Executive Search Firm Services

The Vendor is required to provide executive search firm services to become the chief investment officer for the employees’ retirement system (ERS) of the state.
- The chief investment officer’s primary functions, include, but are not limited to:
• Leads the design and execution of a comprehensive long term investment strategy, including a risk-based asset allocation framework, to achieve sustainable returns aligned with the system’s actuarial objectives and liquidity needs.
• Builds and maintains a strong, trusted relationship with the ERS board; provides regular reporting on investment performance, strategy, and risk; supports board and investment committee meetings; and delivers timely analysis and recommendations on portfolio positioning, market developments, and investment policy matters.
• Oversees the management of the approximately $25 billion total fund across public and private markets, ensuring effective portfolio construction, diversification, and risk management across all asset classes.
• Develops and maintains investment policies, benchmarks, and governance frameworks in coordination with the board, ensuring alignment with fiduciary standards and evolving best practices.
• Provides leadership and direction to the investment team, including setting priorities, informed by a risk based functional structure, and overseeing staff performance, compensation, recruitment, and professional development.
• Serves as the primary representative and spokesperson for ERS on investment related matters, building and maintaining relationships with external managers, consultants, service providers, public officials, and other key stakeholders.
• Oversees the selection, monitoring, and evaluation of external investment managers, consultants, and vendors, ensuring accountability, alignment of interests, and strong performance outcomes.
• Leads the implementation of strategic initiatives, including liquidity management, risk reporting, and enhancements to manager selection and portfolio oversight processes.
• Input and guidance on the investment budget and resource allocation to support execution of the investment program.
• Fosters a culture of integrity, collaboration, accountability, and continuous improvement, driving innovation and strengthening the overall effectiveness of the investment function.
- Required or recommended qualifications for the chief investment officer position include:
• Bachelor’s degree from an accredited college or university.
• An advanced degree is preferred.
• Professional designations such as CFA are also preferred.
• Significant investment experience, including at least 10–15 years of progressively responsible experience in institutional investment management, with demonstrated leadership over multi-asset class portfolios.
• Experience managing or advising on large, complex portfolios is strongly preferred.
• Demonstrated experience in a senior leadership role with responsibility for investment strategy, portfolio construction, and risk management within a complex organization.
• Experience within a public pension fund, endowment, sovereign fund, or similar institutional setting is preferred.
• Deep knowledge of capital markets, asset allocation, portfolio construction, and risk management across both public and private asset classes, including equities, fixed income, real assets, and alternative investments.
• Strong understanding of fiduciary responsibilities, investment governance, and the development and implementation of investment policies, benchmarks, and oversight frameworks.
• Proven ability to lead, manage, and develop high performing teams, including experience in mentoring, succession planning, and fostering a collaborative and accountable culture.
• Excellent communication skills, including the ability to clearly present complex investment concepts, strategies, and risks to a range of stakeholders, including boards, policymakers, and non-technical audiences.
• Demonstrated ability to build and maintain effective relationships with boards, investment managers, consultants, service providers, and public stakeholders.
• Understanding of public sector governance, including familiarity with legislative processes and the ability to operate effectively within a politically sensitive and transparent environment.
• Experience overseeing external investment managers and advisors, including selection, monitoring, and performance evaluation.
• High ethical standards, sound judgment, and a strong commitment to fiduciary duty and public service.
• Must be a citizen, national, or permanent resident alien of the country.
• Noncitizens with unrestricted employment authorization from the.
• Immigration and naturalization service may also apply.
• Must become a resident of the state within thirty days after beginning employment and as a condition of eligibility for continued employment.