Head of Securitized and Rates, Global Fixed Income

Job Description and Duties

Anticipated Interview Dates: We anticipate holding virtual interviews two to three weeks after the final filing date. We look forward to meeting with you!

CalPERS is seeking an Investment Director to lead the Global Fixed Income, Securitized Products, and Rates team and advance the investment objectives of the Public Employees’ Retirement Fund.

Duties may include, but are not limited to:

• Lead the management of the Public Employees’ Retirement Fund’s securitized and rates portfolios, with responsibility for portfolio strategy, performance, and risk oversight.
• Direct investment activity across agency mortgage-backed securities (MBS), securitized credit, and rates strategies involving a broad range of security types, including U.S. Treasuries, agency and non-agency MBS, CMOs, CMBS, CLOs, ABS, home equity loans, and hybrid ARMs. 
• Serve as a senior leader within Global Fixed Income, contributing to asset allocation decisions and sector strategy for the unit. 
• Provide regular market insights on securitized sectors, including supply and demand trends, relative value, volatility, swap market dynamics, and yield curve outlook.
• Evaluate relative value opportunities and risks to support portfolio construction and investment performance.
• Collaborate with internal stakeholders, including risk, research, and senior investment leadership, to support fund-wide objectives. 
• Mentor investment staff and help foster a high-performing investment team.

Telework Information : This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite, per week.

Sponsorship:  CalPERS does not participate in E-Verify for employment authorization purposes.

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Special Requirements

Minimum Qualifications

All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. If you are using education to meet MQs, please include your transcripts with your application package. If you have a degree from outside of the United States, you must submit an evaluation of this degree to determine the US equivalency. If you need an evaluation, you can visit the National Association of Credential Evaluation Services (NACES) website to find organizations that provide these services. The Classification Specification is located on this Job Posting under "Minimum Requirements."

Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit  CalHR’s CalCareers website .

Career Services & Outreach

Need help with your state application, resume, Statement of Qualifications, or interview preparation?

The CalPERS Career Services & Outreach (CSO) team provides comprehensive support throughout the CalPERS hiring process. Our services include one-on-one online consultations for application assistance, Statement of Qualifications review, and interview preparation. To schedule an appointment and receive personalized guidance from our team, please use the following booking link: CalPERS Career Services Consultations.

Desirable Qualifications

In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:

• 10 years of professional experience in structured products, encompassing portfolio management, quantitative modeling, collateral analysis, pricing, valuation, and risk or performance reporting. 
• 5 years of professional experience managing U.S. Treasury portfolios, executing U.S. Treasury cash securities and derivative transactions, or utilizing interest rate swaps and U.S. Treasury derivatives for hedging structured product exposures.
• Experience managing a team of investment professionals. 
• Experience presenting investment topics to senior management. 
• Quantitatively oriented and comfortable analyzing and reporting on large amounts of data. 
• MBA and/or CFA designation.

Benefits

CalPERS team members are eligible for a number of benefits. Health benefits and leave programs are available for most team members. Benefit eligibility may depend on length of service and collective bargaining agreements.

Some added benefits CalPERS offers include:

• Alternate Work Schedules
• Flexible Work Hours
• Onsite childcare facility
• Onsite fitness center
• Onsite café and nearby restaurants
• Free onsite parking available Mondays and Fridays, subject to change
• Free offsite parking available with shuttle service Tuesdays, Wednesdays, and Thursdays 

For more details about employee benefits, visit the California Department of Human Resources website.

Additional Information

Live Scan
Candidates not currently employed at CalPERS are required to submit to a criminal history review process utilizing Live Scan fingerprinting.

CalPERS Disclosure Requirements
If employed, you may be subject to rules imposed by Personal Trading Regulations and Conflict of Interest Code that apply to CalPERS team members, 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)

Background Investigation
In addition to Live Scan, this position requires additional background screening prior to employment.

Surety Bond
Must be able to qualify for a Surety Bond.

Please do not include any confidential information on any documents in your application package. Confidential information that should be excluded or removed from these documents include, but is not limited to, your social security number, date of birth, marital status, personal photos, a copy of your driver’s license, equal employment opportunity data, examination scores, and LEAP status.

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 optional. It may be included, but is not required.