Investment Analyst Sr/Investment Officer, Legal and Policy Services

Location: St. Paul, MN | Telework eligible | Full-time, unlimited | Day shift, Monday–Friday | 10% travel | Investment Officer: $80.25–$113.75/hr ($167,562–$237,510/yr) | Investment Analyst Senior: $68.88–$92.85/hr ($143,821–$193,870/yr) | Fixed cash compensation, no incentive pay | Unclassified, FLSA exempt | Posted 10/23/2026, closes 11/12/2026

About the role

The SBI is conducting a search for an experienced and mission-driven Investment Analyst Senior or Investment Officer to support its Legal and Policy Services Division. This position reports to the General Counsel and delivers legal advice, analysis, and support on a wide range of investment matters such as reviewing and negotiating investment agreements, guiding investment manager compliance, and analyzing certain elements of investment risk. The role also provides legal support for assigned proxy voting matters, shareholder engagement initiatives, and legislative matters.

Responsibilities

Private Markets Investment Management

• Conduct investment diligence, assess governance and risk issues, and provide recommendations to deal team members
• Review and negotiate transaction documents
• Evaluate legal elements of investment risks
• Participate in diligence to address governance, risk, and opportunities
• Engage with managers throughout the life of each fund

Public Markets Investment Management

• Work with public markets managers on investment strategy, contractual terms, and ongoing diligence
• Draft investment management agreements addressing key risks and opportunities
• Monitor compliance with SBI’s public markets policies and guidelines
• Support drafting, monitoring, and development of SBI investment policy at the direction of the Executive Director/CIO

Proxy Voting Advisement

• Review proxy voting adviser reports and develop summaries of investment implications of proxy votes
• Stay current on governance issues affecting SBI-managed assets

General Legal Matters

• Provide general legal guidance to SBI staff and review a wide range of investment documents, negotiating terms with minimal supervision
• Review vendor agreements for compliance with Minnesota and other applicable laws
• Ensure legal sufficiency of agency forms and publications
• Advise on administrative policies and procedures to meet federal and state requirements
• Assist with obtaining approvals from the Attorney General’s Office and other state agencies
• Monitor securities and class-action litigation as assigned
• Advise on data practices requirements, public disclosure of investment materials, and related policies and procedures

Legislative Matters

• Assist in developing proposed legislation to advance SBI policy and meet agency needs under the direction of the General Counsel
• Help secure passage of SBI legislation by arranging and attending meetings with legislators as requested by the Executive Director and Chief Investment Officer
• Research and analyze assigned bills, prepare explanatory summaries for the Executive Director
• Monitor bill progress through the House and Senate and guide them through the legislative process
• Research and prepare assigned fiscal notes for the Minnesota Management and Budget office outlining cost impact of legislative proposals

Requirements

• Juris Doctor (J.D.) from an ABA-accredited law school
• Three (3) years relevant legal experience
• Licensed to practice law in the State of Minnesota and current with continuing education requirements, or ability to obtain Minnesota license within 12 months of employment
• Successful completion of or active enrollment in the Chartered Financial Analyst (CFA) program encouraged
• Experience in one or more of: investments, finance, tax, procurement, complex commercial transactions, qualified retirement plans (ERISA or Non-ERISA), data practices, or ethics
• Experience providing legal advice to senior management or executives
• Demonstrated ability to collaborate effectively with peers, superiors, staff, and across agencies to identify and resolve legal issues
• Strong communication