NewsmakersOctober 5, 2023

Illinois SURS Looking to Hire New CIO

The $22.6 billion pension fund is also seeking investment analysts for fixed income, equities and real assets.

Reported by Michael Katz

The State Universities Retirement System of Illinois, a public employee retirement system with 240,000 members, is looking for a CIO to oversee its portfolio, including its $22.6 billion defined benefit plan and defined contribution plans worth, as of June 2022, a combined $12 million.

According to a job posting on the Illinois SURS website, the CIO will be responsible for directing the management of Illinois SURS’ investment portfolio within the goals set by the board of trustees. The CIO will also spearhead the development of “an innovative, long-range, and comprehensive investment vision and strategy.”

The performance of the CIO, who will oversee a senior team of 11, will be measured by success at generating returns that exceed appropriate benchmarks, while also managing risks.

Among other duties, responsibilities of the role include:

Directing the planning, design and management of SURS Investment Program in compliance with guidelines, policies and statutes;
Providing oversight and direction of the day-to-day activities of the investment program;
Participating and maintaining relationships with other institutional investors, investment managers and advisers to stay up to date with pension fund best practices;
Evaluating the current risk management program and recommending and implementing any necessary changes to ensure the portfolio’s risk is controlled;
Evaluating current external managers and recommending and implementing any necessary changes, such as rebalancing assets and hiring or terminating managers; and
Preparing and presenting written and oral reports to the SURS board of trustees and other stakeholder groups.

Illinois SURS is also looking to hire two investment analysts: one to cover equities and fixed income, and another to cover real assets. Both positions support senior investment officers, and both have main duties that include, but are not limited to:

Assisting with the selection, evaluation and monitoring of assigned managers by collecting information, creating metrics and attending meetings as needed;
Completing special projects and reports by conducting appropriate research, preparation of results and follow-up, while working closely with investment staff; and
Assisting with administrative responsibilities in the investment department, including quarterly/annual reports and legislative filings.