Job Description

The Maryland State Retirement and Pension System (SRPS), which oversees a $70.4 billion investment portfolio, is seeking an exceptional leader to serve as its next Chief Investment Officer (CIO).

Reporting to the Board of Trustees, in collaboration with the Executive Director, the CIO will be responsible for the strategic direction, design, and execution of a comprehensive investment program that aligns with the System’s long-term goals. This includes implementing Board-approved investment policies and asset allocation strategies to ensure the sustainability and performance of the System’s assets.

The CIO will have discretionary authority for selecting, monitoring, evaluating, and terminating external investment managers, as well as identifying and recommending investment vehicles across all asset classes. The CIO will also oversee the development and evolution of each asset class within the parameters set by Board policy.

In addition to managing the internal investment team and coordinating the work of specialized consultants, the CIO will support the Board’s general investment consultant relationship and regularly report investment performance and risk to the Board of Trustees, the Maryland General Assembly, and other key stakeholders.

This role is critical to the System’s mission of ensuring a fully funded, sustainable retirement plan that delivers secure and reliable retirement, disability, and survivor benefits to over 414,000 members, retirees, and beneficiaries across the state.

Responsibilities

The primary responsibilities of the Chief Investment Officer, include:

• Leadership of the investment program of the Maryland State Retirement and Pension System, including establishing annual and long-term strategic objectives for each asset class and the fund.
• Thought leadership, supervision and guidance of investment staff professionals, and implementation of the Agency’s investment initiatives in accordance with Federal and State law and policies and procedures established by the Board of Trustees.
• Plan, develop, and recommend to the Board of Trustees, the Investment Committee, and Executive Director, comprehensive, continuing policies, strategies, and objectives for the various asset classes invested by the System.
• Partner closely with the Board of Trustees on all topics related to the investment oversight of the Fund. This includes asset allocation, risk assessment and performance evaluation.
• Evaluate and implement investment vehicles and mandates consistent with appropriate risk/return objectives established by the Board of Trustees.
• Oversee the management of the System’s diversified investment portfolio, including public equity (U.S., international, and global), fixed income, credit, and alternative assets (private equity, real assets, and absolute return).
• Oversee the management of the System’s emerging manager program, Terra Maria.
• Direct the evaluation, selection, monitoring, and termination of external investment managers. Oversee investment in specific vehicles in accordance with the Board-approved Investment Policy Manual to include the full and fair consideration of large businesses, small businesses, emerging managers, men, women, and ethnic minorities.
• Oversee internally managed investment strategies, ensuring appropriate staffing, governance, performance monitoring, and integration with the broader portfolio. Identify opportunities to build internal capabilities that enhance efficiency and cost-effectiveness.
• Ensure compliance with federal and state laws, Board policies, and industry best practices. Oversee risk management in both investment strategy and operational execution. Lead periodic asset allocation and asset-liability studies to maintain appropriate diversification and risk-adjusted return.
• Maintain and propose updates to the Investment Policy Manual. Champion the adoption of best-in-class governance and investment practices.
• Appear and testify before the Maryland General Assembly, State legislative committees, and other governmental bodies on behalf of the System as required. Maintain effective working relationships with Board members, legislators, consultants, asset managers, and other external stakeholders.
• Collaborate with the System’s actuary to incorporate projected liabilities and cash flow needs into investment planning. Coordinate with investment operations and accounting to ensure accuracy and transparency.
• Stay abreast of industry trends and developments through active participation in professional associations, conferences, and industry networks.

Qualifications

The successful candidate will have significant experience directly related to the duties and responsibilities of the CIO with at least 15 years of progressively responsible professional investment management experience across multiple asset classes as well as at least five years of experience involving a combination of investment policy, operations, and management work in a major financial institution or firm, or governmental agency.

The candidate will have earned a BA or BS degree in Accounting, Business, Finance, Economics or another relevant field. A candidate who is a Chartered Financial Analyst or has a Masters in Business Administration is strongly preferred.

The successful candidate will also have advanced knowledge and understanding of the following:

• Investment Leadership Across Asset Classes: Extensive experience partnering with boards and investment committees to set overall investment strategy and asset allocation. Proven track record of allocating capital across a broad range of traditional and alternative asset classes.
• Proven Ability to Deliver Performance Improvement: Proven track record in identifying opportunities and executing strategies that improve portfolio outcomes, optimize risk-adjusted returns, and consistently drive measurable enhancements in investment performance.
• Proven Ability to Implement and Deliver Performance Improvement in Emerging Manager Program: Proven track record in identifying opportunities and executing strategies that improve emerging manager program outcomes, optimize risk-adjusted returns, and consistently drive measurable enhancements in investment performance.
• Leadership and Management Experience:  Meaningful experience managing, leading, recruiting, retaining and inspiring diverse workforces. Has provided coaching and mentorship to large investment departments.
• Stakeholder Acumen: Brings proven experience navigating complex stakeholder environments. Leverages interpersonal skills, judgement, and organizational savvy to build trust across diverse groups, including Board members and policymakers.
• Communication, Presence & Credibility: A well-regarded investor with an exemplary track record of success at a preeminent organization. An engaging individual who communicates effectively with audiences of all levels of investment acumen. Ability to gain buy-in & support for investment ideas.

TO APPLY

Heidrick & Struggles has been exclusively retained for this engagement. To express interest in this role please submit your materials via email to MarylandSRPS-CIO@heidrick.com Subject: Maryland SRPS – Chief Investment Officer