State Teachers’ Retirement System
Portfolio Manager, Sustainable Investment Strategies
$14,334.00 – $21,500.00 per Month
Final Filing Date: Until Filled
Job Description And Duties
This position is eligible for incentive compensation and has a maximum incentive opportunity of 125% of base salary.
The Sustainable Investment & Stewardship Strategies (SISS) unit of the Investments Branch was established in 1978 to protect assets through good governance and operational accountability. The unit has three primary strategies: sustainability-focused investment strategies across public and private markets; stewardship activities concentrated on public policy and corporate engagement, and proxy voting; and strategic relations management with CalSTRS members and partners.
The Portfolio Manager, Sustainable Investment Strategies will expand and optimize a sustainability-focused public and private asset strategy for the CalSTRS Sustainable Investment & Stewardship Strategies Portfolio (SISS) with an opportunity for the portfolio to grow to up to 5% of the total $319 billion fund at CalSTRS.
Additional details around these responsibilities are described below but not limited to the following
Under the direction of the Investment Director of SISS, the Portfolio Manager (PM) provides a high-level of expertise in managing the implementation of CalSTRS sustainable investment strategies for public and private assets and the integration of material environmental, social and governance (ESG) issues within a dedicated portfolio in the SISS team and across CalSTRS’ asset classes. The incumbent will oversee due diligence efforts and implement comprehensive strategies supporting sustainable investing in public and private assets for the SISS Portfolio and through collaborations with Investment Branch colleagues in other asset classes. This position requires the incumbent to exercise the highest degree of independence, confidentiality and discretionary judgment.
- Program Strategy:Develop and implement a comprehensive portfolio construction strategy supporting public and private assets within the SISS portfolio, that meets or exceeds the total return objectives of the SISS portfolio and the total CalSTRS fund.
- Portfolio Oversight:Oversee portfolio construction tools, databases, portfolio analysis, and risk reports. Manage the implementation of CalSTRS’ investment strategies to support sustainable investment opportunities in public and private assets across CalSTRS’ asset classes, including a focus on affordable housing and low-carbon solutions.
- People Management and Supervision:Plan, develop, and lead staff in the execution of sustainable investment transactions and oversee the required portfolio monitoring and management. Play a leadership role in overseeing the broader SISS Portfolio, including public and private assets, and in achieving the SISS portfolio’s additional goal of demonstrating positive social and environmental outcomes.
An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analysts (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.
Does this opportunity seem right for you? If so, see the Application Instructionssection below and apply now.
You will find additional information about the job in the Duty Statement (https://www.CalCareers.ca.gov/CalHrPublic/FileDownload.aspx?aid=17596847&name=DutyStatement.pdf) .
All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.
This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for visa sponsorship by the start date of employment with CalSTRS.
You will find the Minimum Requirements in the Class Specification.
- PORTFOLIO MANAGER (https://hrnet.calhr.ca.gov/CalHRNet/SpecCrossReference.aspx?ClassID=4697)
- Job Application Package Checklist (http://calcareers.ca.gov/CalHrPublic/Jobs/JobApplicationPackageChecklist.aspx?JobControlId=330350)
- Duty Statement
Job Code #:
Portfolio Manager, Sustainable Investment Strategies
$14,334.00 – $21,500.00
# of Positions:
Permanent, Full Time
The California State Teachers’ Retirement System (CalSTRS) is the largest educator-only pension fund in the world. CalSTRS proudly provides retirement, disability and survivor benefits to California’s 980,000 public school educators and their families.
The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $304.9 billion as of August 31, 2022. In 2021, the CalSTRS Investments Branch was named in Pensions & Investments magazine’s “Best Places to Work in Money Management” list for the seventh time since 2013, and our employees continue to support an inclusive environment.
CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the world’s investment markets. We do this by establishing collaborative relationships across a vast network of investment managers, portfolio companies and industry associations in order to maximize returns and leverage opportunities for positive change.
We encourage you to join our world-class financial services institution and state agency. Our headquarters and member service centers located across the state feature sustainable construction, plenty of natural lighting and functionally-designed workspaces. At our LEED Platinum headquarters in West Sacramento, enjoy the full-service cafe, free onsite fitness center, bicycle library and walks along the Sacramento River. In addition to state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing learning and development opportunities.
This position requires a current Portfolio Manager Exam. If you need to take the exam or if your score has expired,click here (https://www.calcareers.ca.gov/JOBSGEN/0ST02.PDF) to gain list eligibility.
CalSTRS Personal Trading Program
Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.
Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.
CalSTRS Disclosure Requirements
This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the Conflict of Interest Code that applies to CalSTRS team members and the Political Reform Act (https://www.fppc.ca.gov/the-law/the-political-reform-act.html) , which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700) (http://www.fppc.ca.gov/Form700.html) .
Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.
Final Filing Date:Until Filled
Who May Apply
Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.
Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process.Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).
How To Apply
Complete Application Packages (including your Examination/Employment Application (STD 678) and applicable or required documents) must be submitted to apply for this Job Posting. Application Packages may be submitted electronically through your CalCareer Account at www.CalCareers.ca.gov. When submitting your application in hard copy, a completed copy of the Application Package listing must be included. If you choose to not apply electronically, a hard copy application package may be submitted through an alternative method listed below:
Address for Mailing Application Packages
You may submit your application and any applicable or required documents to:
State Teachers’ Retirement System
P.O. Box 15275, MS 31
Address for Drop-Off Application Packages
You may drop off your application and any applicable or required documents at:
State Teachers’ Retirement System
CalSTRS, Attn: Recruitment
100 Waterfront Place
08:00 AM-05:00 PM
Required Application Package Documents
The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:
- Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
- Resume is required and must be included.
Applicants requiring reasonable accommodations for the hiring interview process must request the necessary accommodations if scheduled for a hiring interview. The request should be made at the time of contact to schedule the interview. Questions regarding reasonable accommodations may be directed to the EEO contact listed on this job posting.
In addition to evaluating each candidate’s relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
- Significant professional experience across asset classes, with 10+ years of experience within private markets, including all aspects of portfolio management, direct investment, investment manager selection, and diligence processes within an institutional environment
- Demonstrated investment track record as a direct/co-investment manager and fund investor from a fund-of-funds, endowment, foundation, pension plan or related investment organization
- Success in investing significant pools of capital across asset classes and in-depth knowledge of asset allocation theory and practice, portfolio risk management and investment structuring
- Must have in-depth knowledge of private market-based investment strategies (private equity, private credit, venture, secondaries, mezzanine, and distressed) and considerable familiarity with public markets
- Ability to lead and manage work independently, in line with the intentions of the team’s shared objectives
- Superior collaboration skills with a track record of sharing information and knowledge across divisions and work groups
- Excellent interpersonal skills; commitment to teamwork; and ability to work with and develop effective relationships across the organization
- Superior oral and written communication skills
- Public service and mission-oriented
CalSTRS offers a competitive pay schedule and a work-life-balance for all itsemployees. The State of California provides comprehensive benefits packages determined by the employee’s bargaining unit and conditions of employment. Some benefits include:
- Alternative work schedules
- Flexible work hours
- Remote work options
- Medical benefits, including health, dental and vision insurance
- Paid holidays and a defined benefit retirement program
- More than four weeks of vacation/sick leave for leaders
- More than three weeks of vacation/sick leave for staff
- Health insurance in retirement
- Employee Assistance Program
- Loan forgiveness under the federal Public Service Loan Forgiveness Program (https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service)
For the latest information on the benefits offered by the state of California, explore theHealth Benefits Summary provided by CalHR (https://www.calhr.ca.gov/Pages/California-State-Civil-Service-Employee-Benefits-Summary.aspx) .
The Human Resources Contact is available to answer questions regarding the position or application process.
Human Resources Contact
Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department’s EEO Office.
California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.
Additional Application Instructions
- Electronic applications through your CalCareer account are highly recommended. If you are unable to apply electronically through your CalCareer account, please mail or drop off a hard copy of your application packet. Please provide the following information on your application: RPA 5333, JC-330350
- If education is being used to meet the minimum qualifications, please submit a copy of your transcripts/degree.
- Training and Development (T&D) assignments may be considered for this position. If you are applying as a T&D, please indicate this in the eligibility section of your application.
- Candidate may be selected by application packet review only.
- Multiple positions may be filled from this recruitment.
Additional Salary Information
All civil service positions have salary ranges with minimum and maximum pay rates. Typically, employees who are new to civil service are appointed at the minimum rate of the salary range for the position. Special provisions for appointments above the minimum exist to meet special recruitment needs and to accommodate employees who transfer into a position from another civil service position and are already receiving salaries above the minimum.
Equal Opportunity Employer
The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.
It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.