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The Robert Toigo Foundation

Director, Public Market Investments

Annie E. Casey Foundation
Published
November 7, 2022
Location
Baltimore, Maryland
Job Type

Description

The Annie E. Casey Foundation
Search for Director, Public Market Investments 

The Organization

The Annie E. Casey Foundation is one of the nation’s largest private philanthropies.  More than 100 years ago, Annie E. Casey was a widow raising her four children near Seattle, Washington.  To support his mother and siblings, the eldest son, Jim, left school at age 11 to work for a local delivery company.  At age 19 Jim and a friend started a bike messenger service which expanded to become the world’s largest logistics company, United Parcel Service (UPS.)  Despite his success, Jim never forgot the challenges of growing up poor and having to support a family with little education, nor did he forget the value of the encouragement from his mother.  In 1948, Jim and his siblings established the Annie E. Casey Foundation, named after their mother, to help build a brighter future for kids like them.

Mission:  Develop solutions to build a brighter future for children, youth, families and communities, particularly those who face the greatest barriers to success in the United States.

The Casey Foundation focuses on strengthening families, building stronger communities and ensuring access to opportunity because children, youth and young adults need all three to succeed.  The Foundation advances research and solutions to overcome the barriers to success, help communities demonstrate what works and influence decision makers to invest in strategies based on solid evidence.  All of this is possible because of its endowment, which has provided over $1.5B of support in the last decade alone.

For more information see www.aecf.org.

Investments

The Investments Team manages the Foundation’s $3.5B endowment to generate returns and fund the Foundation’s grant making and operations. The team invests the portfolio in a variety of asset classes including equities, fixed income, hedge funds, venture capital, private equity and social-impact investments primarily through partnerships with talented investment managers around the world.

Position Summary

The Director, Public Market Investments (Director) is a senior member of the Investments Team and will work closely with the CIO and other senior team members. The Director will co-head the day-to-day management of the endowment’s public investment strategies (currently just under 60% of the portfolio) to achieve desired long-term return and risk objectives. Working collaboratively with other senior team members, their primary focus will be on identifying new opportunities and managing existing investments in equities and fixed income. They will be substantively engaged in evaluating and monitoring investments in long/short equity, absolute return and credit.

The Director will contribute to the team on matters of portfolio construction and asset allocation. They will prepare and present portfolio reviews and recommendations to the Investments Team and Board of Trustees Finance Committee, contribute to the evaluation of new and existing investments in other asset classes, and help improve the team’s investment processes and tools.

Reports to:                              Chief Investment Officer (total team = 10)

Direct Reports:                        Investment Analyst (shared resource)

Other key relationships:         Director, Public Market Investments

                                                Director, Investments Operations, Portfolio Management & Risk

Position Location:                   Baltimore, Maryland

Hybrid work environment; Investment Team is on site Mondays and Thursdays

Travel:                                     Up to 25% planned national and international travel estimated to monitor and select investment managers

Benefits:                                  The Foundation offers excellent benefits including generous retirement contributions, professional development and personal time off

Key Responsibilities

Portfolio Management, Public Market Investments

  • Lead investment strategy, portfolio construction, and manager due diligence and selection for public equity and fixed income asset classes
  • Monitor existing investments (performance, exposures, risk profile, liquidity, holdings) and recommend changes (capital additions/withdrawals, terminations)
  • Research new investment opportunities and strategies
  • Proactively source and develop relationships with best-in-class investment managers across a broad range of asset classes
  • Lead and conduct in-depth due diligence on prospective and existing managers
  • Negotiate investment agreements and terms
  • Contribute input, thought partnership and assistance to support other public asset classes (long/short equity, absolute return and credit)
  • Collaborate with Director of Investment Operations, Portfolio Management and Risk on the management of a single stock holding and cash, operational due diligence, legal reviews and investment closing process

Investment Team Leadership

  • Promote a culture in which team members have shared ownership of the portfolio, collaborate easily and effectively, and collectively learn and improve
  • Prepare and present investment recommendations and comprehensive portfolio reviews to the Investments Team
  • Contribute to discussions related to investment recommendations brought to the team by other Investment Team members.
  • Contribute to and lead team projects, e.g., investment policy and asset allocation review, thematic research, process improvements

Finance Committee

  • Prepare and present investment recommendations and comprehensive portfolio reviews to the Board of Trustees Finance Committee

General Management

  • Supervise the day-to-day work of investment analyst (shared resource) and interns
    • Conduct regular performance assessments
    • Facilitate and support growth, training and development of team members

 

Ideal Candidate Profile

The ideal candidate will possess a passion for institutional investing, a belief in the power of philanthropy to address unsolved social issues, and an appreciation for the importance of aligning the Foundation’s investment activities with the organization’s mission and values.


Leadership Competencies Expected

  • Functional Expertise Demonstrates highly developed subject matter knowledge and thought leadership in their domain. Stays abreast of trends in the field and appropriately disseminates knowledge throughout the organization.
  • Sound Decision-Making Possesses strong intellectual curiosity and the ability to analytically, conceptually and critically evaluate information to determine relative strengths and weaknesses of ideas and proposals. Comfortable managing ambiguity and balancing action with the appropriate level of risk.
  • Results Orientation Proactively anticipates future needs and creates a mechanism for overcoming hurdles, setting high standards for the organization and holding others accountable. Ensures organizational strategies are translated into measurable objectives and actionable plans.
  • Fosters Collaboration Creates an environment that supports collaboration by facilitating communication and coordination across all parts of the organization. Builds an intentional and cohesive culture that aligns functional agendas and unites the team.
  • Cultural Competence Personally models and promotes the organization’s commitment to developing a diverse workforce and providing an inclusive environment where all employees are respected and valued. Ensures that the organization’s leadership, policies, programs and culture align to help the organization reach its full potential by mitigating bias, attracting diverse talent and embracing the unique experiences and identities of all people.

Qualifications Required

  1. Compelled by the mission and purpose of AECF
  2. At least 15 years of investment management experience, including managing a multi-asset class and/or multi-manager portfolio of $500MM+ in a foundation, endowment or similar organization
  3. Investment management leadership in public asset classes, including equities; direct investing experience is a positive
  4. Working knowledge of all asset classes is critical (private equity, public equity, debt instruments, hedge funds, etc.)
  5. Track record of outstanding long-term investment performance and accountability for achieving objectives
  6. Experience selecting, monitoring and building relationships with investment managers
  7. Demonstrated leadership and supervisory skills and success supporting and developing talented colleagues to succeed individually and as a team

Investment Skills and Experience

  1. Superior investment acumen, i.e., ability to formulate and defend well-reasoned investment decisions
  2. Solid quantitative analysis and investment modeling skills
  3. Willing to hold oneself and others accountable to achieving high levels of investment and team performance
  4. Broad knowledge of global capital markets, asset classes and financial instruments
  5. Existing relationships with a broad network of investment managers, peers and other institutional investors
  6. Interest in exploring opportunities to more closely integrate ESG factors into investment policies and process
  7. Comfortable with the long-term approach of endowment & foundation investing
  8. CFA strongly preferred

Workstyle Preferences

  1. Highly self-motivated and comfortable working with minimal direction
  2. Strong analytical thinking and problem-solving abilities
  3. Strong writing, public speaking and presentation skills, including ability to communicate with trustees and other constituents in a clear and concise manner that builds confidence without use of jargon
  4. Eager to engage in discussion and debate, able to acknowledge and integrate diverse perspectives, open to input and feedback
  5. Independent thinker, intellectually curious and able to learn quickly and adapt to novel situations
  6. Low ego and team orientation; willing to support team workloads when necessary
  7. Culturally fluent, able to work well with people from a wide range of cultural backgrounds and dedicated to racial equity
  8. Demonstrate leadership abilities, especially in a non-hierarchical environment
  9. Strategic and pragmatic, able to establish priorities and execute against them effectively
  10. Strong organizational skills and attention to detail

To Apply

AECF has partnered with Doran Leadership Partners to lead this search. Please send your resume to Kelly.Dettmann@DoranLeadership.com or Heidi.Westlind@DoranLeadership.com. Cover letters are encouraged but not required.

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