Head of Total Fund Strategy

About the Team

The Asset & Risk Allocation (ARA) division is responsible for the overall investment structure of the Core and Variable Trust Funds that compose the WRS. ARA recommends the asset allocation for the policy portfolio and the active risk budget. ARA also implements and conducts research on the exposure management process for making investments at the top of the house to manage the risk and return profile of the Core Fund including asset class market and currency positioning.

Position Overview

Head of Total Fund Strategy Asset & Risk Allocation

Essential activities: In close collaboration with the ARA CIO the Head of Total Fund Strategy will play a key role in the design of the Core Trust and Variable Trust Policy Portfolios implementation of the exposure management program and coordination of research activities.

Policy (Asset Allocation & Factor Exposure)

• Develop and recommend asset allocation policy including policy leverage in collaboration with the ARA CIO ED/CIO and the Boards asset allocation consultant (potentially including factor exposures in the future).

• Maintain the analytical framework for developing the asset allocation recommendation for the Board. Maintain equilibrium and current required and expected returns for asset classes regions currencies and factors. Work closely with ARA colleagues the Board asset allocation consultant and actuarial consultant to update the asset allocation and active risk budget every year.

• Support the Rebalancing Task Force to consider and approve mandatory and discretionary rebalancing and coordinate rebalancing and monthly cash flow activities.

• Evaluate the structure of the investment program and recommend efficiency improvements with the objective of maximizing excess return without taking undue risk. This includes in collaboration with the ARA CIO and ED/CIO the determination of how much capital and risk to manage actively or passively and internally or externally within each asset class and within each subasset class.

• Manage the development and recommend relative performance maximums (RPMs) that are excess return targets that drive staff compensation in collaboration with the ARA CIO ED/CIO and the Board RPM consultant.

• Provide guidance on total fund management of liquidity leverage and exposure management.

Exposure Management

• Oversee the exposure management program in consultation with the ARA CIO and ED/CIO the internally managed portfolios to modify the Core Funds risk profile based on changes in the capital markets and total policy risk.

• Coordinate ARA in determining appropriate contingency plans and risk mitigation actions for stressed market environments or when Core Fund or Variable Fund risk levels exceed expectations.

• Lead the development and recommendations of exposure management strategies pursuant to the Investment Committee Guidelines.

• Assist in determining the currency overlay strategy.

Research & Valuation

• Monitor capital market conditions and lead the integration of valuation models used to support the exposure management process for tilting and managing the active risk of the plan. Utilize internal and external analytical resources to maintain and continually enhance valuation tools.

• Maintain macroeconomic and market valuation investment process needed to support the other investment divisions and the exposure management process across markets for a wide range of securities and strategies.

• Oversee the development and updating of investment playbooks for investable opportunities and reactions to market shocks. Foster a culture that supports disciplined rebalancing and opportunistic risk taking in the face of market dislocation and illiquidity.

• Mission driven to be a trusted and skilled global investment organization contributing to strong financial futures for the beneficiaries of the funds entrusted to us.

• Support the ARA CIO in educating and advising the Board of Trustees including through the Quarterly Investment Update section of the quarterly Board meeting.

• Support the ARA CIO in developing the internal ARA team including by expanding the teams skill sets mentoring earning trust promoting collaborative problem solving providing clear direction and rewarding and holding individual members accountable.

• Advanced degree (e.g. masters or doctorate) in economics finance or related field.

• 10 plus years work experience with an investment manager such as an asset management firm hedge fund or pension plan. Experience in a client-driven investment organization would be an asset.

• 10 plus years experience leading high-functioning teams.

• CFA and/or FRM preferred.

• Possess a deep understanding of quantitative analysis and computational techniques and a demonstrated ability to apply the techniques to asset allocation risk management portfolio construction and risk budgeting.

• Leadership: A history of achievement and a proven strategic trusted leader of high performing results oriented investment talent. Ability to foster a culture of camaraderie and enthusiasm to create an appealing work environment and excellent performance.

• Subject matter expertise (SME) and thorough familiarity with risk assessment.

• Demonstrates sound judgment in stressful conditions maintains convictions in difficult investment settings and exhibits intellectual flexibility.

• Ability to partner with key internal stakeholders.

• Familiarity with asset & liability modeling.

• An experienced investment professional with superior leadership skills and specific experience with multiple asset classes including both public and private markets.

• Possesses strong business judgment with the ability to provide informed and thoughtful counsel to the Executive Director/Chief Investment Officer Board and Investment Committee. Mission Driven To be a trusted and skilled global investment organization contributing to strong financial futures for the beneficiaries of the funds entrusted to us.

• Strong ability to be disciplined and analytical in a dynamic environment along with being intellectually curious and detail-focused.

• Outstanding verbal and written communication skills adaptable to different audiences. Proven effective leadership qualities and successful experience leading teams working within a global investment organization.

• Strong documented investment performance track record.

• Extensive hands-on experience with the production infrastructure to support investment results data management operations execution trading.

• Team oriented along with ability to foster a culture of investment collaboration and innovation.

• Upholds the highest standards of integrity and ethics.

The role reports to the Head Economist and Asset and Risk Allocation CIO.

The Head of Total Fund Strategy search is being managed exclusively by Sheffield Haworth on behalf of the State of Wisconsin Investment Board (SWIB).

For consideration please submit your résumé and cover letter outlining your interest in the Head of Total Fund Strategy opportunity to Brendan Corwen at .

**Candidates are asked not to contact the State of Wisconsin Investment Board directly. All inquiries nominations and applications should be directed to Sheffield Haworth.