International Monetary Fund (IMF)

IMF Washington

Work for the IMF. Work for the World.

The Investment Office (INV) is responsible for the investment and management of the Staff Retirement Plan (SRP) and Retired Staff Benefits Investment Account (RSBIA). SRP ($12.5 billion) and RSBIA ($3.0 billion) are currently structured as globally diversified portfolio across 7 asset classes (Global Equities, Emerging Market Equities, High Income, Real Assets, Enhanced Cash/Absolute Return, Alternative Investments, and Global Fixed Income).

The Investment Office is seeking to fill two positions.

Investment Officer/Sr. Investment Officer assists in monitoring investment mandates; managing manager relationships; drafting notes and periodic reports for stakeholders; coordinating and executing investment operations; assessing risk contribution and performance measurement; and researching, analyzing, and formulating investment ideas or themes for the benefit of the Staff Retirement Plan (SRP) and Retired Staff Benefits Investment Account (RSBIA).

Major Duties and Responsibilities

  • Draft and edit pithy investment proposal, investment termination, and sector review and analysis notes for the Investment Committee (IC) or other stakeholders according to Investment Office work practice, rules, and protocols.
  • Conduct on-going portfolio monitoring and diligence with respect to the existing investment strategies and properly document and flag the findings on a quarterly basis.
  • Conduct vetting of new investment strategies to assess their fit and complementarity in relation to the SRP and RSBIA, and if needed, formulate customized solutions to improve their fit and complementarity to expand unrelated return streams. Document new investment ideas in a timely manner to be accessible to everyone in the office.
  • Conduct on-going analysis of investment guidelines to validate relevance and efficacy, and manager investment approaches to minimize uncompensated risk arising from the introduction of randomness within the manager’s investment processes.
  • Monitor and validate monthly investment manager performance and manager compliance in respect of investment guidelines.
  • Formulate and negotiate the investment management agreement (IMA) to include customized business, financial and operational terms (e.g., legal language concerning immunities and alternative dispute resolution, investment guidelines, and fee structures).
  • Manage and administer investment operations in respect of on-going investments (e.g., investment management agreement and side letter amendments, investment guideline updates and temporary exemptions, fee schedule updates, legal and tax status confirmation, capital call processing, rebalancing communication with managers, etc.).
  • Lead, manage, and/or contribute to periodic strategic asset allocation (SAA) exercises, including validation of capital markets assumptions and strategic benchmarks.

In addition to above responsibilities, a Senior Investment Officer would be expected to:

  • Maintain a total portfolio view of the SRP and RSBIA, thereby incorporating the total return and total risk view of the portfolio.
  • Demonstrate leadership and versatility with respect to navigating between public and private investments and between the growth and income clusters to improve the efficacy of sector structuring for the SRP and RSBIA.
  • Lead discussions and formulate innovative ideas with respect to developing new and alternative investment approaches to improve portfolio construction and extend unrelated return streams for the SRP and RSBIA.
  • Proactively shelf-register alternative and/or core investment strategies to serve as a back-up to the existing investment strategies or potential complement to the existing investment strategies.
  • Keep abreast of evolving capital market assumptions to ensure that the Strategic Asset Allocation stays viable to achieve the long-term return objectives of the SRP and RSBIA.

  • Proactively assess evolving qualitative attributes of existing investment strategies and provide timely updates to the Head of the Investment Office to aid in formulating portfolio rebalancing decisions.

Minimum Qualifications

  • For Investment Officer role: A Master’s degree in economics, business administration, financial analysis, or equivalent plus 4 years of relevant professional experience is required. Alternatively, a Bachelor’s degree in economics, business administration, financial analysis, or equivalent plus 10 years of relevant professional experience is required.
  • For Senior Investment Officer role: Master’s degree in economics, business administration or financial analysis, or equivalent, supplemented by eight years of relevant professional experience, is required; or a bachelor’s degree, supplemented by 14 years of relevant professional experience, is required.
  • Experience in managing investments, investment operations, and/or risk and performance management—i.e., vetting new investment strategies; applying both quantitative and qualitative assessment in respect of conducting diligence; analyzing investment performance and risk attribution; analyzing risk-return trade-offs across sectors; and formulating an analytical framework for assessing the fit and complementarity of investments for the SRP and RSBIA to expand unrelated return streams.
  • Experience in the generalist approach to managing investments across multiple sectors, including ability to navigate between equities and fixed income as well as public and private markets.
  • CFA (Chartered Financial Analyst) designation, and/or the FRM (Financial Risk Manager) designation are desired.
  • Excellent writing and editing skills—e.g., ability to take a complex idea and explain in layperson’s terms.
  • Proven ability to negotiate and shape business, financial, and legal terms—e.g., IMA terms, investment guidelines, graduated fees, etc.
  • Proven ability to analyze problems (related to investment management and investment operations) and formulate optimal solutions.
  • Proven ability to collaborate and build relationships with peers, stakeholders, investment managers, and external parties involved in safeguarding the SRP and RSBIA.
  • Proven ability to lead, coach, mentor, take feedback, and give constructive feedback.

Knowledge, Skills, and Abilities:

  • Willing to become a multi-expertise generalist with overlapping responsibilities across three main functional areas (i.e., investments, investment operations, and risk and performance management).
  • Willing to adapt to new approaches, processes, and investment philosophy.
  • Be able to take ownership of end-to-end responsibilities (i.e., from idea generation to funding new investments).
  • Be able to demonstrate critical thinking to solving problems without precedent.
  • Be adaptable, dynamic, and agile in respect of tackling new responsibilities and challenges mandated by the evolving needs of the Investment Office.

This vacancy shall be filled by a 3-year Term appointment in accordance with the Fund’s new employment rules that took effect on May 1, 2015.

A regular staff member who is selected to fill the vacancy will maintain their open-ended status. If the selected candidate is a contractual employee, they will be offered a Term staff appointment. Staff members already on a term appointment will continue their current term but may receive an extension provided that their current term appointment has not already been extended.

Department:

INV Investment Office

Hiring For:

A11, A12, A13, A14, A15

The IMF is committed to achieving a diverse staff, including age, creed, culture, disability, educational background, ethnicity, gender, gender expression, nationality, race, religion and beliefs, and sexual orientation.

Tags: alternative dispute resolution, capital markets, dispute resolution, investment strategies, performance management