| Description of Duties:
The Investment Analyst 1 - Investment Operations reports to the Managing Director of Investment Operations and is responsible for various risk management, asset allocation, compliance monitoring, due diligence, investment operations, investment performance management, and reporting responsibilities.
- Responsible for assisting in designing, developing, and operating a risk management program to monitor, measure, and manage investment and operational risk in the SERS investment program.
- Works in conjunction with the Managing Director of Investment Operations to evaluate the risk of individual asset classes and across the total plan to ensure that risk exposures are consistent with the SERS Statement of Investment Policy and the Strategic Investment Plan.
- Must continually monitor risk exposures and report concerns to the Managing Director of Investment Operations as well as plan, recommend, and potentially implement improvements in the risk governance system, including appropriate analytical tools.
- As part of risk management, must ensure that all investment portfolios comply with SERS Statement of Investment Policy and operate within established investment manager guidelines.
- Ensure compliance with and reporting of holdings related to Act 44 of 2010 - Divestment of Holdings in Scrutinized Companies.
- Complete the annual divestment reimbursement form for submission to the Office of the Budget.
- Create detailed procedures for critical investment operations duties.
- Supports the Managing Director in the asset/liability study and setting asset allocations for the Strategic Investment Plan.
- Determines and reports sources and uses of cash and total fund liquidity.
- Responsible for preparing and maintaining a cash flow forecast, which is used, not only to ensure that SERS has enough cash on hand to pay monthly benefit payments, but also to estimate future cash needs. This report is provided to the board during executive session of each board meeting.
- Ensures compliance with the Rebalancing Policy and alerts senior investment staff when asset allocation rebalancing is required.
- Validate and approve the proposed income sweeps from our public market manager accounts on a monthly basis.
Compliance Monitoring and Due Diligence:
- Responsible for assisting in the management of internal compliance and audits of the investment program.
- Assists in implementing corrective actions to address any audit findings, deficiencies, or recommendations.
- Reviews the initial and ongoing due diligence files for completeness and accuracy.
- Works with staff to help them understand the initial and ongoing compliance processes and the importance of various documents.
- Works with staff on their completion of initial and ongoing due diligence and address any compliance concerns.
- Reviews the initial due diligence materials of investment opportunities for completeness before they are presented to the board and address concerns with the Managing Director of Investment Operations.
- May from time-to-time, and on an "as needed basis", assist with on-site audits of investment managers to ensure their back-office operations and internal control activities meet SERS' requirements.
- Assist in reviewing compliance documents on an as needed basis.
- Manages relationships with the operations personnel of custodians, investment managers, consultants, and other outside providers of investment services on matters related to cash management, accounting, securities lending, special investments, discrepancy resolutions, and other issues dealing with investment operations.
- Oversee and track all funding activities, including: new funding and redemptions, capital calls and distributions, and account setup and closings.
- As part of new account openings, ensures that all information is correct on new account opening forms and ensures that foreign exchange default programs are set up with netting across accounts, if appropriate.
- Complete independent calculations of all public market investment manager fees to ensure their accuracy. Assists in the development of investment reports for submission to the Pennsylvania State Senate and House appropriation hearings as well as prepares "budget briefers" for use by SERS' Chairman, SERS' Executive Director, and CIO at such hearings.
- Compiles, reviews, and provides investment office information used in SERS' Budget Book, Comprehensive Annual Financial Report, and the Mid-Year Investment Report.
- Reviews SERS' actuarial reports to verify that the results are consistent with expectations.
- Responsible for assisting the front office in certain Right-To-Know-Law (RTKL) requests by searching for, and if applicable, compiling certain information that is responsive to such requests, as well as, collaborating with them to draft an appropriate response.
- Complete various surveys as needed from professional organizations, including, RVK, Pensions and Investments, and Public Fund Data Exchange.
- Act as editor and writer of the Economic Outlook and Market Conditions report, which is delivered to board members at every board meeting.
Operating Policies and Procedures:
- Responsible for assisting in monitoring compliance with policies and procedures dealing with all aspects of investment management and operations to ensure best practices are applied to Fund operations and governance.
Performance Measurement and Reporting:
- Validates the accuracy and completeness of the return information prepared by SERS' general consultant in the monthly Performance and Risk Statistics Report and the official quarterly Performance Report.
- Any significant differences in the reported returns between SERS' general consultant and SERS' sub-custodian are identified, researched, and resolved to ensure system congruency.
- Ensures that all valuation and investment performance discrepancies reported by the sub-custodian and the general investment consultant are resolved.
- Produce accounting, investment, and fund management reports, including asset allocation, risk management reports, and investment review reports.
- Look for opportunities and implement automation, wherever possible, to improve accuracies and efficiencies in processes to ensure accurate and timely reporting.
- Calculate time-weighted (Modified Dietz) and money-weighted (IRR) returns for ad hoc reporting as needed.
Information Systems Support:
- Assist in maintaining management information systems used in SERS Investment Office, including, Workbench, Private i, Private iQ, Private Informant, and the Asset Allocation Reporting System.
- Collaborates with internal and external parties to ensure such tools provide timely, accurate, and relevant information to exercise effective management control.
Some travel may be required to assist in conducting due diligence; satisfy fiduciary requirements; discuss pertinent issues with key fund manager and consultant personnel; to attend annual fund manager meetings, participate in investor advisory board meetings, to observe resources, operations, controls; and to learn of new ideas and capabilities.
Performs all related duties as required.