Office of the Connecticut State Treasurer, Pension Fund Management Division
Location: Hartford, Connecticut
Type: Full Time
Required Education: 4 Year Degree
Salary: Competitive compensation
Internal Number: CT
State of Connecticut Treasurer's Office, Pension Fund Management Division, managing over $44 billion in assets, is searching for a Principal Investment Officer (PIO) responsible for management of the $5.2 billion Real Assets Fund (RAF). The Fund invests in core, value add, opportunistic real estate strategies and publicly traded securities (primarily REITs and Real Estate Operating Companies). Investments are also made in infrastructure and natural resources strategies. Reporting to the Chief Investent Officer, the PIO is accountable for monitoring, reporting, evaluating, and recommending investment opportunities and for risk management oversight of the assets invested in over 50 partnerships.
For additional information, including all requirements and preferences, contact Hudepohl & Associates, firstname.lastname@example.org or (614) 854-7300.
State of Connecticut is an Affirmative Action/Equal Employment Opportunity Employer.
The PIO is a thought partner and trusted colleague of the CIO. The individual must align and support the Treasurer’s investment philosophy and policy objectives, including his initiatives on diversity, inclusion, and ESG. The PIO must have a strong work ethic, and be able to maintain a strategic focus, and manage complexity in a changing environment that engages with multiple constituencies.
The PIO is accountable for oversight of the RAF assets. An investment leader with relevant institutional real estate experience across public and private markets is required. Additional requirements and preferences include:
Bachelor’s degree in finance, economics, or related field of business.
At least seven years of relevant investment experience, preferably private institutional real estate / real assets.
In-depth understanding of the real assets sector, private markets, alternative investment strategies and vehicles, and the principles and practices of institutional investing.
Understanding of research in real estate / real assets, including market trends, strategies, industries, sectors, and geographies.
Demonstrated ability to effectively communicate in writing and orally.
Dedication to public service and understanding of defined benefit plans.
CFA or CAIA.
Investment experience working in or consulting to the public sector.
While public pension experience is preferred, candidates with other relevant experience will be considered.
About Office of the Connecticut State Treasurer, Pension Fund Management Division
The Office of the Treasurer includes an Executive Office and six (6) divisions, each with specific responsibilities including: Cash Management, Debt Management, Management Services, Pension Funds Management, Second Injury Fund, and Unclaimed Property.
As sole trustee of six (6) state pension funds and nine (9) trust funds (known collectively as the Connecticut Retirement Plans & Trust Funds (CRPTF)), the Treasurer is responsible for overall policy, planning and general administration and management of the assets for retirement plans serving approximately 296,000 state and municipal employees, teachers, retirees, and survivors, as well as trust funds that support academic programs, grants, and initiatives throughout the state.
Shawn T. Wooden was sworn in as the 83rd Treasurer of the state of Connecticut in January 2019; he previously spent 21 years as an investment attorney specializing in public pension plans. Treasurer Wooden’s primary objective is to generate strong risk-adjusted investment returns that meet or exceed the 6.9% annual plan objective over a market cycle, in order to address the State’s unfunded pension liability. Another key priority is to engage on ...corporate governance issues that affect shareholder value.
The Investment Advisory Council (IAC), created by the General Assembly, advises the Treasurer in setting investment policies and procedures. The membership of the IAC consists of the State Treasurer (ex-officio), Secretary of the Office of Policy and Management (ex-officio), five public members appointed by the Governor and legislative leadership, all of whom are required to be experienced in matters relating to investments, three representatives of the teachers' unions, and two representatives of the state employees' unions.
The PFM Division is responsible for the day-to-day administration of the CRPTF and assists the Treasurer and IAC to develop investment policy and asset allocation strategies, supervise and monitor the performance of investment managers and consultants, and source and diligence new investment opportunities and strategies. The Division also supports the Treasurer in the analysis of plan liabilities.
The CIO, appointed by the Treasurer with the consent of the IAC, leads the PFM Division and is responsible and accountable for the CRPTF investment program. The CIO leads a team of 25,
including the Deputy CIO; Principal Investment Officers responsible for: Cash, Risk Management, Fixed Income, Public Equity, Private Equity/Private Credit, Real Assets, Short-Term Investment Fund & Liquidity; and the Assistant Treasurer for Corporate Governance and Sustainable Investment.
External consulting firms providing specific research and analytical expertise are retained to augment the Division’s internal resources. Meketa Investment Group currently serves as the general consultant. The Bank of New York Mellon serves as the custodian and Deutsche Bank is responsible for marketing the securities lending program.
At December 31, 2020, the CRPTF net asset value was $40.9 billion. The Teachers’ Retirement Fund (TERF), with approximately $20.5 billion of assets under management, is the largest participating plan. The State Employees’ Retirement Fund (SERF) and the Connecticut Municipal Employees’ Retirement Fund (CMERF) have approximately $15.1 billion and $3.1 billion of assets, respectively.