Investment Manager

Salary: $127,000.00 - $155,000.00 Annually
Location : St. Paul, MN
Job Type: Full-time
Remote Employment: Flexible/Hybrid
Job Number: IM-FIN-09/2026
Department: Finance
Opening Date: 10/01/2026
Applicant Advisory: We welcome you as an applicant for employment with the League of Minnesota Cities. It is the League of Minnesota Cities' policy to provide equal opportunity in employment, and we are committed to building a diverse, welcoming, and respectful workforce. We seek and welcome candidate applications from historically underrepresented groups, such as BIPOC (Black, Indigenous, People of Color) women, LGTBQ+, and those living with disabilities as well as Veterans. The League of Minnesota Cities will not discriminate on the basis of race, natural hair styles and textures (including but not limited to "braids, locks, and twists"), color, creed, age, religion, national origin, marital status, disability, sex, sexual orientation, familial status, status with regard to public assistance, local human rights commission activity or any other basis protected by law. When requested to complete an application for the position we require that you furnish complete information, so we may accurately and completely assess your qualifications. You may attach any other information which provides additional detail about your qualifications for employment in the position you seek. Refer to the Applicant Advisory included in the signature portion of the application, for guidance regarding how your application information will be used, the consequences of providing or not providing your information, and more. The League of Minnesota Cities accommodates qualified persons with disabilities in all aspects of employment, including the application process. If you believe you need a reasonable accommodation to complete the application process, please contact HR and Benefits at View phone number on click.appcast.io.


Position Summary

This position is a flexible/hybrid position classified as Primary Onsite with the expectation of being in office three days a week.
Posting: Open until filled with first application review taking place October 19, 2026.

The Investment Manager performs specialized financial management and investment functions in support of the League of Minnesota Cities and the League of Minnesota Cities Insurance Trust (LMCIT). This position is responsible for overseeing investment activities, ensuring compliance with applicable policies and standards, and supporting financial reporting and analysis related to investment portfolios. The role also provides advanced financial analysis and modeling in support of LMCIT's surplus and reserve management, including evaluation of adequacy, long-term sustainability, and strategic capital considerations. The role requires independent judgment, technical expertise in governmental and insurance-related investment practices, and the ability to manage multiple priorities under tight deadlines.

Essential Job Duties


Investments

• Invests League and LMCIT funds in accordance with established investment policies and state statute, and monitors short- and long-term performance against benchmarks
• Oversees financial reporting of League and LMCIT investment activities, including review of documentation from third-party investment managers
• Monitors developments in governmental and insurance accounting standards, including GASB pronouncements, and assesses implications for investment reporting
• Proposes updates to financial policies and procedures related to investment activities and internal controls
• Collaborates with internal and external stakeholders to identify and implement best practices in investment management and insurance financial reporting

Audit

• Supports the preparation of annual and intra-year investment-related reports and audit documentation
• Conducts complex financial analysis related to investment performance, asset allocation, and cash flow forecasting
• Maintains documentation and records to support compliance with audit standards and regulatory filings

4M Fund

• Serve as staff representative to the 4M Advisory Committee, recruits committee members, regularly report on Fund highlights and performance, organize regular meetings of the committee, report to the 4M Board of Trustees as needed.
• Provide oversight of the 4M Fund through regular communication with the Fund Administrator.
• Coordinate periodic external review of 4M Fund investment advisor, administrator, and banking partner/custodian; address findings; and implement recommended improvements.
• Participate in annual goal setting with the fund administrator; develop annual member survey; and recommend follow up actions.

Insurance Pool Financial Analysis

• Provides financial analysis and recommendations to the CFO and LMCIT leadership regarding surplus targets, dividend considerations, and reserve strategies, incorporating actuarial input and organizational risk tolerance.
• Oversee and collaborates with external investment advisors to ensure their strategies, reporting, and portfolio decisions align with LMCIT's investment policy, risk parameters, and long-term performance objectives.
• Works with external investment advisors to ensure alignment between investment strategy and surplus management goals.

Other

• Prepares and updates various financial (internal and external) policies as necessary or as assigned by the CFO.
• Works on special projects related to high level financial issues related to Board communications and financial planning for the League and Trust.
• Works with IGR staff in drafting recommended legislative positions and/or testifying at the legislature on bills that could have an impact on member's finances.
• Provides technical guidance and customer service to internal departments on investment-related financial matters.
• Performs other duties as assigned.

Core qualifications & Desirables

• Bachelor's degree in accounting, finance, public administration, or related field or equivalent experience.
• Five years of experience in investment management, governmental finance, or insurance-related financial reporting.
• Knowledge of governmental accounting standards and insurance financial reporting practices.
• Strong understanding of investment principles, portfolio management, and performance benchmarking.
• Ability to interpret and apply financial policies, regulations, and internal controls.
• Experience working with third-party investment managers and institutional portfolios preferred.
• Strong analytical, organizational, and communications skills.
• Ability to work independently and manage multiple projects with competing deadlines.

Desirable Qualifications

• Advanced degree or professional certification (e.g., CFA, CPA).
• Public sector experience.
• Familiarity with insurance pools and insurance investments.
• Understanding of insurance pool financial structures, including surplus management and reserve adequacy.

Examples of Performance Criteria

• Contributes to a teamwork environment, sharing information and assisting others as appropriate.
• Strives for excellent customer service to all external and internal customers by providing quick and accurate responses and maintaining a helpful, friendly and positive demeanor.
• Demonstrates ability to communicate professionally and effectively, verbally and in writing, and can effectively present on investment topics to stakeholders with a limited understanding of investing.
• Demonstrates ability to use computer software efficiently.
• Demonstrates knowledge of state statutes relating to governmental entities, as well as knowledge of fund/governmental accounting, finance, GASB, and business practices.
• Works independently, prioritizes, and provides timely follow-through on multiple ongoing projects effectively.
• Demonstrates ability to develop and maintain positive and effective working relationships with League staff, member cities, both Boards and the public.
• Uses good judgment in decision making.
• Demonstrates the ability to interpret and apply policies and procedures and identify and analyze problems and alternative solutions.
• Maintains the highest level of confidentiality in dealing with information of a sensitive, private or confidential nature. Operates within guidelines provided by CFO.
• Meets or exceeds League Empowerment and Performance Program (LEAPP) results/timelines and other department performance measures.
• Promotes diversity and inclusion objectives, including race equity objectives, defined by the League and continually examines own performance to eliminate implicit bias in carrying out duties and interacting with the public, coworkers, and members.

Benefits - The League of Minnesota Cities offers a comprehensive benefits package that includes health and dental insurance, employer-paid basic life insurance, long-term disability coverage, three-weeks paid parental leave, a contribution match to 457 plans, participation in the PERA public pension plan, and 12 paid holidays. Additional benefits include voluntary supplemental life insurance, spouse and dependent life insurance, and short-term disability coverage.


For a more detailed overview of our benefit package
01


Do you have a Bachelor's degree in accounting, finance, public administration, or a closely related field?

• Yes
• No

02


Do you have an advanced degree or professional certification (e.g., CFA, CPA)? If yes, please specify. If no, type N/A
03


Please select your years of experience in investment management, governmental finance, or insurance-related financial reporting.

• Less than 5 years
• 5-7 years
• 7-9 years
• 10+ years

04


Do you have experience working with institutional investment portfolios?

• Yes
• No

05


Have you directly collaborated with or overseen third-party investment managers? If yes, please describe. If no, type N/A
06


Do you have public sector experience? If yes, please describe your public sector experience.
07


Rate your familiarity with government accounting standards (GASB)

• No familiarity
• Basic familiarity
• Working knowledge
• Advanced knowledge/applied in previous roles

08


Do you have experience with insurance pools and insurance investment structures?

• Yes
• No

09


Briefly describe any experience you have with surplus management or reserve adequacy in an insurance or investment context. If no experience, type N/A.
10


How would you rate your understanding of investment principles, portfolio management, and performance benchmarking?

• Basic awareness
• Intermediate working knowledge
• Advanced understanding
• Expert (applied extensively in a professional role)

Required Question