Jobs @ UVIMCO
Managing Director - Marketable Alternatives & Credit
The University of Virginia Investment Management Company (UVIMCO) provides investment management services to the University of Virginia, independent foundations, and other entities affiliated with the University operating in support of its mission. As of June 2014, UVIMCO managed $6.9 billion of endowment and other long-term assets within a unitized Long Term Pool. UVIMCO has one of the highest levels of investment performance of any public or private educational institution in the country, achieving a long term rate of return that compares favorably with benchmarks and peer institutions. Additional information about UVIMCO can be found on their website.
UVIMCO currently employs over thirty full-time staff. The investment team monitors and evaluates the full spectrum of global investment strategies seeking opportunities to employ active external managers. This team includes the CEO/CIO, three managing directors, three associates, three senior investment analysts and one investment analyst. Biographical sketches are available on UVIMCO’s website.
UVIMCO’s Long Term Pool is allocated in approximately the following manner:
• 22% public equity
• 23% long/short equity
• 20% private equity (venture and non-venture)
• 8% real estate
• 5% resources
• 11% marketable alternatives & credit
• 11% government bonds and cash
The Managing Director of Marketable Alternatives & Credit (MD) will interact with all employees, but will report directly to the CEO/CIO. The primary responsibility will be to manage the marketable alternatives & credit portion of the Long Term Pool. The marketable alternatives allocation includes hedge fund strategies, exclusive of long/short. The MD will work closely with the MD of Public Equity, and will be expected to contribute to all investment decisions made at UVIMCO. The candidate must demonstrate a comprehensive understanding of credit and hedge fund strategies. The candidate must be collaborative, creative, intellectually curious and passionate about investing.
• Work collaboratively with the team to help generate attractive long-term real returns for the Long Term Pool while remaining within the risk tolerance of the University;
• Primary responsibility for managing the Credit and Marketable Alternative program, which involves sourcing and researching new investment managers, and monitoring and evaluating the current portfolio. The portfolio includes credit-oriented hedge fund managers and private managers that are investing in less liquid credit-related investments;
• Primary oversight of externally-managed government bonds and cash portfolios;
• Back-up coverage for the Long-only and Long/Short public equity programs;
• In addition to sourcing, researching and monitoring outstanding credit and other hedge fund managers that will be long term partners for UVIMCO, the MD will develop and research investment themes that will add value to long-term real returns;
• Be a senior leader on the UVIMCO team, serving as a member of the CEO’s Management Committee.
• Serve as a member of UVIMCO's Investment Committee and Risk Committee, and participate in all aspects of UVIMCO’s investment decision making process;
• Recruit, supervise and develop investment associates, senior analysts and analysts;
• Prepare investment reports and recommendations for the UVIMCO team and board.
• Make presentations to the UVIMCO board and members of the broader university community.
Skills and Qualifications
The ideal candidate will possess:
• A broad understanding of credit and marketable alternatives managers and strategies;
• Superior communication and interpersonal skills, including the ability to work closely with an experienced and dedicated investment team;
• A strong network of successful credit-oriented investment managers. The ability to establish effective working relationships with external managers and other constituents;
• Demonstrated experience, at a hedge fund or other investment firm, managing a credit or high yield portfolio is highly attractive, but not required;
• Demonstrated hands-on manager selection/due diligence experience for a large multi-asset class portfolio is highly attractive, but not required;
• Excellent analytical skills, with the ability to comprehend broader market trends;
• An ability to integrate “top down” and “bottom up” perspectives into specific investment recommendations; and
• Entrepreneurial work habits and consistent attention to detail.
The ideal candidate will also demonstrate a strong appreciation for the endowment model of investing, the active management process, and alternative investment strategies. Affinity for the University of Virginia or the Charlottesville, VA area and CFA/MBA are preferred. Interested candidates should submit a confidential resume and cover letter via email to Edward Fowler of Higdon Partners LLC at email@example.com for consideration.
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Senior Investment Analyst
The University of Virginia Investment Management Company (UVIMCO) seeks a Senior Investment Analyst to join our investment team managing $6 billion of assets on behalf of the University of Virginia and affiliated entities.
The Analyst position is a unique opportunity to work directly with senior management in a small, flat investment organization that has generated strong long-term returns for its constituents. Our client’s portfolio is invested globally across a broad range of asset classes and strategies, including: public equity, hedge funds, private equity, venture capital, real estate, resources, credit, fixed income, and derivatives.
The primary responsibilities of the Investment Analyst will include:
• Providing support to senior staff in all aspects of the investment process;
• Analyzing existing investment managers to continually monitor key attributes versus expectations and guidelines;
• Producing and improving internal investment reports used in the tracking and monitoring of the portfolio;
• Special projects as directed by senior management;
• Development of presentation materials for the Board of Directors, the University’s Board of Visitors and other constituents; and
• Occasional travel to meetings and events.
• An undergraduate degree and excellent academic credentials are required – a degree in finance or economics is preferred
• 2-4 years of professional, related work experience – investment banking, private equity or investment management experience is strongly preferred
• Strong analytical, writing and financial modeling skills
• Motivated self-starter with a strong work ethic
• Demonstrated passion for investing and investment markets
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