, announced her retirement in February. She is expected to stay on for a short time as a retired annuitant to help the pension fund through the downturn.

The candidate hired for the position will oversee investment policy, as well as the business and operational management of the investments branch, according to the job listing. He or she will also act as the main back-up for the CIO and deputy chief investment officer (DCIO).

The candidate will also liaison between the portfolio’s seven asset classes and the team’s three units, which include the investment operations, investment branch administration, and the investment performance and compliance teams.

For more stories like this, sign up for the CIO Alert daily newsletter. 

Candidates have until June 13 to submit an application. Base salary for the position ranges from about $262,008 to $392,004 annually.

But candidates can be eligible for additional incentive compensation. Starting in July, that will increase to a maximum 125% of base salary for the next fiscal year, up from 100%.

A current employee can also be eligible for one additional 5% base pay differential if they have one of the following certifications: chartered financial analyst (CFA), certified commercial investment member (CCIM), financial risk manager (FRM), certified investment management analyst (CIMA), or chartered alternative investment analyst (CAIA).

The nation’s largest educator retirement system is currently on a hiring spree, posting several listings on its social media channels for its pension program, as well as additional information technology (IT) staff.

Another senior member expected to move on from the fund is CEO Jack Ehnes, who postponed his retirement to June 2021 to stay with the pension fund through the downturn.