JOB TITLE: Investment Analyst
DEPARTMENT: Investment Office
REPORTS TO: Chief Investment Officer
Reporting to the Chief Investment Officer (CIO), The Investment Analyst is responsible for applying quantitative skills, experience, and informed judgment to enhance the Endowment’s performance. Specific responsibilities include manager analytics and due diligence, including identifying and sourcing new investment opportunities, researching prospective investment managers, and evaluating managers’ absolute and relative performance; portfolio, asset class, and manager level risk management; monitoring, research, model-building, and analytics, including development of tools to measure optionality, illiquidity, counterparty risk, and other hedge fund / alternatives-centric risk factors; and special projects that arise.
Position Duties and Responsibilities
Analytics and Due Diligence
- Assist the CIO in evaluating existing managers, identifying new investment opportunities, conducting due diligence on prospective investment managers, negotiating the terms of the Endowment’s investments, and monitoring the performance of all such managers.
- At the portfolio and asset class levels, provide analytical support for and coding of quantitative measurement and reporting systems; reporting on risk factor exposures (such as market exposure, leverage, portfolio concentrations, and correlations) and risk-adjusted performance measures; and running stress tests and scenario analyses.
- At the manager level, responsible for analyzing embedded risks and biases in manager return histories; measuring and forecasting manager performance both in absolute terms and relative to peers; highlighting abnormal manager under- or outperformance; and measuring, evaluating and monitoring active risk of managers.
- Work with the CIO to provide quantitative analytical support (model building) and capital markets research to assist in capital allocation and rebalancing decisions. Create and maintain systems to capture and analyze relevant financial data.
- Complete special projects as requested by the CIO, including research of opportunistic investments, alternative portfolio design and construction, performance attribution and key drivers of returns.
- Prepare reports and other materials on investment activities for presentation to the Director, the Finance Committee, and the Board of Trustees.
- Formulate and effectively communicate recommendations and results on potential investments.
- Contribute on an ongoing basis to discussions with the CIO and senior investment staff regarding capital allocation and strategy for the Endowment and manager hiring and termination decisions, in all asset classes within the Endowment.
- Provides detailed review and extensive analysis on potential investments, including track records, markets, financials and business plans.
- Establish quality peer networks, including analysis of peer institutions’ best practices.
- Correspond with Investment Managers to smoothly handle operational issues.
- Prepare monthly reports to be distributed both internally and externally.
Skills and Abilities
- Strong understanding and practical knowledge of asset classes and capital markets, direct trading and/or portfolio management experience a plus.
- Ability and confidence to engage at high levels of discourse and debate on asset allocation and risk issues with senior investors at managers and peer institutions.
- Detailed knowledge of academic and practitioner literature on risk measurement and management, asset allocation, economic and/or asset class forecasting.
- Exceptional written and verbal communication skills.
- Ability to manage multiple tasks and projects with flexibility and detail orientation. Able to prioritize, work under pressure, and meet short deadlines.
- Maintain a high degree of confidentiality in all matters related to the Investment Office, and all matters requiring sensitivity and discretion.
Education, Experience and Knowledge
- Bachelor’s degree required; CFA designation and/or MBA a plus.
- Three to seven years of experience in multi-asset class asset allocation, portfolio management, and risk management, including strong quantitative and modeling skills. Broad capital markets experience a plus.
- Expertise using Excel (coding experience a plus) required.
- Previous experience with risk factors in both a portfolio and manager-level context, portfolio simulation methods (bootstrapping, multi-period Monte Carlo, etc.), scenario analysis and stress testing, tail risk, illiquidity risk, counterparty risk, and/or other non-traditional risk factors, capital markets assumptions and modeling highly preferred.
The Institute for Advanced Study is an equal opportunity institution encouraging a diverse pool of applicants. We believe in the inherent value of diversity and equal opportunity, recognizing that a truly diverse workforce will bring a wider array of perspectives, as well as more innovative and effective solutions, to the organization. As a community dedicated to intellectual inquiry, we are resolutely committed to the values of diversity, equity, and inclusion.
We offer a competitive salary and benefits package which includes subsidized health and dental insurance, an excellent retirement plan, and a generous paid time off program.