State Investment Officer
New Mexico State Investment Council (SIC or Council), located in Santa Fe is searching for a State Investment Officer (serving as the Chief Executive Officer) to lead this independent state investment agency managing nearly $45 billion in assets. The SIC is the third largest U.S. Sovereign Wealth Fund and ranks in the Top 30 globally. Their assets are expected to grow to around $100 billion in the next 10 years.
The current SIO has announced his retirement after over 13 years where he oversaw a period of tremendous asset growth; assets values have tripled from $14 billion, April 2010, to almost $45 billion in June 2023. This is an exceptional opportunity to work with a highly regarded board and lead an organization with a long history of delivering strong investment performance.
Council Overview
SIC, a sovereign wealth fund established in 1958, manages investments for New Mexico’s permanent funds. Their mission is to “To protect and grow the state’s permanent endowment funds for current and future generations, through prudent, professional investment management.”
The SIC is an institutional investor, receiving public dollars, in the form of royalties and taxes from natural resources and income from sales and leases of public lands and minerals, which are invested on behalf of the people of New Mexico.
These assets provide substantial benefits to the taxpayers of New Mexico in various ways, most significantly being the distribution of more than $1 billion in public school funding and tax savings delivered to New Mexicans every year.
The SIC is governed by 11 members, chaired by the Governor, and includes the State Treasurer, Commissioner of Public Lands, Secretary for the New Mexico Department of Finance and Administration, Chief Financial Officer for a state university, four public members appointed by the Legislative Council, and two public members appointed by the Governor.
The state funds currently under the SIC’s management are the Land Grant Permanent Fund (LGPF), Severance Tax Permanent Fund (STPF), Early Childhood Education and Care Fund (ECECF), Tax Stabilization Reserve Fund (TSRF), Tobacco Settlement Permanent Fund (TSPF), Water Trust Fund (WTF), and the Rural Libraries Endowment Fund (RLEF).
A newly created Conservation Legacy Permanent Fund (CLPF), seeded with a $50 million appropriation by the Legislature, will also be managed by the SIC. Another new fund to be invested by the Council is the Opioid Settlement Restricted Fund (OSRF) is expected to receive $300 to $350 million in one-time settlement revenues.
In addition to the management of the permanent funds’ assets, the SIC also manages approximately $1.9 billion of assets for 23 government related clients. These clients determine their asset allocation and are provided access to invest in the SIC’s funds.
For additional information visit https://www.sic.state.nm.us. |
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Position: |
State Investment Officer |
| Organization: |
New Mexico State Investment Council |
| Location: |
Santa Fe, NM
United States
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| Salary: |
DOQ |
| Posting Start Date: |
8/31/2023 |
| Date Posted: |
8/31/2023 |
| Requirements |
Position Responsibilities
The Council is the governing fiduciary over all aspects of the SIC setting the investment policy and the strategic asset allocation. The Council retains all investment authority and appoints all external managers and investment consultants.
The SIO is appointed by the Council and has responsibility and authority, as delegated by the Council, for the management and administration of the investment program within regulatory statutes and investment policies established by the Council and the State of New Mexico.
Serving functionally as the chief executive officer, the SIO is responsible and accountable for the financial performance and operational effectiveness of the organization. A significant portion of the SIO’s responsibilities are external facing and outreach to continue the positive relationships with the Legislature, Governor’s Office, Treasurer’s Office, clients, and other stakeholders.
Leading a team of ~25, the SIO has four direct reports – Deputy State Investment Officer & Chief Investment Officer, Chief Counsel, Director of Communication, Legislative & Client Affairs, and the Chief Financial Officer & Administrative Services Director. The SIO’s major responsibilities are further set forth in the New Mexico statute and in Council policies. Some of the key responsibilities and duties include:
- Ensure the financial stability and long-term viability of the SIC.
- Ensure operation of the SIC in accordance with its mission, vision and core values, and state and federal law.
- Oversee planning, organization, and administration of all program areas for which the SIC is statutorily responsible.
- Monitor performance of the investment portfolio, ensure assets are invested in accordance with the SIC’s policies, and that proper controls are in place to safeguard assets.
- Advise and confer with the Council on financial, economic, and political trends and developments affecting the management of the SIC’s assets.
- Represent the SIC as a subject matter expert and, as necessary, interact with legislators and testify on proposed legislation affecting the SIC.
- Ensure budget resources are sufficient and properly aligned to accomplish the SIC’s goals.
- Implement and institutionalize best-in-class operational practices including controls, systems, and risk management.
- Maintain relationships with other U.S. sovereign wealth funds to keep informed of trends affecting these plans.
Key Objectives
The Council has identified some of the key objectives to measure, in part, the SIO’s performance.
- Work with the Council, Legislature, and others as necessary, to identify possible changes in current policies related to budget approval, staff hiring and compensation to provide greater flexibility to the SIO and Council in managing the SIC’s affairs.
- Lead the development of a strategic plan to prepare the organization for the significant growth in assets expected in the next 10 years and to scale the organization to effectively manage this growth.
- Engage with clients, Legislature, Governor’s Office, and other key stakeholders to build upon the SIC’s positive relationships to further strengthen its brand and reputation.
- Continue the SIC’s efforts of exploring investment opportunities in New Mexico to identify investments that may be appropriate.
- Work with the Governance Committee to evaluate the delegation of investment authority to the SIO to determine if such a change is appropriate.
- Evaluate operational processes and the technology infrastructure and, if necessary, make changes to incorporate best practices and improve efficiency.
- Develop succession plans for key executive positions and implement programs to identify and develop future leaders.
Qualifications and Experience
The Council desires a strategic executive with a respected level of investment knowledge and an understanding of the basic tenets of institutional asset management, experience overseeing related administrative and investment functions, and experience managing external stakeholder relations. Additional requirements and preferences include:
Requirements
- An undergraduate degree, preferably in finance, economics, or related field.
- At least 10 years of investment and executive management experience.
- Establish and maintain permanent New Mexico residence (if not currently a resident).
- Excellent interpersonal, communication and management skills.
Preferences
- Advanced degree.
- Experience with legislative processes at the state level and interacting with elected officials.
- Experience as an institutional investor across different economic cycles.
- Experience hiring, coaching, mentoring, and retaining staff.
- Experience working in New Mexico.
- Experience stewarding a sovereign wealth fund, public pension fund, state investment agency, or endowment.
Leadership Competencies and Characteristics
An executive, who is confident, inspiring, and passionate about SIC’s mission, is desired. The SIO must have uncompromised ethics, an impeccable reputation, and excellent judgment. As the chief executive, the SIO must also be willing to have candid conversations and the courage to make tough decisions with the emotional intelligence to affect positive change.
The SIC staff works well together and are highly regarded and respected by the Council. Continuation of a work environment where there is open communication, teamwork and recognition for contributions are essential to continuing the culture of excellence and accomplishments. Other attributes include:
- Forthright
- Transparent
- Humble & Unselfish
- Diplomatic
- Patience
- Respectful
The ideal candidate must be a leader who values strong governance and has the social and interpersonal skills to engage and build positive relationships with Council members to effectively guide and advise them. In addition to being visible, approachable and a good listener, other important skills and attributes include:
- Confidence to put forward ideas and recommendations while being willing to adjust them based on input from others.
- Interpersonal skills to build consensus and effectively negotiate compromise.
- Confident and calm under pressure.
- Poise and executive presence to expertly represent the SIC.
- Ability to communicate complex, financial, and investment information in a clear and simple manner tailored to the audience.
This is a highly visible position and the SIO must respect the requirements of operating in a public environment.
Compensation
Compensation includes a base salary and is competitive to attract top chief executives. Health care, retirement benefits, and relocation assistance are also provided.
For additional information or to apply, please contact Hudepohl & Associates at info@hudepohl.com or 614-854-7300.
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| Status: |
This listing expires on: 9/30/2023 |
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