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Director of Asset Allocation

Employees Retirement System of Texas · Austin, TX · 1 wk ago
HybridFinanceFull-time

About the role

ERS is seeking a Director of Asset Allocation to perform advanced (senior-level) technical, financial, and managerial work within the Investments Division, including oversight of the Asset Allocation program and leadership across the division. Work primarily involves the development, coordination, and oversight of the analytical frameworks, capital market assumptions, and portfolio construction efforts that shape and inform the asset allocation process for the overall Trust. Requires a high level of cooperation and coordination with all asset-class teams and with the Risk Management and Portfolio Solutions programs. Work is performed at the direction of the Managing Director of Portfolio Management (MDPM) with extensive latitude for initiative and independent judgement within the guidelines established by the Board of Trustees approved investment policy and division operating guidelines.

Responsibilities

  • Provides overall leadership and direction for the Portfolio Management Asset Allocation program, whose primary objective is to inform and support best-in class positioning decisions across ERS Retirement Trust assets.
  • Adds value to the Trust by developing actionable asset allocation frameworks and portfolio construction recommendations to the Internal Investment Committee (IIC) and Chief Investment Officer (CIO).
  • Develops, maintains, and refines the Trust's near-term capital market assumptions across public and private asset classes, and integrates them into Trust-level optimization and construction models.
  • Designs and maintains analytical frameworks that assess macroeconomic and capital-market conditions and translates them into tactical positioning, rebalancing, and overlay recommendations, including formalized buy and sell triggers.
  • Oversees the design, development, and maintenance of quantitative trend following and tactical asset allocation models and integrates model outputs into allocation frameworks and recommendations.
  • Builds or onboards applications, dashboards, and reporting systems for total Trust-level portfolio management and monitoring.
  • Coordinates with the Investment Risk Management Program so that allocation and risk perspectives inform one another, while preserving the independence of the risk function.
  • Coordinates with the Portfolio Solutions Program on the implementation and execution of approved allocation decisions.
  • Conducts and directs portfolio construction and optimization modeling across all asset classes to model, test, and present the Trust-level impact of proposed allocation changes, rebalancing, and overlays.
  • Works alongside the Deputy Chief Investment Officer and Investments Chief of Staff to perform capital planning and liquidity modeling across public-market assets to complement long term private-market pacing projections.
  • Leads and refines the presentation and discussion at the weekly Strategy Forum to facilitate allocation recommendations, knowledge sharing, and the open exchange of ideas across all asset classes within the Division.
  • Participates in the Internal Investment Committee, Risk Committee, and other such groups within the Investments Division as required by their respective charters.
  • Contributes to Trust-level reporting as required by the Investment Policy Statement, including monthly, quarterly and annual reports provided to the Board and other stakeholders.
  • Complies with all applicable agency policies and procedures, including leave and attendance policies. Abides by the Code of Ethics set forth in the Investment Policy Statement and the Standards of Conduct for the Investments Division set forth in the Investment Implementation Plan.
  • Performs other duties as assigned.

Workplace Behaviors

  • Anticipates and responds to requests made by the CIO, Executive Office, and other stakeholders.
  • Maintains a good working relationship with other investment staff and ERS employees.

Required Minimum Qualifications

  • Graduation from an accredited four-year college or university with a degree in economics, finance, financial engineering, mathematics, statistics, or a related field. Qualifying experience beyond the minimum required may substitute for education.
  • Five (5) years of experience in asset allocation, portfolio construction, multi-asset portfolio management, and/or investment research.

Preferred Qualifications

  • Two (2) years of experience with direct responsibility for cross-asset allocation at an institutional asset owner or comparable institution managing diversified portfolios across global public and private markets.
    • Experience in Global Tactical Asset Allocation (GTAA) or other similar strategies at an investment management firm or focused on allocation-related advisory work at an institutional investment consulting firm is considered comparable.
  • Experience across the allocation cycle, including, but not limited to, capital market assumptions, strategic and tactical asset allocation, portfolio construction and optimization, overlay design, risk budgeting, and/or decision-making within a governance-constrained, committee-driven investment process.
  • MBA from an accredited four-year college or university, CFA, and/or CAIA.

In accordance with state law, authorization for telework may not be awarded to an employee as a condition of hiring. As an agency process, new employees complete a 30 day fully onsite period before evaluation for a telework agreement. Travel is required as necessary. This position may require access to privileged, confidential, or sensitive data. ERS will conduct either a TXDPS or FBI criminal history check on all new hires.

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