Executive Director / Chief Investment Officer (Manager I, Grade M1)

Executive Director / Chief Investment Officer

The expected salary range upon hire is : $200,000 to $223,880. This position is also eligible for annual cost-of-living adjustments as well as annual pay-for-performance bonuses of up to 25 percent of their base salary.

MONTGOMERY COUNTY EMPLOYEE RETIREMENT PLANS (Retirement Plans), located in Rockville, MD, is searching for an experienced investment executive to lead the County's retirement investment programs with assets of nearly $10 billion. The Executive Director / Chief Investment Officer (ED / CIO) oversees the investment programs for the above retirement plans as well as the investment program for the Consolidated Retiree Health Benefits Trust (Health Benefits Trust). The ED / CIO reports to and is appointed by the County's Chief Administrative Officer (CAO).

The Montgomery County Board of Investment Trustees (MCBIT or Retirement Board) has the fiduciary responsibility over the Retirement Plans assets and oversight of the investment program. The Retirement Board comprises 13 trustees appointed by the County Executive and confirmed by the County Council. The Health Benefits Trust, $1.8 billion in net assets at June 30, 2024, was established in 2008 to provide funding for health benefits for retirees and their dependents. The Consolidated Retiree Health Benefits Trust Board (CRHBT or Health Benefits Trust Board) has the fiduciary responsibility over the trust assets and oversight of the investment program. The plan covers retirees from the Montgomery County Government, Montgomery County Public Schools, and Montgomery College. The Health Benefits Trust Board consists of 19 members appointed by the County Executive and confirmed by the County Council. All members of the Retirement Board are also members of the Health Benefits Trust Board. The ED / CIO regularly presents to the two Boards, which provide strategic direction and guidance on investment related matters. Both Boards have delegated authority to the ED / CIO to hire and terminate investment managers.

More information on the investment programs can be found in the FY2024 Annual Comprehensive Financial Report.

ED / CIO Responsibilities

The ED / CIO, leading a team of nine, is responsible and accountable for overseeing the County's retirement investment programs. Additionally, the CAO may delegate authority on other matters, as outlined in Section 33-47 of the County Code. Key responsibilities include :

• Ensure that the Boards' investment policies are implemented efficiently and effectively to accomplish the investment objectives.
• Ensure that policies and procedures provide adequate controls to safeguard assets.
• Present to the Boards on the strategic direction of the investment programs, coordinate activities with investment consultants, and create strong lines of communication between all parties involved in the investment programs.
• Ensure the County's ESG and DEI policies are considered in the investment decision-making process consistent with the Plans fiduciary duty to participants and beneficiaries.
• Monitor and evaluate investment managers to ensure that assets are managed in accordance with established policies, performance expectations, and contractual obligations, and resolve any issues, as needed.
• Work with the investment consultant on investment matters, such as development of the asset allocation and implementation strategies, manager due diligence, development of investment policy recommendations, etc.
• Negotiate contracts with general partners, investment managers, and service providers, and coordinate the legal review with counsel.
• Oversee day-to-day activities of the investment office and develop and monitor the budget to ensure adequate internal and external resources are in place to execute on the investment plans.
• Maintain effective and positive relationships with the CAO's Office, the Boards, investment managers, consultants, custodians, County departments, and other stakeholders.

Minimum Qualifications

The ED / CIO must be an accomplished investor with broad asset class knowledge and a strong track record of achieving the best risk adjusted returns. An investment leader with an in-depth understanding of global economics and capital markets, investment strategies and vehicles, the principles and practices of institutional investing, investment operations, and investment policy development is desired. Requirements :

Education : Bachelor's degree in finance, accounting, economics, or other related fields; Experience : Minimum seven years (7) of relevant institutional investment experience. - Minimum of three years of supervisory experience. - Experience managing a diverse workforce and effectively coaching / mentoring employees.

Preferred Criteria, Interview Preferences

Interview Preferences :