Head of Securitized and Rates, Global Fixed Income

Job Posting: Head of Securitized and Rates, Global Fixed Income

Public Employees Retirement System

JC-529023 - Head of Securitized and Rates, Global Fixed Income

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

$20,062.50 - $33,437.50 per Month

Final Filing Date: 8/30/2026

Job Description and Duties

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.

• 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.

Minimum Requirements

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

Classification

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

$20,062.50 - $33,437.50

This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-120% of salary and is based on the level of achievement against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity of 0-120% of base salary beginning after five years and when absolute total fund returns meet or exceed board-approved thresholds. New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

# of Positions: 1

Telework: Hybrid

Job Type: Permanent, Full Time

Department Information

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $656.35 billion as of August 18, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us. CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision, and their decisions and actions are guided by our Investment Beliefs.

If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website!

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.

Desirable Qualifications

• 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.

• 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.

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free workplace. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.

Other 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.

Contact Information

Please direct requests for Reasonable Accommodations to the interview scheduler at the time the interview is being scheduled. You may direct any additional questions regarding Reasonable Accommodations or Equal Employment Opportunity for this position(s) to the Department's EEO Office.

EEO Contact: CalPERS EEO View phone number on click.appcast.io View email address on click.appcast.io

California Relay Service: View phone number on click.appcast.io (TTY), View phone number on click.appcast.io (Voice)