Director - Operational Due Diligence And Investment Operations

Cleveland Clinic Beachwood , OH 44122

Posted 2 months ago

Job Summary:

The Cleveland Clinic Investment Office (CCIO) is stewarded by the Investment Committee of the Board of Directors. Guided by the Investment Policy Statement for each of the investment portfolios, CCIO invests across a globally diversified pool of asset classes and employs many of the world's most successful investment managers for security selection of public and private equities, fixed income, absolute return strategies, real assets and derivative products. CCIO is a values-driven organization. From its inception in 2015, the Investment Committee and senior leadership sought to create a division of the Cleveland Clinic whose foundation is excellence and innovation. The Investment Office embraces a generalist model of investing where a team of experts are focused on delivering value to the total portfolio, engage in constructive debate, thrive on collaboration, embrace a sense of personal humility, and seek to continuously improve. CCIO is responsible for managing and growing the $11 billion investment portfolio.

Job Responsibilities:

  • Serves as the primary contact and interface between Cleveland Clinic Investment Office (CCIO) and its custodian bank on a daily and ongoing basis. Fosters relationships with the operations and back office teams of CCIO current and prospective managers.

  • Executes, reconciles and maintains records of cash transfers and securities transactions to maintain optimal management across portfolios, and respond to capital calls/distributions, funding requests, rebalancing efforts, or manager transitions.

  • Manages third-party vendors, including databases and software platforms, transaction management of direct holdings and co-mingled funds.

  • Thoroughly investigates and analyzes managers' and vendors' operating policies and procedures as part of CCIO's investment due diligence process to ensure compliance with best practices and CCIO guidelines.

  • Organizes the receipt, classification, and redirection of data and investment information generated by CCIO or received from external sources such as consultants, custodians, managers and third party administrators.

  • Co-manages the Distribution Management Vendor for Private Capital Investments and serves as internal point of contact for ICE and Internal Audit.

  • Leads data management efforts, to include those used for performance reporting, cash management and reconciliation, and other ad hoc uses.

  • Other duties as assigned.

Key Job Responsibilities:

  • Performs initial and ongoing operational due diligence reviews with external investment managers' C-level executives. This involves visiting external managers in their offices and conducting face-to-face discussions intended to uncover potential risks within their investment support functions that could lead to investment and/or reputational risk.

  • Reviews financial statements, Form ADVs, fund valuation policies, marketing materials, due diligence questionnaires, and other documents.

  • Directs and coordinates all aspects of background search activities, including search requests, service providers and ongoing monitoring of subjects.

  • Documents findings with a clear and concise summary of potential concerns and observations made during the due diligence process.

  • Coordinates and prioritizes ODD activities and continuous improvement projects in ODD and Investment Ops processes.

  • Ensures that meaningful data and observations are communicated to CCIO investment staff that will aid in investment decisions around hiring, retaining or terminating managers. Data sources may include regulatory filings, consultant reports, news and media outlets and manager documents including financial statements. Works closely with CCIO investment staff to communicate risks and suggest compensatory actions where appropriate.

  • Supports on-boarding of new managers to ensure they are accurately included in all internal systems including Dynamo and that they will be monitored and evaluated according to CCIO schedules and procedures. Manage proprietary operational due diligence risk matrix utilized to risk rank asset management firms.

  • Works as part of the Operations, Risks & Performance team to support investment allocation and portfolio management responsibilities, enforcing internal controls and execution of well-designed Investment Operations processes.

  • Acts as an ambassador for CCIO/CCF to external portfolio managers by informing them of Cleveland Clinic's mission and reinforcing the importance of their work to aid the Clinic in achieving our ambitious mission.

  • Liaises with Cleveland Clinic's IT, cybersecurity and police departments on maintaining CCIO's Business Continuity and Disaster Recovery Plans.

  • Conducts occasional training sessions for CCIO staff on regulatory, operations, IT/cybersecurity or industry issues that have an impact on investment management.

  • Achieves operational objectives by contributing information and recommendations to strategic plans and reviews.

  • Stays current on operational due diligence topics and trends.

  • Other duties as assigned.

Education:

  • Master of Business Administration or Master of Science in Finance, Accounting or Mathematics.

Certifications:

  • Chartered Financial Analyst (CFA) or Chartered Alternative Investment Analyst (CAIA) preferred.
  • CPA is desirable

Complexity of Work:

  • Within scope of job, requires critical thinking skills, decisive judgment and the ability to work with minimal supervision.

  • Must be able to work in a stressful environment.

  • Must be able to juggle multiple assignments and execute in an effective and efficient manner.

  • Familiar with various technology and software systems used in the investment management industry. Strong knowledge and demonstrated interest in understanding operational best practices associated with various investment strategies.

  • Strong written and verbal communication skills

  • The ideal candidate will be highly detail-oriented, well-organized, independent, entrepreneurial, assertive, and self-motivated, possess excellent interpersonal skills and be able to prioritize in a fast paced environment.

  • Exhibits confidence and ability to communicate with all levels of management

  • SEC and/or foreign regime regulatory knowledge a plus

Work Experience:

  • Minimum 10 years of experience in in asset management operations of fixed income, absolute return, real estate and commodity strategies for an endowment, foundation or pension fund.

  • Experienced in leading complex projects through collaboration and has an excellent track record in delivering quality outcomes.

Preferred Work Experience:

  • 5+ years of ODD experience strongly preferred

  • Demonstrated ability to teach and coach less experienced team members

Physical Requirements:

  • Requires the ability to sit and be stationary for prolonged periods of time, normal or corrected vision and manual dexterity sufficient to perform work on a personal computer.

Requires the ability to walk to various locations throughout the Clinic and to function in a stressful environment.

Personal Protective Equipment:

  • Follows standard precautions using personal protective equipment.

#LI-LF1

The policy of Cleveland Clinic and its system hospitals (Cleveland Clinic) is to provide equal opportunity to all of our employees and applicants for employment in our tobacco free and drug free environment. All offers of employment are followed by testing for controlled substance and nicotine. Job offers will be rescinded for candidates for employment who test positive for nicotine. Candidates for employment who are impacted by Cleveland Clinic's Smoking Policy will be permitted to reapply for open positions after 90 days. Decisions concerning employment, transfers and promotions are made upon the basis of the best qualified candidate without regard to color, race, religion, national origin, age, sex, sexual orientation, marital status, ancestry, status as a disabled or Vietnam era veteran or any other characteristic protected by law. Information provided on this application may be shared with any Cleveland Clinic facility.

Cleveland Clinic is pleased to be an equal employment employer: Women/Minorities/Veterans/Individuals with Disabilities


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Director - Operational Due Diligence And Investment Operations

Cleveland Clinic