Director of Investments

Working/Functional Title

Director of Investments

Position Summary

BACKGROUND

The Michigan State University Investment Office is responsible for managing the long-term assets of the university through the university’s endowment fund.  As of June 30, 2024, the fund has assets over $4.4 billion and invests in both traditional long-only equity and fixed income strategies, and alternative strategies as hedge funds and private investments, private real estate, and private real assets.  The investment office is responsible for implementing the university’s investment policy by identifying, hiring, and monitoring outstanding fund managers, and is responsible for reporting investment performance and activity to the Board of Trustees and President.

POSITION SUMMARY

This is a non-Union executive management position based in Stamford, CT.  Reporting directly to the Senior Director of Investments, the Director of Investments is an integral member of the Investment Office (IO) and is involved in all stages of the investment process from sourcing, origination, due diligence, and implementation of investment opportunities to subsequent monitoring and portfolio management, with a focus on private investments.

RESPONSIBILITIES

Portfolio Implementation - 40%

• Work closely with the Senior Director of Investments and other senior investment team members on portfolio implementation.
  • the ongoing implementation of investment strategy,
  • identification, research, evaluation, and selection of investments opportunities,
• Manager Due Diligence – conduct due diligence on existing and prospective investment managers by:
  • Evaluating the firm, team, investment strategy, and process,
  • Analyzing its track record through both qualitative and quantitative analysis, including but not limited to case studies, portfolio holdings, return distributions, and PME analysis,
  • Conducting on-site diligence meeting with executives, portfolio managers, and investment team as appropriate,
  • Conducting reference calls with peers, investment consultant, and managers’ references,
  • Collaborating with IO team members and MSU colleagues on legal and investment structure due diligence,
  • Collaborating with external consultants where applicable, (e.g. working with the investment consultant on investment and/or operational due diligence),
  • Debating investment-related merits and risk with colleagues, and,
  • Preparing detailed investment recommendation memoranda.
• Partner with other IO team members to ensure investment analysis, documentation, recommendations, monitoring and decisioning are properly recorded in the research management system.

Portfolio Monitoring - 40%

• Manager Monitoring – help oversee existing manager relationships by partaking in regular manager updates, on-site visits, annual meetings, and regularly assessing investment performance through both qualitative and quantitative analysis.
• Develop and maintain strong working relationships and represent MSU with external constituencies and staff. Communicate and interact effectively and appropriately with individuals from investment managers, consultants, independent auditors, bankers, attorneys, etc.

• Work with the investment team in monitoring:
• liquidity requirements to the university,
• development of management reports and analysis.

• Assist in the preparation of reports related to performance, risk, and other ad hoc topics related to the MSU and private markets portfolio.

Research - 20%

• Follow business and economic developments and assess impact on selected industry/companies to recommend appropriate investment actions.
• Assist in providing economic and financial market outlook as needed.
• Research broad investment and industry trends, and opportunistic investment projects as required.
• Work closely with the senior investment team members (including consultants, investment advisors, and counsel) in determining the appropriate asset allocation for MSU’s portfolio.
• Monitor portfolio asset allocation to ensure compliance with the investment policy.
• Work with the investment office teams on the critical tools and analysis that support performance assessment and attribution, asset allocation, liquidity management and risk management.
• Work with the Investment Team on inputting, organizing, and managing data from existing and prospective managers, as well as for various markets, investment strategies, sectors.
• Other duties and/or projects as assigned.

Supervisory Responsibility

• Occasionally lead work of other employees/consultants/interns

Travel 

• Approximately 25-40 percent travel time required, much of the travel will be local within the NYC metro area and the continental U.S.

Equal Employment Opportunity Statement

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, citizenship, age, disability or protected veteran status.

Required Degree

Bachelors -Finance, Business

Desired Degree

Masters -Finance, Business

Minimum Requirements

Education / Experience

• Five to eight years relevant work experience. 
• Bachelor’s degree in relevant field required.

Desired Qualifications

Education / Experience

• Master’s degree, CFA and/or CAIA designation preferred.
• Experience in working effectively with persons from diverse cultural, social, ethnic, intellectual, philosophical and business backgrounds and perspectives.

Core Competency Requirements

• The Investment Office embraces quantitative analysis in all aspects of investing, therefore strong analytical and technical skills and experience with modeling and analysis software are critical.
• Experience evaluating alternative investment managers, developing investment thesis, and managing portfolios.
• Familiar with modern portfolio theory and alternative asset allocation theories.
• Persistent drive toward conclusions, decisions, and results.
• Ability to conduct fact-based research and access networks and key informants using internal and external sources of data, information, research, and analysis.
• Absolute integrity and discretion essential.
• Demonstrated initiative, independent thinking, and problem-solving skills.
• Ability to develop, maintain and evolve a body of concepts and learning that continuously informs and reflects the thinking and knowledge of the team and organization.

Required Application Materials

• Cover Letter
• CV/resume

Please comment on the following in your cover letter and/or attachment to the cover letter:

1. Why do you want to work in the investment office of MSU?
2. Describe your investment philosophy and process.
3. Who are your high conviction GPs in LBO and VC and why?

Review of Applications Begins On

10/21/2024

Website

HTTPS://INVESTMENTS.MSU.EDU/

MSU Statement

Michigan State University has been advancing the common good with uncommon will for more than 160 years. One of the top research universities in the world, MSU pushes the boundaries of discovery and forges enduring partnerships to solve the most pressing global challenges while providing life-changing opportunities to a diverse and inclusive academic community through more than 200 programs of study in 17 degree-granting colleges.