DIRECTOR, DIVISION OF INVESTMENT

Code: 52488 State Unclassified Range: M98 (FY 2027) Work week NL: FLSA exemptOvertime table (4A:3, Appx. A)

Official job specification

The text below is the official specification published by the New Jersey Civil Service Commission. The plain-language summary and analysis above are derived from it by NJ Civil Service Navigator. Source: the official specification page at NJ CSC.

Examples of work

• Prepares accounts of the Division for the State Investment Council and advises the data processing requirements of the Division.
• Administers the Personnel function of the Division, which includes selecting and training a staff which possesses the skills and abilities necessary to execute investment policies; recommends salary increases, promotions, classifications, and all other aspects of Personnel Management.
• Administers the housekeeping function of the Division, which includes obtaining necessary office space and equipment, as well as insuring that repairs are made promptly, and services such as heating, electricity, and cleaning are adequate.
• Prepares an analysis of each investment fund in terms of legislative origin, legal restrictions, source of funds and pay-out requirements. Distributes this analysis together with a proposed investment program to the State Investment Council for approval. Updates the fund analysis and investment program in accordance with a schedule established by the Council or more frequently if circumstances change. Reviews the bills introduced in the Assembly and Senate for those creating new investment funds or affecting existing funds. Reports on the progress of such legislation to the State Investment Council.
• Prepares an investment strategy report for each fund outlining the manner in which investment policy, as established above will be implemented. A strategy report is prepared for Council approval each time a fund analysis is prepared and updated as circumstances require.
• Develops procedures, subject to approval by the State Investment Council, for the purchase, sale, and exchange of securities. The procedures cover the management of portfolios in accordance with the strategy reports and investment policies prescribed and the execution of purchase, sale, and exchange transactions which result therefrom.
• Maintains surveillance on a daily basis of market prices in each category:
• 1. Short-term money market instruments 2. Long-term bonds 3. Common Stock 4. Mortgages
• so that trading opportunities can be identified and executed.
• Conducts credit investigations to determine the quality and attractiveness of securities offered for purchase.
• Maintains surveillance over the quality of the securities held in the portfolio of each investment fund. Prepares supervisory bulletins for distribution to State Investment Council members and to the Division's staff which provides an annual review of the quality and suitability of securities of all types held by the funds.
• Directs the placement with vendors of purchases and sales of securities in the approximate total amount of $25-$40 billion per year.
• Provides an investment advisory service or acts as investment manager for State agencies such as the Housing Finance Agency, Health Care Facilities Authority, etc. This entails the same responsibility as for the investment of State funds.
• Supervises the work operations and/or functional programs and has responsibility for effectively recommending the hiring, firing, promoting, demoting and/or disciplining of employees.
• As required by law, prepares and distributes a monthly report of operations of the Division of Investment during that month. Also, assists the State Investment Council in the preparation of its annual report to the Governor, Legislature and State Treasurer.
• Attends the meetings of the State Investment Council and carries out the work of the Council as directed. This includes proposals with respect to new or revised investment regulations, preparation of agendas, maintenance of minutes books and such other work of the Council as may be required.
• Acts as secretary to the Issuing Officials in connection with the sale of State General Obligation Bonds. Advises the Issuing Officials concerning the timing of sales and handles such details as placing the legal advertisements announcing a sale, recommending paying agents, acting as liaison with the printer of the bonds and performing such other services as are required to complete the sale and receive the proceeds.
• Organizes the preparation of prospectuses for State bond issues and oversees mailing to prospective purchases.
• Advises the State Treasurer, when requested, concerning the sale of securities by State agencies. Also provides advice, when requested, concerning the form or merit of new legislation having to do with State or State agency financing.
• Receives representatives from brokerage houses, banks, and other organizations who solicit State business or may wish to discuss the work of the Division. Acts as a secondary source of information (after the Treasurer's office) to the public and the press on a wide variety of matters dealing with investments, bond sales, banking arrangements, etc.
• Serves in such other capacities and performs such other functions as may be required.
• <b>REQUIREMENTS
• EDUCATION</b>
• Graduation from an accredited college with a Bachelor's degree.

Experience

Ten years of experience involving investment research, trading of securities and other related investment functions, five years of which shall have been in a policy making management level.

Applicants who do not possess the required education may substitute experience as indicated above on a year for year basis.

Knowledge, skills and abilities

• Thorough knowledge of the firms engaged in the securities business in the metropolitan area, including New York, Philadelphia, and New Jersey.
• Thorough knowledge of the fields of money and banking and of the preparation, analysis and interpretation of varied types of financial statements, including profit and loss and balance sheet items.
• Thorough knowledge of the methods and procedures of underwriting syndicates and joint accounts in both primary and secondary markets.
• Thorough knowledge of the practices of investment banking and of the procedures of the New York Stock Exchange.
• Thorough knowledge of interest rates, comparative and relative yields, maturities, spreads, bid and ask prices, and of the terminology peculiar to investment practices.
• Thorough knowledge of and familiarity with the meaning and potential use of financial statements, debt statements, operating records, tax collection records and collateral data as indices to the financial, credit rating, and investment potentialities of local government units and corporations.
• Ability to review, analyze, and appraise securities of varied types and information concerning stock market transactions, including offerings, bids and other data and to prepare formal recommendations thereon.
• Ability to establish and maintain cooperative working relationships with brokers, the representatives of banks, investment houses, and with those groups and individuals engaged in the security business and/or concerned with the work for the Division of Investment.
• Ability to prepare securities inventories, cash flow and position summaries, and other financial statements and reports.
• Ability to analyze potential earnings and to maintain accurate records of all transactions, including the names of vendors, prices paid, the particular accounts involved, yields obtained, and all other attendant details.
• Ability to place orders for and to arrange for the sale of securities.
• Ability to assign, instruct and supervise the work of the Securities Market Specialist, the Investment Analysts and other staff members.
• Ability to prepare formal recommendations for the Director concerning the advisability to the purchase and/or sale of particular securities.
• Ability to prepare detailed, technical correspondence.
• Ability to prepare detailed statistical, financial and other reports containing findings, conclusions and recommendations.
• Ability to supervise the establishment and maintenance of the essential records and files.
• Ability to analyze and interpret basic legislation rules, regulations, and established procedures and apply them to specific situations.
• Ability to work harmoniously with superior officers, associate with subordinates and with that portion of the public interested in or concerned with the Division of Investment.
• Ability to deal effectively with Division employees in personnel and fiscal matters, to make classification and other surveys, to implement the resulting data and to draw reasonable conclusions.
• Ability to read, write, speak and understand English sufficiently to perform the duties of this position.
• Good health and freedom from disabling physical and mental defects which would impair the proper performance of the required duties or which might endanger the health and safety of oneself or others.