For future historians, I have archived below the job posting for Investment Officer, Marketable Securities.

Isn’t it a great thing that almost all the non-rich students in the class of 2015 will need to take out loans so that Williams can pay some fancy finance guy hundreds of thousands of dollars a year? Speaking for fancy finance guys around the world, I think that it is marvelous!

This job did not exist at Williams 6 years ago. And yet, miraculously, the endowment performed wonderfully. Why does it need to exist now?

Related rants here and here. Both highly recommended.


Investment Officer, Marketable Securities (Boston)

Williams College Office of Human Resources
Phone: (413) 597-3129

Posted January 5, 2011

Williams College seeks a highly skilled investment professional for the position of Investment Officer, Marketable Securities, the holder of which will be a key member of the Williams College Investment Office team, reporting to the Chief Investment Officer. As an important member of a seven person team, the candidate will be responsible for oversight and monitoring of the endowment’s marketable asset classes including hedge funds. The candidate will specialize in portfolio (i.e. asset class) construction and in managing external investment managers. He/she will identify, recommend, and monitor outside investment managers who specialize in global long-only equities, in addition to multi-strategy, credit and long/short equity hedge funds. The Investment Officer, Marketable Securities will be a key contributor to the achievement of the long-term investment objective which is to provide significant support to the College.

The ideal candidate will bring knowledge across asset classes, as defined above, and have substantial breadth of experience investing as a fund of funds manager, plan sponsor, direct investor or highly sophisticated consultant/investment advisor. Ideally, he/she will have a verifiable performance track record in institutional investment management. This individual will be the in-house expert responsible for all aspects of marketable securities, keeping current on trends and ensuring that the managers in each asset class are assembled in such a way as to construct a portfolio both to manage return and risk. Moreover, he/she will be expected to anticipate any changes in industry trends and capital markets which may affect managers’ portfolios.

The Investment Officer, Marketable Securities will perform rigorous due diligence on current managers and develop a pipeline of recommendations of new managers and strategies. This process will include analysis and evaluation of manager portfolio positions, portfolio construction, performance, investment philosophy, the team and the firm. He/she will work with analysts to continue to enhance our due diligence process. The Investment Officer, Marketable Securities will enhance Williams’ disciplined due diligence regime to know each manager deeply and will establish a regime to systematically report key manager and portfolio characteristics to the team. In addition, the Investment Officer may lead other projects related to the overall endowment such as liquidity analysis and hedging.

The Investment Officer, Marketable Securities will report to the Chief Investment Officer and will make frequent presentations to the Investment Committee and the Marketable Assets Advisory Committee.

As a member of the Investment Office team, he/she will also contribute to the recommended design and implementation of asset allocation policies and overall portfolio construction.

General qualifications include a minimum of 10 years of investment management experience, excellent judgment, and an enthusiasm for collaboration as part of a team. The position requires exceptional management abilities and superior communication and interpersonal skills. The ideal candidate will possess outstanding leadership skills, and well developed planning and execution capabilities. The candidate will embrace and thrive on working in a group which is entrepreneurial within a larger non-profit organization with a stated educational mission. This is a unique opportunity to play a key role in growing an investment office for a highly respected educational institution.

The second oldest college in Massachusetts, Williams has a distinguished history and a prominent place within higher education. It excels at developing a diverse community of learning, in which dedicated faculty engage extraordinary students in top-rate facilities, all amid inspiring natural beauty. Primarily an undergraduate, residential, liberal arts college, Williams has an operating budget of $205.7 million, 2,100 students, 315 faculty, more than 700 staff, and an endowment of $1.6 billion. The annual report for the Investment Office is at http://investment.williams.edu/.
The position will be located in Boston, Massachusetts.

QUALIFICATIONS

This challenging position requires leadership, exceptional judgment, strong communication skills, and the ability to work collaboratively with many constituencies, in our office, on campus, and in the investment management community. The Investment Officer will bring many of the following professional qualities and experiences:

• Demonstrated success and track record in manager selection at a fund of funds, endowment, foundation, pension fund, asset management or investment consulting firm
• In-depth knowledge of various investment products and styles across asset classes
• Experience in planning, organizing, and conducting due diligence on asset classes and managers
• The ability to see what can be improved and the patience to follow the process needed to implement change
• Ability to source new and emerging investment managers through established networks and using qualitative and quantitative selection criteria
• The intellectual and communication skills needed to engage effectively with the Investment and Advisory Committees
• Excellent oral, written, and presentation skills
• Collegial team member; able to work effectively in a small team and contribute to areas beyond the direct scope of responsibility
• The ability to travel frequently, both domestically and abroad, to conduct due diligence and develop relationships with investment managers
• Bachelor’s degree with a strong preference for an advanced degree such as a masters degree in business administration or CFA
• 10 years of investment related work experience

PERSONAL CHARACTERISTICS

• Commitment to the support the endowment provides to Williams College
• Interested in being part of a team
• Superior intellect
• Passionate investor
• Ability to bring projects and decisions to a conclusion
• Organized, self-starter, shows initiative, is proactive
• Dedicated, hardworking and accountable
• Management and supervisory experience
• Unquestioned integrity, capable of quickly establishing credibility both internally and externally

Review of applications will begin immediately and continue until the position is filled.

TO APPLY

All inquiries and resumes with cover letters should be sent, in confidence, to:

Collette Chilton
Chief Investment Officer
Williams College Investment Office
31 St. James Avenue, Suite 730
Boston, MA 02116

InvestmentPosition@williams.edu

Beyond meeting fully its legal obligations for non-discrimination, Williams College is committed to building a diverse and inclusive community where members from all backgrounds can live, learn, and thrive.

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