CalPERS Seeks Investment Director | Chief Investment Officer

The $456 billion California Public Employees’ Retirement System is hiring an investment director, according to a job posting on its website and LinkedIn. The pension giant said it will hire a search firm to help recruit candidates.

To be considered for the job, which has an annual salary range of approximately $262,000 to $392,000, candidates must have at least two years of experience in the California state service performing the duties of an investment manager or seven years of “broad and extensive investment management experience” at a governmental agency or major financial institution or firm. This includes having some experience in leading or coordinating professional staff and oversight of a large and varied investment portfolio and/or investment program.

Investment directors at CalPERS are expected to work as program managers for a major functional investment area, asset class or program; ensure appropriate processes, controls, systems and risk management are in place within their area of responsibility; and assure control of operations. They are expected to maintain up-to-date knowledge of investment industry regulatory environment and servicing/technology trends and ideas. They are expected to regularly make presentations to the CalPERS Board and communicate with key external stakeholders, as well as represent CalPERS to various industry bodies.

The investment director will also be expected to provide supervision or guidance of subordinate managers and staff, external advisers and consultants, as well as provide leadership over mid-to-large internal investment teams, while evaluating the performance of asset class and program functions. The position also requires active participation in the recruitment, selection and development of investment staff; performing internal administrative functions on behalf of the managing investment director; and acting for a managing investment director in his/her absence.

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Applicants are required to take an exam that consists solely of a training and experience evaluation. To obtain a position on the eligible list, applicants must earn a minimum score of 70%.

The annual incentive opportunity is up to 75% of salary and is based on the level of achievement as compared against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity to earn 50% to 75% of base salary, beginning after five years, and when absolute total fund returns meet or exceed board-approved thresholds.