FROM: Debby Cherney, Chief Executive Officer
Donald Pierce, Chief Investment Officer
Stacey Barnier, Chief Human Resources Officer
SUBJECT: Investment Team Expansion
RECOMMENDATION:
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Recommend that, through the FY 2025-26 Budget, the Board approve the addition of three Associate Investment Officers.
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BACKGROUND:
In the last ten years, SBCERA's investment assets have nearly doubled from $8 billion (as of June 30, 2014) to $15.2 billion (as of June 30, 2024), with additional growth during FY 2024-25. That growth has been accomplished with a core investment team consisting of four investment officers. Although the title of those officers have changed throughout the last decade, it is clear that with double the investments assets, a mandate to expand the number of managers in specialty areas, and the need for appropriate risk management and succession planning, there is a need to consider expanding the team. The Investment Team is composed of the following:
1. Core Investment Team: Chief Investment Officer, and three Senior Investment Officers;
2. Analytics and Middle/Back Office: Data and Portfolio Analytics Manager, and two Senior Investment Analysts; and
3. Administrative Support: Deputy Clerk of the Board, and Office Specialist.
Earlier this year, the Chief Executive Officer and the Chief Human Resources Officer met with the four Investment Officers to explore how best to address a variety of questions, including scalability, skills, gaps, succession planning, how work is distributed amongst the team, and what work they wish they had more time on which to focus. Over the course of the offsite meeting, the team coalesced around the need to have more time for research, documentation, analytics, bigger picture thinking, shaping relationships, creating new relationships with a diversity of vintage, size and ability to deploy capital, and better leveraging existing and potential technologies. Additionally, staff discussed the pot...
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