LACERA Seeks to Fill Newly Created Deputy CIO Role

The $67.6 billion Los Angeles County Employees Retirement Association is looking for candidates to fill the agency’s newly created position of deputy CIO. [Source]

LACERA oversees pension funds for employees of the County of Los Angeles and of outside districts, as well as the Other Post-Employment Benefits Trust, is the largest county retirement system in the U.S. The new deputy CIO will report directly to CIO Jon Grabel and will join the investment division’s senior leadership team, according to a job posting on its website.

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The creation of the deputy CIO position was initially approved in June 2021, but the County of Los Angeles Board of Supervisors unanimously blocked it and other LACERA personnel decisions, resulting in a lawsuit filed in October 2021 with intent of confirming LACERA’s independence.

Responsibilities for the position include assisting the CIO in planning, organizing and directing all operations of LACERA’s investment division. The pension fund is looking for candidates with at least five years of experience in leading, managing and mentoring a large team of professionals. LACERA’s investment division has a staff of 45 teams that manage real assets and inflation hedges; credit and risk mitigating strategies; portfolio analytics; and stewardship and corporate governance.

The deputy CIO will be responsible for duties such as internal oversight, managing board packages and day-to-day administration of the investment division, such as staffing and personnel issues and monitoring individual portfolios. The DCIO will also be expected to lead progress on strategic initiatives, including the expansion of environmental, social and governance initiatives, compliance and governance. The DCIO will also be a liaison between LACERA and county agencies, the public and public agencies.

Essential job functions include, among others:

Overseeing the principal investment officers and the overall investments and administration of the investment office;
Evaluating the performance of the principal and senior investment officers, including their role as supervisors of staff;
Evaluating the performance of external investment managers and funds;
Collaborating with the board of investments’ consultants and LACERA’s custodian, State Street;
Assisting with development of business continuity and disaster recovery plans for the investment division;
Formulating and evaluating organizational policy, operational practices and programs; and
Acting in absence of the CIO.

The pay package for the position includes a base salary in the range of $323,209.44 to $489,202.44, including benefits. LACERA has hired executive search firm EFL Associates to help with the search.