Senior Investment Director, Total Fund Management Division

Job Description and Duties

The starting salary for this position will be set competitively and commensurate with the candidate’s qualifications and experience. This position is eligible for incentive compensation and has a maximum incentive opportunity of 225% of base salary.

The CalSTRS Investments Branch is seeking a highly experienced individual to work as a Senior Investment Director (SID) on the Total Fund Management (TFM) team.

The TFM team is responsible for integrating asset allocation (tactical, strategic, and asset-liability management), risk management, and balance sheet management to provide optimal long-term risk-adjusted returns for the total fund. While these activities have a long history at CalSTRS, the TFM team was established in July 2024. TFM staff work with the senior management team and asset classes, to incorporate pacing and liquidity information, and provide analysis and recommendations for total fund allocation decisions. A key objective for the team is to build and maintain a resilient, globally diversified investment portfolio.

Under the direction of the Chief Investment Officer (CIO), the Senior Investment Director (SID), Total Fund Management Division (TFMD) serves as the senior leader over the Total Fund Management Division. The incumbent oversees the management of the TFMD division including asset allocation, balance sheet management and investment risk across the total fund. The SID, TFMD executes and oversees investment policies and Investment Policy Statement regarding total fund management. This oversight includes the execution of investment committee policies and the Investment Policy and Management Plan related to total fund management. The incumbent makes investment decisions that have a significant impact on the fund, makes tactical and strategic investment recommendations, and advises the CIO on a variety of sophisticated investment portfolio management strategies and decisions. The SID, TFMD oversees and manages the TFMD team.

The ideal candidate will possess the following skills:

• Proven leadership in total fund portfolio construction and strategic/tactical asset allocation, including rebalancing and cross-asset implementation in collaboration with asset class leaders.
• Deep expertise in balance sheet management and liquidity planning, covering cash management, leverage optimization, securities lending/collateral, derivatives and debt management within approved policy limits.
• Demonstrated experience applying risk budgeting frameworks to guide capital allocation across both public and private market portfolios.
• Deep multi-asset investment expertise spanning public and private markets, including diversifying, dynamic, and alternative investment strategies.
• Board-facing and executive communication skills, including preparation of portfolio risk reports, materials for senior staff and Board/committee presentations; able to act on behalf of the CIO when delegated.
• Track record of leading cross-functional, senior teams (Senior Investment Directors/Investment Directors) and fostering a diverse, inclusive, ethical culture while mentoring talent and driving branch-wide strategic initiatives
• Proficiency using investment technology and analytical tools to develop, evaluate, and monitor investment strategy (e.g., advanced analytics platforms, portfolio/risk systems, or custom modeling tools).
• Strong collaboration with investment operations and performance functions, including performance/attribution, guidelines, and compliance, ensuring disciplined implementation and reporting across the total fund.

An incumbent who possesses a professional certification in one of the following designations: Chartered Financial Analyst (CFA), Certified Commercial Investment Member (CCIM), Financial Risk Manager (FRM), Certified Investment Management Analyst (CIMA) or Chartered Alternative Investment Analyst (CAIA) may receive a 5% monthly base pay differential. Only one 5% base pay differential is eligible regardless of the number of certifications.

Relocation benefits may be available.

To be considered for this position, submit your resume directly to Olivia Anderton, View email address on calcareers.ca.gov .

This advertisement is posted as until filled. The Job Control will remain open, and applications will be reviewed every Friday, until filled.

Does this opportunity seem right for you? If so, see the Application Instructions section below and apply now.

You will find additional information about the job in the .

Working Conditions

CalSTRS offers a hybrid approach including in-office and remote work solutions based on business needs.

All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.

Special Requirements

Exam

This position requires a current Senior Investment Director  examination . If you need to take the examination or if your score has expired, click here to gain list eligibility.

CalSTRS Personal Trading Program

Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.

Background Investigation

Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a  Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.

CalSTRS Disclosure Requirements

This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the  Conflict of Interest Code that applies to CalSTRS team members and the  Political Reform Act , which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a  Statement of Economic Interest (Form 700) .

Incompatible Activities

This position is subject to the provisions of Government Code Section 19990 . Upon accepting a position at CalSTRS, you will also be required to comply with the CalSTRS Incompatible Activities Policy by ensuring that outside work or activities are compatible and align with your professional activities or workplace obligations.

Benefits

CalSTRS offers a competitive pay schedule and a work-life-balance for all its employees. The State of California provides comprehensive benefits packages determined by the employee’s bargaining unit and conditions of employment. Some benefits include:

• Alternative work schedules
• Flexible work hours
• Remote work options
• Medical benefits, including health, dental and vision insurance
• Paid holidays and a defined benefit retirement program
• More than four weeks of vacation/sick leave for leaders
• More than three weeks of vacation/sick leave for staff
• Health insurance in retirement
• Employee Assistance Program
• Loan forgiveness under the federal 

For the latest information on the benefits offered by the state of California, explore the Health Benefits Summary provided by CalHR .

ADDITIONAL APPLICATION INSTRUCTIONS

• Electronic applications through your CalCareer account are highly recommended.  If you are unable to apply electronically through your CalCareer account, please mail or drop off a hard copy of your application packet. Please provide the following information on your application: PN: 815-301-4665-003, RPA: 0597, JC-519944.
• If education is being used to meet the minimum qualifications, please submit a copy of your transcripts/degree.
• Training and Development (T&D) assignments may be considered for this position. If you are applying as a T&D, please indicate this in the eligibility section of your application.
  
• Candidate may be selected by application packet review only.
• Multiple positions may be filled from this recruitment.
• Submission of an incomplete STD 678 may result in disqualification. 

Required Application Package Documents

The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:

• Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
• Resume is required and must be included.