SENIOR PORTFOLIO MANAGER INVESTMENTS

Code: 52556 State Competitive Range: V97 (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.

Definition

Under the administrative direction of a supervisory official in the Department of the Treasury, supervises the analysis, recommendation, and implementation of portfolio strategies and tactics; ensures portfolio compliance with New Jersey statutes and State Investment Council regulations; oversees the implementation of the portfolio management decisions consistent with the goals and objectives of the division and the New Jersey State Investment Council; supervises and provides research and recommendations to the asset class head as well as the Investment Policy Committee and the State Investment Council concerning existing and future investments within the alternative asset class; supervises staff and work activities; prepares and signs official performance evaluations for subordinate staff; does other related work as required.

Examples of work

Supervises the work operations and/or functional programs and has responsibility for effectively recommending the hiring, firing, promoting, demoting and/or disciplining of employees. Supervises the evaluation, monitoring, and proactive due diligence for assigned assets or asset classes, to identify new potential relationships for the Division of Investment as well as monitor existing relationships of the division. Supervises the development of procedures for the maintenance of complete files and statistical records of the industries, companies, and government agencies whose debt, stock, or real estate is held by the New Jersey Investment Funds including companies and agencies that are prospective purchases or sales. Supervises the implementation of portfolio strategies and tactics and coordinates the purchase and/or sale of securities and their delivery. Serves as an escalation contact for with individual or institutional portfolio clients to offer investment assistance or information. Supervises the performance of a comprehensive and detailed due diligence on general partners (GP) and investment managers to identify new potential relationships for the Division of Investment as well as monitor existing relationships of the division. Conducts in-person or virtual meetings to interview potential GPs which entails detailed discussions involving the GP's firm, their investment process, their historical investment performance, and their ability to retain top talent. Prepares and reviews notes and codifying conclusions from the face-to-face meetings to properly evaluate GPs relative to their investment peers. Supervises the implementation of portfolio strategies and tactics, and coordinates commitments to new and existing GPs to prudently invest towards the desired long-term target allocation of the asset class. Attends industry conferences and consultant conferences to maintain and improve the understanding of the alternative asset class. Confers with senior officials of companies whose stocks or bonds are owned or are being considered for purchase to monitor their operations and assess their prospects. Supervises the development of procedures for the Division of Investment records relevant to dividend payments, stock dividends, stock splits, name changes, bond redemptions, rating changes, mergers, bond calls, and litigation. Supervises the preparation of specific investment reports including performance measurement reports and provides quantitative analysis of potential GP's performance and track record then assesses the performance on a stand-alone basis against volatility, tracking error versus an appropriate benchmark, and analysis of performance versus the comparable peer group, adjusting the analysis to properly reflect any differences associated with vintage years, asset differentiation and leverage. Supervises the preparation of records concerning portfolios and ensures portfolio compliance with the laws and regulations of New Jersey. Provides advice and investment recommendations to the Investment Policy Committee as well as the State Investment Council and participates in discussions related to the referenced asset class. Represents the investment officer or asset class head at meetings, Limited Partner Advisory Committee meetings, annual review meetings and conferences. Prepares specific investment reports including performance measurement reports. Prepares and maintains records concerning the status of portfolios and ensures portfolio compliance with the laws and regulations governing divestment and assists in the preparation of criteria relating to involvement. Serves as a member of the Strategy, Equity, Fixed Income, or International Committees, and participates in discussions of stocks and fixed income securities selection and tactics. Functions in the absence of and represents the Investment Officer at various meetings and conferences. Supervises the maintenance of essential division records and files. Will be required to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.

License

Appointee will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.

Knowledge, skills and abilities

Knowledge of alternative assets, financial markets, and pension fund operations. Knowledge of deal sourcing and pipeline management related to the specific alternative asset class. Knowledge of Limited Partnership agreements, and GP investment management agreements for the purpose of negotiating and structuring investment recommendations and potential new commitments to the head of the asset class. Knowledge of portfolio construction related to a target allocation and the role vintage year and GP diversification plays in the long-term performance of the asset class portfolio. Knowledge of interest rates, comparative and relative yields, maturities, spreads, bid and ask prices, currencies, and terminology peculiar to investment practices. Knowledge of the brokerage firms engaged in the securities business in the metropolitan area including New York, Philadelphia, and New Jersey. Knowledge of prospectuses, proxy statements, and bond indentures for the purpose of recommending an appropriate course of action to the director and deputy director. Knowledge of the methods and techniques used by companies to finance growth, both short and long term, involving bank borrowing, commercial paper, sale of debt and/or equity, and the resulting impact on corporate financial strength and earnings. Knowledge of modern accounting practices and their impact on corporate balance sheets, earnings, and cash flow. Knowledge of the role of fiscal and monetary policy on interest rates, economic growth, and inflation. Knowledge of typical business activities and operations of publicly and privately owned companies. Knowledge of the quality of credit of bond holdings and new issue bonds. Knowledge of the federal tax code as it relates to the corporate sector. Knowledge of foreign currency exchange and its impact on investment activity. Ability to perform detailed and comprehensive due diligence, both investment and operational, on a new existing GP relationship as it relates to a potential new commitment. Ability to communicate written and orally, the investment recommendation which includes addressing any investment concerns and any mitigating factors related to those concerns, to the appropriate senior staff as well as the Investment Policy Committee and State Investment Council. Ability to lead an investment due diligence meeting and evaluate a manager and the manager's performance, qualitatively and quantitatively. Ability to establish and maintain cooperative working relationships with the asset class consultant, existing and potentially new GP relationships and any other groups that can help in the evaluation of the alternative asset class. Ability to establish and maintain cooperative working relationships with the representatives of banks, investment houses, and with those groups and individuals engaged in the securities business and/or concerned with the work of the Division of Investment. Ability to read, interpret, and apply information on the laws of the State of New Jersey pertaining to the administration and investment of various state funds and rules, regulations, and procedures of the Department of the Treasury and the State Investment Council pertaining to state investments and funds analyses. Ability to plan and direct portfolio management activities and projects. Ability to monitor and evaluate the activities and operations of publicly and privately owned companies on a fundamental basis. Ability to monitor and evaluate the quality of credit of bond holdings and new issue bonds, and to assist in the development of methods to further improve this function. Ability to present oral or written and well-documented opinions and recommendations to the senior members of the Division of Investment staff. Ability to place orders for and arrange for the purchase and/or sale of securities. Ability to analyze and evaluate high risk investments. Ability to assign, instruct, and supervise the work of investment professionals and other staff members. Ability to conduct productive interviews with senior management of publicly and privately owned companies, and to supervise such interviews. Ability to prepare detailed statistical, financial, and other reports containing findings, conclusions, and recommendations. Ability to prepare detailed and technical correspondence. Ability to supervise support staff in the use of proper judgment in the maintenance of essential files and records (corporate reports, newspaper clippings, brokerage reports, and so forth) applicable to monitoring the fundamental outlook for stocks or bonds. Ability to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units. Ability to read, write, speak, understand, and communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication. Persons with mental or physical disabilities are eligible if they can perform the essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it may cause the employer undue hardship, such persons may not be eligible.

Note

The examples of work for this title are for illustrative purposes only. A position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed. Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience. Ten (10) years of professional institutional investment experience with an investing entity, asset allocator such as a public or private pension plan, bank, insurance company, consultant, fund-of-funds manager, or professional money manager, including or supplemented by eighteen (18) semester hour credits in any one or combination of the following areas: accounting, finance, money and banking, statistics, economics, or investments. OR Possession of a bachelor's degree from an accredited college or university; and six (6) years of the above-mentioned professional experience, including or supplemented by eighteen (18) semester hour credits in any one or combination of the following areas: accounting, finance, money and banking, statistics, economics, or investments. OR Possession of a master's degree from an accredited college or university; and five (5) years of the above-mentioned professional experience, including or supplemented by eighteen (18) semester hour credits in any one or combination of the following areas: accounting, finance, money and banking, statistics, economics, or investments. "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions. Experience involving retail investment and retail research is not acceptable for this position. Experience as a registered representative for individuals is not acceptable for this position.