Location: Washington
Deadline: Saturday, 16 November 2013
Deadline: Saturday, 16 November 2013
Investment Specialist
IDB Retirement Plans Division (HRD/SRP)
The Inter-American Development Bank (IDB) is the leading source of multilateral financing for regional development in Latin America and the Caribbean (LAC). It provides loans, grants, guarantees, policy advice and technical assistance to the public and private sectors of its borrowing member countries.
The IDB is currently looking for a Treasury & Risk - Investment Specialist to join the Retirement Plans (HRD/SRP) Division ascribed to the Human Resources (HRD) Department under the Vice-Presidency for Finance and Administration (VPF). Guided by the Head of Investments, IDB Retirement Plans, the Specialist will contribute to the Division's investment, operational, actuarial and analytical work program in HQ.
HRD/SRP oversees five funds totaling over $5 billion in assets: three defined benefit pension, one postretirement benefits and a retiree life insurance fund. In 2010 and 2011, the oversight Committees and (for the Postretirement Benefits Fund, the Administrator) approved new Investment Policies for the five Funds which diversified each Fund among new asset and sub-asset classes. In addition to asset class diversification, the Funds are increasingly included in the Bank's risk management and financial accounting processes, which has added to HRD/SRP tasks: reporting, analysis and documentation. On-going responsibilities of manager monitoring, performance reporting and industry analysis continue, but have increased as has the number of asset classes and managers, and as Bank management and Directors require additional information for decision-making
Key Responsibilities
· Investment Analysis and Management Activities: Lead in coordination with all relevant parties (managers, other colleagues, custodian), the supervision of the execution and the monitoring and evaluation of up to half of the IDB Retirement Funds' external managers, in accordance with established procedures. Areas of daily, monthly, quarterly and annual monitoring/evaluation include: performance, compliance with approved investment guidelines, strategies and organization.
· Risk Management Activities: Contribute and provide senior oversight to year-end external auditor, quarterly fee invoices, reconciled monthly manager/custodian reports, compliance reports, daily operations (trading and performance) and monthly rebalancing activities.
· Asset-Liability Studies and Implementation Activities: Provide senior support to the unit and oversight committees (Investment, Pension and other) in current and future asset-liability analyses and, subsequent to the approval of changes to the funds' Investment Policies, the implementation analyses (optimization, vehicles), tactics and legal documents.
· Asset Class/Manager Research Activities: Develop and apply investment analytic work to support the preparation of new asset class (including but not limited to hedge funds, private equity, private infrastructure), strategy (including but not limited to derivatives and risk-based) and portfolio optimization for the five Funds. Lead or contribute to research into the selection of new investment managers, and assessment of managers' quality, including consideration of termination upon certain conditions. Lead the preparation, submission, processing and negotiation of legal documents related to new managers or implementing revisions to current managers' documents.
· Committee Memoranda: Lead and/or contribute to the preparation, submission and presentation of memoranda to the Investment, Pension and other Committees, as well as to various levels of management and the Bank's Board of Directors in accordance with established procedures.
· Teamwork, Networking and Senior Role: Share and disseminate knowledge and learning with Unit and other Bank colleagues to enhance the performance of the Funds. Engage in policy dialogue with other institutions' colleagues to expand investment/actuarial/risk knowledge. Provide input to prepare the Unit's business plans and budgets. Provide technical guidance and peer review to teams working investment and risk issues related to the Funds. Supervise the work of more junior staff in the Division and provide mentorship to them.
Qualifications
Education: Master's degree in Business, Finance, Accounting or other related disciplines. Preference for candidates holding a CFA Charter. CAIA and/or CIMA credentials a plus.
Experience: A minimum of 5 years of relevant professional experience. Preference will be given to candidates with: (i) demonstrated leadership and proven experience in the management of investments; (ii) practical knowledge of and experience with risk models, in particular those utilizing derivatives and/or hedge funds; (iii) experience monitoring multi-manager portfolios and/or managing investments within defined benefit pension plans.
Language: Proficiency in spoken, written and read English is required. Working knowledge of a second language, particularly one of the Bank's official languages (Spanish, French or Portuguese) is a plus.
Technical Competencies
Quantitative Analysis and Financial Market Knowledge: In-depth knowledge of publicly-traded investments (equities, fixed income, commodity index futures). Demonstrates advanced understanding of cause and effect of market conditions and how they relate to the IDB's assets and liabilities. Makes sound recommendations based on thorough understanding of financial market dynamics. Derives solutions to complex problems, applying sophisticated analytical methods and techniques. Guides less experienced staff in the analysis of results, examining consistency and relevance of results within the IDB's financial or risk policies and procedures. Understands how changes (e.g. in regulations and the external market) impact own work and adapts accordingly.
Business Acumen: Demonstrates an understanding of own functional area, the business of the Division and the IDB's needs and priorities. Identifies deviations from relevant financial, operational, or administrative policies, evaluating their impact and recommends proper courses of action. Advises and mentors more junior staff on products, policies and procedures and the use of pertinent sources of information. Builds long-term client relationships and leverages relationships to influence accomplishment of results.
Qualitative Analysis: Conducts independent analysis of data and information to validate the appropriateness of models being applied and to confirm the reasonableness of data generated. Develops new and innovative approaches for analyzing issues and information. Identifies and communicates trends, anomalies, threats and opportunities in data and information.
System and Applications Knowledge: Leverages systems and applications knowledge to enter data, process transactions, conduct relevant analyses, and generate reports. Understands, analyzes, acts on and communicates risks by applying appropriate controls and risk mitigation procedures. Participates in multi-departmental working groups, identifying requirements for new systems and models, or enhancements to existing ones. Coaches staff and other users in the use of specialized systems and applications to ensure consistency in use and compliance with IDB/Departmental policies and procedures.
Risk Awareness: Uses extensive knowledge of functional area to develop new guidelines or procedures to control or mitigate risk in area of responsibility. Develops and implements innovative and practical solutions to complex issues regarding the identification, assessment, management or control of risks. Formulates alternatives to adjust the risk exposure profile in area of responsibility, considering the impact of risk factors, IDB's risk appetite and developments in the external environment. Partners with colleagues from other Units on financial transactions or business area issues, raising awareness of risks or establishing standards for control and mitigation.
Financial Operations: Implements improvements to operational processes by effectively aligning current practices with emerging needs. Provides quality control on financial reports prepared by more junior staff, offering guidance and feedback when needed.
Communication: Ability to clearly convey complex facts and ideas in a logical and organized manner in writing and orally, adapting communication style to the needs of the audience. Demonstrates ability to persuade an audience through solid arguments and presentation of relevant policy recommendations. Demonstrates ability to use data and portfolio analysis to make a compelling business case for changes to projects, portfolio or implementation strategies.
Core Competencies
Client Focus and Management: focuses efforts on achieving business results through understanding and meeting internal and external client and stakeholder needs. Values the importance of providing high-quality customer service, while balancing the interests of the client and the IDB.
Innovation and Creativity: generates innovative and creative solutions to problems that contribute to organizational effectiveness. Tries different and novel ways of approaching work to create added value in the services/products provided.
Knowledge Sharing: actively develops and shares knowledge within and outside own business area. Leverages expertise to improve organizational effectiveness and add value within sphere of influence.
Collaboration and Influence: encourages teamwork and cooperates with others to achieve mutually beneficial results. Gains the support of others for own ideas and
initiatives, regardless of formal authority and organizational boundaries.
Critical Thinking and Judgment: uses data, experience, and good judgment to make sound decisions and devise effective solutions to problems. Assesses and manages risk in own work.
The IDB is committed to diversity and inclusion and to providing equal opportunities in employment. We embrace diversity on the basis of gender, age, education, national origin, ethnic origin, race, disability, sexual orientation, religion, and HIV/AIDs status. We encourage women, Afro-descendants and persons of indigenous origins to apply.
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