Chief Investment Officer

About the Office of Investments & Banking

the core and ancillary functions of OIB. Core: CEF Endowment (~$2.2B--Seeking to maximize returns while preserving intergenerational neutrality), TIP Operating Pool (~$1.5B--capital preservation focus. Seeking to provide current income), Treasury Operations (oversee University-wide cash and banking operations as well as the DMP); Ancillary: retirement plans, supplemental investment programs, discovery capital, natural gas hedging, Minnesota SSBCI venture capital program, ad hoc projects/analysis

In the Office of Investments & Banking (OIB), we aim to exercise responsible oversight over the University's financial assets, employing prudent strategies that generate optimal risk-adjusted investment returns. We are dedicated to providing exemplary investment operations and comprehensive treasury management services that exemplify excellence across the organization. We play a pivotal role in in advancing the University's mission of delivering exceptional education, research, and outreach to present and future generations of students, faculty, and stakeholders, both within Minnesota and beyond. Learn more on the OIB website.

About the Position

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Job Summary

The University of Minnesota is seeking an accomplished leader to assume the chief investment officer (CIO)/associate vice president (AVP) role and provide strategic guidance, effective leadership, and operational excellence. The CIO's primary responsibility entails developing and implementing the University's strategic investment objectives for its financial asset programs by Board policy. This encompasses the oversight of approximately $4.5 billion in aggregate capital distributed across various funds including the following: 

  • Consolidated Endowment Fund (CEF)Temporary Investment Pool (TIP)
  • Group Income Pool (GIP)
  • University's captive insurance company (RUMINCO)

Additionally, the CIO assumes management responsibility for a team of 11 investment professionals and treasury staff within OIB. The treasury function encompasses supervising all banking, treasury, and cash management duties throughout the University and investment operations for all financial assets and other financial transactions, as outlined in Board policy.

The CIO reports directly to the senior vice president for finance and operations/treasurer of the University of Minnesota. This role collaborates closely with senior leadership within the institution to accomplish the University's investment and financial objectives. Moreover, the CIO serves as the University's internal expert on capital markets, investments, and finance matters.

This position is responsible for systemwide oversight and is based in the University Office Plaza office on the Twin Cities campus.

Responsibilities

  • Develop and implement strategic investment objectives as set forth in Board of Regents policy (-60%)
    • Transform strategic Board policy into specific, actionable, investment plans for CEF, TIP, GIP, and RUMINCO
    • Manage the investment personnel by establishing objectives, approving strategic positioning of investment portfolios, and ultimately being responsible for investment results
    • Serve as Treasurer and Chief Investment Officer for RUMINCO, including making all investment decisions, monitoring investments of reserves, and rebalancing to align with RUMINCO board policies
  • Develop and maintain key relationships with investment committees, outside vendors, advisors, and investment managers (10%)
    • Recruit and establish an active working relationship with members of the Investment Advisory Committee
    • Cultivate and manage key potential and existing investment manager relationships
  • Provide leadership and support for other University financial initiatives (15%)
    • Serve as a member of the Retirement Plan Governance Committee, which is the fiduciary body responsible for oversight of the University’s ~$6.5B in defined contribution retirement plans
    • Serve as the CIO for the Federal/State-funded SSBCI venture capital program
    • Serve as the CIO for the Discovery Capital program, which makes investments in University seed-stage start-ups
    • Serve on the management committee for University-owned real estate properties 
    • Manage the natural gas hedging program in conjunction with University Services personnel
    • Serve on the relevant governance and/or advisory committees and provide strategic guidance in support of the University’s debt management office
  • Provide oversight and manage all treasury and banking functions (15%)
    • Create and present required reports to the Board and to University senior officers
    • Monitor cash movements and banking activity, and approve certain transactions as directed by policies
    • Provide strategic direction and approve daily investment transactions in TIP, which serves as the working capital account for the University

Requirements

  • An advanced degree in business, finance, economics, or a related field
  • 10-15 years of experience directly managing >$1B portfolios for endowments/foundations, defined benefit pension plans, and other institutional-level asset owners. Similar work in banking, consulting, and similar investment industry responsibility would be considered.
  • Chartered Financial Analyst (CFA) charterholder
  • Proven success in managing multi-asset class portfolio
  • Demonstrated leadership and communication skills, and the ability to work in a complex organizational structure
  • Expertise in portfolio theory, capital/global markets and valuation signals, derivatives, and other investment strategies
  • Strong investment track record through complete market cycle(s)
  • Expert knowledge of fiduciary and governance best practices, as applicable in managing both ERISA and non-ERISA pools of capital
  • Demonstrated familiarity with industry best practices relating to investment operations functions, including custody bank oversight, risk management and data aggregation system implementation, legal due diligence efforts, and treasury/cash management processes
  • Ability to further establish the University of Minnesota as a desired limited partner to top-tier investment managers
  • Demonstrated ability to work effectively with a wide range of stakeholders
  • Commitment to and prior experience in developing and implementing environmental, social and governance (ESG) related policies and procedures, including supporting diversity, equity, and inclusion initiatives

Benefits

The University of Minnesota offers excellent medical, dental, retirement, paid time off, and tuition benefits.

Information on P&A benefits

How to Apply

For full consideration, submit your materials electronically by September 25, 2023. Please include a resume and cover letter. 

Apply Now

Submit a Nomination

Nomination letters should include the nominee’s name, position, email address, and phone number. All nominations and applications will be handled in strict confidence. Please submit nominations to Jennifer Erickson, senior Talent Acquisition manager, by emailing [email protected]. 

Search Committee

Committee chair: Mike Volna, Associate Vice President for Finance and Assistant CFO, Office of the Senior Vice President for Finance and Operations

Committee members:

  • Taiwo Aremu, MD, MPH, PhD Student, Social and Administrative Pharmacy, College of Pharmacy
  • Andy Behrens, Chief Investment Officer, University of Minnesota Foundation Investment Advisors
  • Janelle Broesch, Assistant Vice President and Assistant Chief Operating Officer, Office of the Senior Vice President for Finance and Operations
  • Murray Frank, Professor of Finance, Carlson School of Management
  • Jon Havice, President & Chief Investment Officer, DGV Solutions, and University of Minnesota Investment Advisory Committee member 
  • Dave McMillan, Interim Chancellor, University of Minnesota Duluth 
  • Chuck Webster, Managing Partner, Kidron Capital, and Chair, University of Minnesota Investment Advisory Committee
  • Prince Saah, HR Director, Office of the Senior Vice President for Finance and Operations

An Equal Opportunity Employer

The University of Minnesota shall provide equal access to and opportunity in its programs, facilities, and employment without regard to race, color, creed, religion, national origin, gender, age, marital status, disability, public assistance status, veteran status, sexual orientation, gender identity, or gender expression.