Florida State Board of Administration Hiring for Senior Portfolio Manager – Investment Grade Credit Job at Tallahassee, FL Full Time

The Senior Portfolio Manager – Investment Grade Credit position has responsibility to manage Portfolio Managers (PMs) and financial resources to: (1) generate and implement strategies in the internal actively managed corporate bond portfolio that create alpha above the excess return of the targeted benchmark corporate bond index, (2) provide credit quality analysis and monitoring of the State Board of Administration’s (SBA) short-term investment portfolios’ issue/issuer credits, and (3) provide credit quality analysis and monitoring of the SBA’s Classes B&D counterparties. The Senior Portfolio Manager – Investment Grade Credit reports to the Senior Investment Officer – Fixed Income.

Manages internal actively managed corporate bond portfolio securities selections

• Establishes and communicates general approach for fundamental credit and relative value review processes for the Corporate Credit team
• Decides upon portfolio management metrics levels (maturity, quality, spread, CTD, etc.) as guidelines for security selection
• Provides final decisions on all Corporate Credit team buy/sell recommendations in the internal actively managed corporate bond portfolio
• Oversees Corporate Credit team adherence to trading communication protocol agreed upon with Trading staff
• Oversees and validates documentation of approaches and procedures for securities review and trading processes, and reporting processes
• Participates in selected credit reviews in monthly Fixed Income – Investment Oversight Group (IOG) meeting

Manages the research and development of alpha strategy opportunities for the internal actively managed corporate bond portfolio

• Generates independent alpha strategy ideas for the Corporate Credit team to research
• Collaborates with Corporate Credit team to initiate group-produced Alpha Strategy concepts for further research
• Communicates outline of approaches to research alpha strategy research projects and expected end goals
• Manages the iterative process for optimal review and back-testing of resulting alpha strategy algorithms
• Decides on final algorithms to be utilized for implementation of alpha strategies into the internal actively managed corporate bond portfolio
• Oversees and validates documentation of research and resulting algorithms for adopted Alpha Strategies

Manages internal actively managed corporate bond portfolio’s general overview, performance and risk monitoring

• Manages and maintains monthly meeting process for Economy Cycle Reviews and Investors’ Sentiment/Anxiety Cycle Reviews
• Manages and maintains monthly Dashboard meeting process for incorporating economy and investor sentiment reviews into general investment strategy
• Monitors compilation and analyzes data of the monthly SPM Data Management Package to provide summarized macro and metric viewpoints of Investment Grade Corporate Credit market
• Evaluates performance and risk reports as a resource for portfolio construction decisions that balance risk versus excess return
• Manages and maintains process for weekly securities follow-up credit quality review meetings and relative value outlier review meetings for the Corporate Credit team
• Manages Quarterly Industry Quality Forecast meetings that pertains to OW/UW decisions on PMs’ assigned sectors and related issuers
• Collaborates with overall Fixed Income Portfolio Team through written monthly Corporate Portfolio Strategy Update reports and participation in Fixed Income Group Strategy Meetings

Evaluates PMs’ recommendations on new issues brought to market daily for the internal actively managed corporate bond portfolio

• Evaluates PMs’ issuer snapshot reviews for new issues purchased
• Evaluates PMs’ internal ratings and outlook (positive/negative/neutral)
• Evaluates PMs’ issuer Fundamental Credit Viewpoint comments
• Evaluates PMs’ issue/issuer Relative Value Viewpoint comments (buy/sell/hold-how much and projected OAS movement)
• Evaluates and decides on Corporate Action recommendations by PMs

Analyzes fundamental and relative value research for the internal actively managed corporate bond portfolio’s financial sectors

• Decides on buy/hold/sell of issues
• Analyzes current holdings’ position sizes and maturities
• Analyzes internal ratings and outlook (positive/negative/neutral) for issues/issuers
• Analyzes internal fundamental viewpoint for issuers
• Analyzes cash flow outlook (i.e., share-buybacks/dividends/M&A activity) for issuers
• Analyzes relative value viewpoint (issue/issuer/sector)
• Analyzes Industry Quality Forecast that pertains to issuer sector (expectation)
• Analyzes and decides on Corporate Actions

Manages Corporate Credit team short-term credit quality reviews of reporting Portfolio Managers (PMs) provided to PMs of the short-term portfolios of the SBA

• Establishes and communicates general approach for Corporate Credit team’s short-term credit quality review process for the Short-Term Approved List reviews, and oversees and communicates with PMs of the short-term portfolios (STFRS funds, CAT funds, etc.)
• Collaborates with short-term PMs and Corporate Credit team PMs to assure all needs are being efficiently and comprehensively met
• Oversees and validates the documentation of PM’s credit quality reviews and communications provided to PMs of the short-term portfolios

Analyzes and monitors Classes B&D Counterparties’ Credit Quality and Market Valuation Trends

• Analyzes Classes B&D Counterparty credits’ quality and prepares summary reports for the SBA’s Trading Oversight Group – Counterparty intranet site
• Oversees weekly financial Counterparty Monitoring reports and analyzes for threshold alert criteria
• Oversees weekly posting of Counterparty Monitoring report to the SBA’s Counterparty intranet site
• Participates in Credit Sights review of selected Counterparty credits
• Reviews selected Classes B&D Counterparty credits on a daily basis and recommends needed daily actions, and reviews Watchlist B&D Counterparty credits in quarterly Trading Oversight Group meeting

Demonstrates ability to effectively manage human and financial resources
Manages Human Resources

• Complies with policies and procedures and utilizes available resources in order to recruit and hire qualified colleagues
• Ensures colleagues are properly oriented to the department/unit and organization and trained to perform the essential functions of their positions
• Evaluates performance of colleagues in accordance with policies and procedures and works with colleagues to develop annual specific, measurable, attainable, relevant, and time-bound (SMART) goals, to include goals for career development
• Coaches, counsels and commends colleagues throughout the year related to performance of job functions and demonstrating key behaviors
• Manages colleagues to ensure work is performed in a safe manner
• Identifies and assesses department succession management needs, documents succession plans and develops colleague competencies for succession

Manages Financial Resources

• Evaluates unit/department operations annually and prepares department budget in conjunction with the department’s senior leader and/or Budget Manager to meet anticipated needs
• Evaluates, negotiates and monitors vendor contracts to ensure goods and services are provided in the most cost-effective manner
• Manages department expenses within budgeted levels, monitors on a monthly basis and analyzes variances to determine causes
• Completes expense reports and provides supporting documentation per established policies and procedures
• Conserves department resources by efficiently utilizing time, equipment and supplies

Develops, implements and monitors strategic plans, or works in collaboration with the senior leader over the department, to contribute to the success of the department/unit and the overall organization

• Functions as a strategic business advisor to senior leaders regarding organizational strategic objectives
• Develops, or assists the senior leader over the department with developing, a department strategic plan that contributes to the overall strategic objectives of the organization
• Involves colleagues in the implementation of strategic objectives of the department
• Ensures successful implementation/deployment of department strategic plans

Performs other duties as assigned

A bachelor’s degree from an accredited college or university in finance, mathematics, accounting, economics, statistics, business, computer science, management information systems, or a related field and five years of related experience. Or any combination of education and/or experience equal to the minimum requirements.

Preferences:

• Seven or more years of related experience
• Chartered Financial Analyst (CFA) credential

Knowledge, Skills and Abilities:

• Advanced experience in corporate credit analysis
• Advanced experience in securities valuation analysis
• Advanced experience in portfolio management
• Working knowledge of accounting
• Seasoned knowledge of corporate finance and competitive strategy
• Seasoned knowledge of macroeconomics
• Working knowledge of statistics
• Knowledge of creating corporate bond portfolio excess return relative to benchmark
• Ability to plan, organize, direct, develop, and lead teams
• Travels occasionally to various locations throughout the United States. Involves occasional work outside of normal business hours and working remotely to maintain contact with external research sources and maintain normal office-related duties

Hiring Range: $127,500 – $184,900
The State Board of Administration is an Equal Opportunity Employer.
Successful completion of a pre-employment background check is a condition of employment with the State Board of Administration.