Chief Investment Officer

Direct message the job poster from OPB (Ontario Pension Board)

Position Title: Chief Investment Officer

Reports to: President and CEO

THE COMPANY

The Ontario Pension Board (OPB) administers the Ontario Public Service Pension Plan (PSPP), serving employees of the provincial government and affiliated organizations. OPB is responsible for the financial security and well-being of 100,000 members and $31 billion in net assets under management. OPB focuses on excellent client service, transparent governance, and protecting the pension promise.

OPB's investment management approach is characterized by its partnership with the Investment Management Corporation of Ontario (IMCO). Together they pursue diverse investment opportunities adhering to responsible and sustainable practices. OPB navigates market challenges through strategic initiatives and robust risk management, integrating Environmental, Social, and Governance (ESG) considerations into their strategies.

In addition to financial management, OPB fosters an inclusive, respectful, and collaborative work environment. Emphasizing core values like respect, integrity, and teamwork, OPB promotes continuous professional growth and a hybrid work setting. Its commitment to diversity, equity, and inclusion (DEI) enhances its service to stakeholders and creates a supportive atmosphere for employees.

CONTEXT TO THE POSITION & OPPORTUNITY

The recent retirement of the incumbent Chief Investment Officer has created the opportunity for OPB to search for a new CIO to oversee the investment function and ensure OPB delivers on its pension promise.

The CIO at OPB operates within a unique construct, as they provide an oversight function while working in close partnership with OPB’s investment manager – the Investment Management Corporation of Ontario (IMCO). IMCO is OPB’s sole asset manager and as such is responsible for portfolio construction and management services and the investment of OPB's assets. Assets are invested in accordance with a Statement of Investment Policies and Procedures which reflects OPB's investment philosophies and beliefs and a recently renewed Strategic Asset Allocation, as well as an Investment Management Agreement (IMA) which outlines the contractual relationship with IMCO.

KEY RESPONSIBILITIES AND SUCCESS FACTORS

• Reporting to the President & CEO, the Chief Investment Officer (CIO) is responsible for ensuring that the execution of OPB’s investment achieves the organization’s objectives.
• Oversee and monitor IMCO’s performance and provide OPB’s CEO and the Investment Committee of the Board with updates and an independent perspective on IMCO’s investment performance.
• Work effectively with other team members on strategic issues relating directly to the CIO’s responsibilities.

STRATEGIC DIRECTION

• Lead the development of OPB’s total fund investment strategy, including the Strategic Asset Allocation (SAA).
• Facilitate and oversee the delivery of investment management services through IMCO.
• Strategically allocate assets across various classes to optimize returns while managing risk.
• Work closely with Chief Pension Officer and Actuary Services to conduct and review Asset Liability Studies.
• Conduct annual SAA reviews.
• In collaboration with CFO, manage debt issuance.

RISK MANAGEMENT & PERFORMANCE MONITORING

• Monitor, assess, and report regularly to the Board of Directors on IMCO’s investment performance.
• Implement effective methods for monitoring investment management performance.
• Monitor and report on costs associated with IMCO executing on its strategy.

INVESTMENT COMMITTEE SUPPORT

• Identify issues and make recommendations for solutions to the Investment Committee.
• Foster understanding and confidence in the Board regarding investment strategy.
• Ensure appropriate progress on ESG / Sustainability issues by both OPB and IMCO.
• Organize and prepare reports/updates, develop annual work plans, and coordinate quarterly meetings.

IMCO OVERSIGHT & RELATIONSHIP MANAGEMENT

• Develop and build strong positive relationships with key IMCO staff.
• Evaluate and monitor organizational management and governance, sustainable investing execution, and investment strategy execution.

STAKEHOLDER COMMUNICATION

• Regularly communicate with internal stakeholders, including OPB’s board and investment committee.
• Collaborate with OPB colleagues to communicate effectively with external stakeholders.

SUSTAINABILITY AND ESG CONSIDERATIONS

• Integrate environmental, social, and governance (ESG) factors into investment decisions.
• Ensure compliance with relevant laws, regulations, and ethical standards.
• Contribute to leadership, culture, and general management of OPB.

IDEAL CANDIDATE PROFILE

• 15+ years’ experience in investment management, including 8-10 years progressive management experience.
• Experience with investing (ideally pension) assets, including creating asset allocation strategies.
• Experience reporting to a Board of Directors or similar governing entity.
• Excellent oral and written communication skills.
• Strong relationship-building and management skills.
• Knowledge of investment industry trends and issues.
• Exceptional analytical skills and attention to detail.
• Proven ability to work independently and manage multiple initiatives.
• An advocate for defined benefit pension plans.
• Educational and professional credentials commensurate with the role.

OPB is committed to fostering a culture of diversity, equity, and inclusiveness that reflects the diverse communities we serve, and welcomes and encourages applications from those who may contribute to the further diversification of ideas. OPB is committed to providing accommodation for people with disabilities in its recruitment process. Please advise LHH Knightsbridge if you require accommodation, and we will work with you to meet your needs. The successful candidate being considered for this position will be required to submit to a background screening.

CONTACT INFORMATION

Seniority level: Executive

Employment type: Full-time

Job function: Strategy / Planning, Management, and Finance; Investment Management, Pension Funds, and Financial Services