The Los Angeles County Employees

Retirement Association (LACERA)

IS SEEKING OUTSTANDING CANDIDATES

FOR THE POSITION OF:

CHIEF INVESTMENT OFFICER

RECRUITMENT SERVICES PROVIDED BY

KORN FERRY

Who We Are…

Los Angeles County Employees Retirement Association – LACERA, administers a defined benefit pension plan and retiree healthcare program for the County of Los Angeles and participating employers. It is the largest county defined benefit pension plan in the United States, with approximately $48 billion in assets, serving 95,000 working members and more than 62,000 benefit recipients. Its membership is comprised of individuals from a diverse range of careers, age groups, and ethnicities – all contributing to the greater welfare of Los Angeles County.

LACERA is an independent governmental entity, sepa-rate and distinct from the County of Los Angeles. Its fidu-ciary responsibility is to promote, enhance, and efficiently administer a financially sound retirement and health care benefit programs through prudent investment and conservation of plan assets. LACERA has been providing retirement benefits to eligible County employees, retirees, and their beneficiaries since 1938 and retiree healthcare benefits since 1971.

Governing Structure…

LACERA is governed by two Boards:

Board of Investments is responsible for establishing LACERA's investment policy and objectives as well as exercising authority over investment management. Diversified investments include Public and Private Equity, Fixed Income, Real Estate, Hedge Funds, Commodities, and other opportunities.

Board of Retirement is responsible for administering the retirement benefit program, the retiree healthcare pro-gram, and the review and processing of disability benefit applications. Under the Board of Retirement's policy guidance and the Chief Executive Officer's direction, LACERA strives to create innovative ways to streamline and expedite retirement processes, integrate new tech-nologies, and introduce new member service options.

LACERA's governing Boards, in partnership with its consultants and staff, determine guiding policy, the organization’s vision, mission and strategic goals.

Location…

LACERA is located in Pasadena, California. Pasa-dena is located 20 minutes northeast of downtown Los Angeles. Pasadena (est. pop. 145,000) represents a progressive and dynamic community best known as the home to the Tournament of Roses Parade and the Rose Bowl. The area offers charming and distinct centers for shopping and dining and is within close commute of many areas of Los Angeles County. Pasadena also offers convenient freeway access, the Gold Line light rail system (with six stations in Pasadena), and other public transportation.

The Role… The Chief Investment Officer (CIO) will perform as the senior investment professional at LACERA and will lead the investment process, providing leadership, vision and over-sight for the management and strategic growth of the retirement and OPEB trust assets. The CIO is responsible to implement the investment policy and asset allocation of LACERA's investment portfolios which currently include Public and Private Equity, Fixed Income, Real Estate, Hedge Funds, Commodities, and other opportunities. The CIO is an exempt position reporting administratively to LACERA's Chief Executive Officer (CEO) and works in close collaboration with LACERA's Board of Investments (Board), the Board's committees, and the Board's consultants. Managing a High Performance Team:

Leads by example and fosters a culture of cooperation and openness by personifying LACERA values: professionalism, respect, open communication, fairness, integrity, and teamwork.

Recruits, leads, and mentors an outstanding team of investment professionals and administrative staff incented to do what is best for LACERA.

Leads, evaluates and develops the Principal and Senior Investment Officers, including their leadership and supervisory skill sets.

Provides insight and direction regarding the best organ-izational structure for the Investment Office including the best use of in-house and external resources.

Prepares the Investment Office budget to ensure adequate staffing and resources to meet the Investment Office's goals and objectives.

Key Accountabilities...

A successful CIO will possess a variety of executive level job competencies and be responsible for the following: Providing Portfolio Guidance and Investment Manager Selection:

Providing strategic leadership through developing and recommending a multi-year strategic plan for the Board's review and consideration.

Reviewing, adjusting and monitoring LACERA's investment structure, philosophy, processes and policies to serve current and future needs.

Overseeing investment managers' due diligence and recommending external managers to the Board.

Maintaining and enhancing portfolio objectives, asset allocation targets, risk parameters and benchmarks consistent with LACERA's long-term goals.

Providing LACERA's Board with ongoing analysis of global economic situations as they relate to LACERA's investment program.

Advising the Board and the CEO as to the impact on the investment program for information released to the public, press, legislature, and other similar matters as needed.

Responsible for Performance Monitoring and Risk Management:

Providing leadership through establishing risk measurement criteria for the Board's consideration and ensures risk assessments are incorporated into investment operations and performance measurement.

Providing portfolios performance assessments against risk/return objectives and benchmarks ensuring consistency with established Board guidelines.

Monitoring and evaluating external investment managers and recommending changes when necessary.

Overseeing due diligence activities and cultivating and maintaining relationships with existing and prospective investment managers.

Establishing reporting mechanisms to keep the Board sufficiently and appropriately informed as to the status of LACERA's investment program and the

procedures used to implement it. Standardizing policy and procedural guidelines to

ensure consistency with Board approved investment strategies and in compliance with state and federal laws.

LACERA'S MISSION To Produce, Protect and Provide

the Promised Benefits

LACERA'S VALUES

Professionalism, Respect, Open Communication, Fairness, Integrity & Teamwork

Representing the Investment Team and LACERA:

Maintains a positive relationship with various constituents throughout LACERA and constructively engages on various issues.

Represents LACERA in the investment community, the media, the legislature and among constituents, as a participant in various functions and an expert spokesperson on investment matters relating to LACERA as directed by the Board and the CEO.

Develops and maintains a national network of colleagues in the investment community in order to exchange ideas and stay abreast of emerging trends.

Size Of Team… The investment team is comprised of thirty investment professionals and three administrative staff. The invest-ment team is support by, and works collaboratively with, internal legal and financial service teams.

Candidate Profile... The successful candidate will be an experienced invest-ment professional, with demonstrated analytical abilities, a proven track record, and hands-on investment manage-ment experience gained through directly relevant experience. This individual will possess a minimum of ten years of relevant investment experience with a pension plan, foundation, endowment, trust organization, invest-ment banking firm, money management firm, or financial consulting firm with responsibility for the formulation and or implementation of investment policy for substantial portfolios utilizing major asset classes. A Bachelor's degree from a four-year college or university is required. Strong advanced academic credentials, including MBA and/or CFA are preferred.

Join a “World Class Team” and the largest county retirement system in the United States!

The Ideal Candidate...

The ideal candidate for this role must possess the following critical job competencies:

Strategic Acumen. The candidate must be able to play a key role contributing to fund management decision-making to assist in moving the business forward. This will include actively participating in setting the future strategic direction of LACERA's Investment Division, articulating evolving priorities and identifying new opportunities. This individual must possess the ability to work and think at a strategic level and contribute to LACERA’s growth plans. The company is seeking a collaborative, goal-oriented investment leader who will play a key role in the future success of the organization. Results Orientation. The candidate must be adept at translating strategy into action through a demonstrated track record of investment success guided by a strong set of core ethical values. He/she must have a history of delivering investment returns and performance that stand out in the market. In addition, this individual must have experience enhancing investment processes through the introduction of new portfolio management techniques and performance measurement tools, as well as administrative processes, risk assessment and investment research. Team Leadership. The candidate must be a motiva-tional leader with a proven ability to recruit, develop and retain strong professionals in disparate asset classes and investment functions. He/she must be able to earn the confidence and trust of the team while providing clear direction and promoting collaborative problem solving, creating a clear sense of team identity. He/she must be able to hold individuals accountable for agreed plans and reward those who support team objectives, providing them with rewarding career paths. Collaboration and Influencing Skills. The candidate must possess the ability to align people across the Investment function, the Board and the broader organi-zation behind common goals, facilitating communication and cohesion. He/she must be able to work collabora-tively with third party partners including external invest-ment managers, consultants, suppliers, advisors, legal counsel and auditors, thinking beyond the boundaries of the organization. The ideal candidate must have a keen understanding of people, ideas and organizations. He/she should be self-aware and have an understanding of complex organizational politics, issues and dynamics. Qualified candidates must be adept at actively engaging colleagues to reach joint decisions crafted in the best interest of LACERA and will establish trusted relation-ships at all levels, from members of the Board to plan participants.

Salary and Benefits... Annual Salary: Based on experience Paid Holidays: 11 days per year Annual Leave: Earn up to 10 days each calendar year Retirement Pension: LACERA Defined Benefit Pension Plan Cafeteria Benefit Plan: Megaflex Benefit Cafeteria Plan which provides allowance equal to 14.5% of salary (17% after 5 continuous years of service) to purchase medical, dental, life insurance, disability benefits, and additional annual leave days (up to 20 days), and fund health care and dependent spending accounts. Remaining unused allowance paid as taxable wages. Savings Plan (401k): Optional tax deferred income plan that may include an Employer matching contribution of up to 4% of the employee’s salary. Deferred Compensation Plan (457 Plan): Optional tax deferred income plan that may include an Employer matching contribution of up to 4% of the employee’s salary. Transportation: Use of a LACERA Vehicle Tuition Reimbursement Program

To Be Considered... Contact: Michael Kennedy Senior Client Partner Korn Ferry 1201 West Peachtree Street, NW Suite 2500 Atlanta GA 30309 Phone: 1 (404) 222-4009 Email: michael.kennedy@kornferry.com

LACERA IS AN EQUAL OPPORTUNITY EMPLOYER