The Maryland State Retirement and Pension System is seeking an exceptional individual to serve as Senior Portfolio Manager of the System’s Terra Maria emerging manager program within its Investment Division.  The Senior Portfolio Manager reports directly to the Deputy Chief Investment Officer.

The Investment Division is a 50-member team within the System that is responsible for implementing and managing the defined benefit investment program.  The team manages investments internally and partners with external firms to manage a globally diversified portfolio that includes public equity, fixed income, credit, absolute return, real assets and private equity. 

Main Purpose of Job

• Leads the outreach, manager interaction and sourcing functions for the Terra Maria program
• Identify high value conferences and events to engage with emerging managers and attend, speak or otherwise support the emerging manager ecosystem
• Design and maintain multiple access points for managers to engage with the System
• Ensure managers receive acknowledgement and feedback on their submissions
• Employ, develop and maintain manager databases to identify managers that may be eligible and valuable to the program
• Establish processes to promote access for emerging managers, including attending conferences and hosting emerging manager events
• Produce regular reporting for the Terra Maria program appropriate for the Investment Committee and Board, system website, legislative reporting
• Report quarterly on the activity and performance of the program during weekly division investment committee meetings
• Provide strategy research and recommend promising emerging managers to asset class teams or the division.
• Conduct research into markets, sectors, regions where emerging managers have demonstrated a history of outperformance
• Develop and implement diligence templates by asset class to help identify promising managers, particularly in areas of focus for annual plans
• Collaborate with asset class teams to evaluate recommended managers/partners
• Facilitate and participate in final diligence process and commitment recommendation with asset class teams
• Monitor existing emerging managers for consideration for potential graduation into a larger assignment based on success and portfolio fit
• Responsible for facilitating the development of a successful emerging manager portfolio as measured by the aggregate performance of the managers relative to a weighted average of the appropriate benchmarks for each
• Sets return and risk objectives for Terra Maria managers and monitors performance to those targets
• Conducts detailed performance attribution of Terra Maria Managers to explain the sources of risk and return
• Determines whether a prospective manager exhibits the appropriate style and characteristics relative to the System’s existing exposures
• Special Projects as Assigned
• On an ongoing basis, lead and participate in procurement processes for division services
• On an ad hoc basis, lead special projects as determined by the CIO

POSITION DUTIES

• Lead the Investment Division’s emerging manager program.
• Develop and implement effective tools and systems to efficiently receive, evaluate and monitor inquiries from emerging managers and corresponding communication practices.
• Develop and maintain sourcing methodologies and a database of emerging managers across all asset classes.
• Develop and maintain a feedback, referral and connection program to maximize the value the System and managers receive from the Terra Maria program.
• Develop an evaluation framework for emerging managers across all asset classes.
• Conduct research into markets, sectors and regions where emerging managers have demonstrated a history of outperformance.
• Research strategies, vehicles and managers to identify the most effective avenue to access emerging managers in each asset class.
• Conduct reviews of the manager structure within each asset class and make recommendations to asset class teams regarding the addition of potential emerging managers.
• Develop a graduation framework across asset classes to transition emerging managers to larger mandates.
• Review existing emerging managers and actively propose graduation candidates to the asset class teams.
• Work with the System’s external affairs unit in developing a communications platform to promote the System’s effort in being inclusive and providing access to emerging managers.
• Attend emerging manager conferences and host events to promote emerging manager access.
• Expand the Terra Maria program to include evaluation of Maryland-based investment
• opportunities.
• Track the System’s exposure to Terra Maria managers and provide regular reporting on the program, in percentage and dollar terms, to the Investment Committee, Board, and General Assembly.
•  Prepare presentation materials for Investment Committee meetings.