Deputy Chief Investment Officer - Pensions

Job Description

Position Summary

The City of Philadelphia Board of Pensions and Retirement, with defined benefits assets exceeding $10 billion and deferred compensation assets exceeding $2 billion, is seeking a Deputy Chief Investment Officer (“DCIO”).

Reporting to the Chief Investment Officer ("CIO"), the DCIO serves as the second-ranking member of the Investment Office and plays a central role in the management and oversight of the Fund. The DCIO supports the CIO in developing and executing the Fund’s investment strategy, asset allocation, and investment policy; leads the sourcing, due diligence, and monitoring of external investment managers across public and private asset classes; and oversees portfolio risk management, performance measurement, and reporting to the Board and its committees.

The DCIO helps lead and develop the Investment Staff, works closely with the Fund’s investment consultant(s), custodian, and other service providers, and serves as acting CIO in the CIO’s absence. The successful candidate will be a seasoned institutional investor with sound judgment, strong fiduciary values, and the ability to communicate complex investment matters clearly to a public board of trustees and other stakeholders.

Essential Functions

• Support the CIO in the development, implementation, and ongoing review of the Fund’s investment policy statement, strategic and tactical asset allocation, and overall investment strategy. This includes oversight across both defined benefit and deferred compensation plan assets.

• Lead the sourcing, due diligence, selection, and ongoing monitoring of external investment managers across asset classes, including public equity, fixed income, private equity, private credit, real estate, real assets, and other alternative investments.

• Oversee portfolio construction, rebalancing, liquidity, and cash flow management to ensure the Fund is positioned consistent with policy targets and benefit payment obligations.

• Oversee the Fund’s risk management program, including the identification, measurement, and monitoring of market, credit, liquidity, and operational risks.

• Oversee performance measurement and attribution analysis; prepare and present investment memoranda, performance reports, and recommendations to the CIO, the Board, and its committees.

• Manage, mentor, and develop investment staff; foster a collaborative, high-performing, and ethical team culture.

• Coordinate with the Fund’s investment consultant(s), custodian bank, actuary, legal counsel, and other service providers.

• Negotiate and review investment management agreements, fee structures, and side letters in coordination with legal counsel.

• Monitor capital markets, economic conditions, and industry developments, and assess their implications for the Fund.

• Ensure investment activities comply with applicable laws, City ordinances, Board policies, and fiduciary standards.

• Represent the Investment Office before the Board, City officials, and external parties as needed.

• Supervise & manage two (2) administrative employees which includes: planning, directing, and organizing the day-to-day activities of the Investment Office; facilitating current assignments and special projects; ensure completion of all duties in a timely manner

• Perform other related duties as assigned.

Competencies, Knowledge, Skills and Abilities

• Deep knowledge of institutional investment management, including asset allocation, portfolio construction, and manager selection across public and private asset classes.

• Strong understanding of investment risk management, performance measurement, and attribution methodologies.

• Knowledge of fiduciary standards, public pension fund governance, and the legal and regulatory environment applicable to public retirement systems.

• Excellent analytical and quantitative skills, including proficiency with investment analytics, performance, and market data tools.

• Outstanding written and verbal communication skills, with the ability to present complex investment matters clearly to trustees, staff, and other non-specialist audiences.

• Demonstrated leadership ability, including experience managing, mentoring, and developing professional staff.

• Sound judgment, discretion, and the highest standards of personal and professional integrity.

• Strong interpersonal skills and the ability to build effective working relationships with trustees, consultants, investment managers, and City stakeholders.

• Ability to manage multiple priorities, work independently, and deliver high-quality work under deadlines.

Qualifications

• Bachelor’s degree from an accredited college or university in finance, economics, business administration, or a related field is required; an advanced degree (e.g., MBA or master’s in finance) is preferred.

• Chartered Financial Analyst (CFA) designation, CAIA or other relevant professional designations are a plus.

• A minimum of ten (10) years of progressively responsible institutional investment experience, preferably with a public pension fund, endowment, foundation, or other institutional asset owner or advisor.

• A minimum of five (5) years of experience supervising and developing investment professionals.

• Demonstrated experience conducting manager due diligence and overseeing multi-asset-class portfolios, including alternative investments.

• Experience presenting to boards, investment committees, or similar governing bodies, preferably in a public setting.

• An equivalent combination of education and experience may be considered.

Additional Information

TO APPLY: Interested candidates must submit a cover letter, resume and references.

Salary Range: $150k-$170k

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• Transportation: City employees get unlimited FREE public transportation all year long through SEPTA’s Key Advantage program. Employees can ride on SEPTA buses, subways, trolleys, and regional rail for their daily commute and more.
• Parental Benefits: The City offers its employees 8 weeks of paid parental leave.
• We offer Comprehensive health coverage for employees and their eligible dependents.
• Our wellness program offers eligibility into the discounted medical plan
• Employees receive paid vacation, sick leave, and holidays
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• Unlock Tuition Discounts and Scholarships - The City of Philadelphia has forged partnerships with over a dozen esteemed colleges and universities in the area, ensuring that our employees have access to a wide range of tuition discounts and scholarships. Experience savings of 10% to 40% on your educational expenses, extending not only to City employees but in some cases, spouse and dependents too!

Join the City of Philadelphia team today and seize these incredible benefits designed to enhance your financial well-being and personal growth!

*The successful candidate must be a city of Philadelphia resident within six months of hire

Effective May 22, 2023, vaccinations are no longer required for new employees that work in non-medical, non-emergency or patient facing positions with the City of Philadelphia. As a result, only employees in positions providing services that are patient-facing medical care (ex: Nurses, doctors, emergency medical personnel), must be fully vaccinated.

The City of Philadelphia is an Equal Opportunity employer and does not permit discrimination based on race, ethnicity, color, sex, sexual orientation, gender identity, religion, national origin, ancestry, age, disability, marital status, source of income, familial status, genetic information or domestic or sexual violence victim status. If you believe you were discriminated against, call the Philadelphia Commission on Human Relations at 215-686-4670 or send an email to faqpchr@phila.gov.

For more information, go to: Human Relations Website: http://www.phila.gov/humanrelations/Pages/default.aspx