Chief Investment Officer
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The Chief Investment Officer (CIO) is a newly created position within Reed and will lead the College’s Investment Office. In addition to typical CIO responsibilities, the inaugural CIO will be charged with identifying and implementing new processes to optimize the management of the College’s endowment. The CIO will perform as the senior investment professional at Reed and, in partnership with the Investment Committee and Vice President and Treasurer, will provide investment expertise and counsel to achieve the College’s long-term investment objectives of superior, and prudent risk-adjusted returns. The CIO will perform work under the general direction of the Chairman of the Investment Committee and the Vice President and Treasurer with agreed-upon parameters of investment authority. The CIO will supervise the Director, Investments and manage work of a small investment team to best meet portfolio objectives.
The CIO will implement the College’s investment policy in conjunction with the external consultant including asset allocation, manager selection, performance measures, risk assessment and spending policy. The Investment Committee will look to the CIO and the external consultant for investment expertise and guidance. The Investment Committee is a responsive and vibrant group, with diverse backgrounds, able to act and make decisions effectively and efficiently in partnership with the CIO.
Key investment responsibilities include:
- Maintain a consultative relationship and open dialogue with the Investment Committee on investment related matters including asset allocation decisions and the structure of the investment program with respect to asset managers, advisors, consultants, as well as short- and long-term investment strategy.
- Make recommendations, incorporate best practices into the management of the investment area by evaluating policies, process, standards, measurements and methods.
- Collaborate with the consultant with respect to investment related matters including performance and risks, benchmarks and costs for the endowment.
- Leverage knowledge of peers to optimize the functions and processes of the Investment Office
- Monitor capital markets and economic forecasts and provide the Investment Committee with an on-going analysis of the state of the global economic situation as it relates to the Reed’s investment program.
- Manage the relationship with the external consultant and provide the Investment Committee with assistance in understanding the risk profile of the endowment.
- Effectively represent the College and communicate the overall investment strategy to diverse audiences, including external parties and internal stakeholders.
In addition to investment responsibilities, the CIO, with support from the Director, Investments, will manage all aspects of endowment operations including capital calls, asset transfers, review of subscription documents and manager due diligence. The CIO will ensure that endowment operations are conducted using best practices in coordination with the College Associate Treasurer and Controller, including ensuring that endowment assets and transactions are appropriately reflected on the College’s general ledger and financial statements, and providing information required to facilitate timely completion of College’s annual financial report and external audit.
The Investment Committee and Vice President and Treasurer consider the CIO’s investment and operational responsibilities to be equally important at the current time. The Investment Committee expects to evaluate the need for additional internal staffing as the endowment grows and the CIO role becomes an integral part of College operations. Over time, performance and the relationship developed by the CIO with the Investment Committee, the College President and the Vice President and Treasurer will be important factors in this evaluation process.
YEAR ONE CRITICAL SUCCESS FACTORS
Critical factors indicative of success in year one include:
- Develops a proposed investment plan to present to the Investment Committee for discussion. Note that the College has recently agreed upon an asset allocation methodology that links the College’s asset allocation to peer reference group allocations. To the extent that this proposed plan represents any change to this methodology, fully describe anticipated risks and benefits. This plan may include recommendations related to diversification, as well as recommendations on managers that should be evaluated for replacement.
- Recommends portfolio actions and managers that help the College to achieve sustained performance in the upper quartiles of its peer endowment reference group
- Effectively transitions into College administration and develops good working relationships with other senior administrators and faculty
- Gains confidence of members of Investment Committee and efficiently works with the committee within established parameters
- Leverages resources of consultants and the Director, Investments to optimize investment management processes and decision-making
The ideal CIO candidate will have at least ten years of recent, fulltime experience in investment management or financial services, as well as a significant general management background. The candidate must have extensive investment/markets expertise. Ideal experiences would be founded in managing a diversity of asset classes, as well as all aspects of the investment process for endowment or comparable systems.
The executive must have high intellectual horsepower and possess natural leadership abilities. The right candidate will have demonstrable skills in working in a team environment and will be a visionary and a strategic thinker.
The ideal candidate will have a passion for excellence and the desire to have a significant impact on the College and investment process. The successful candidate will possess excellent interpersonal skills, a compelling presence, and strong business acumen. Ethics must be above reproach.
Presentation skills, both oral and written, must be superb. Mature and self-assured, the successful candidate must be able to demonstrate credibility and engender respect, both internally and externally.
The successful CIO candidate will have demonstrated a favorable record in one or more investment strategies, managing a portfolio of diversified assets. The CIO will provide strategic insights to asset allocation, be able to anticipate any directional changes in financial markets and industry trends, which may affect the endowment’s performance. The candidate will work closely and meet regularly with the Investment Committee to review and make periodic adjustments to the Policy Portfolio allocation.
Creative leadership is a critical success factor, in addition to a compelling presence and strong business acumen. The successful candidate will have the following experience/traits:
- Success driving top tier results; a high achiever who has achieved excellence in both academic and professional pursuits, and a record of rapid advancement in every challenge undertaken.
- Collaborative and able to work effectively with multiple constituencies, both internal and external (Investment Committee, Administration, and external consultants, investment managers, etc.).
- Positive,results-oriented style,evidenced by listening, motivating, delegating, influencing and monitoring the work being done.
- Enthusiasm for the College mission of education. Great intellectual curiosity and a desire to be involved in College life, campus strategy and education.
- Strong communicator who is able to tailor message to whomever he/she is speaking to and can provide a business case to support decisions.
- High level of energy, sense of urgency, creativity and decisiveness, coupled with the ability to remain focused and rise above pressure.
- Engaging, open interpersonal style, complemented by the analytical pragmatism necessary to quickly dissect highly complex issues.
- Establishes immediate credibility among his/her colleagues; a professional who engenders respect.
- Genuine interest in mentoring and developing professional staff members.
- Bright mind, strategic and detailed, whose presence will advance the intellectual capital of the College overall.
- Unquestionable integrity, credibility and character, demonstrating high moral and ethical behavior.
The ideal candidate will also demonstrate the following personal characteristics:
- Vast knowledge across asset classes (broadly defined as public, private and real assets) and have substantial breadth of experience investing as a manager of managers, fund of funds manager, plan sponsor, direct investor or highly sophisticated consultant or investment advisor.
- Superb team-building skills, with a predisposition to building consensus and achieving goals through collaboration rather than purely direct line authority.
- Extensive knowledge of investment concepts, strategies, styles, and analytical methodologies from the total portfolio level to individual security selection.
- Strong grasp of macroeconomics and capital market issues relating to investments.
- Knowledge of statistical concepts, methods and models, and their application to investments.
- Strong effective written and verbal communications skills; including preparing and delivering correspondence, reports, presentations, policies and proposals.
An advanced degree in finance, economics or a related field, and/or a CFA is strongly preferred.
The successful candidate will receive an attractive and commensurate compensation package based upon applicable work experience.
Contact Michael Kennedy to apply or to discuss this opportunity, in advance of making the decision to apply.
Senior Client Partner, Korn Ferry
Reed College values cultural diversity and intellectual pluralism as critical components of academic excellence. We welcome applications from members of historically underrepresented minority groups, persons with disabilities, persons who have served in the military and others who would bring additional dimensions of experience to our community.