Investment Officer - WF

The Wallace Foundation, an independent national philanthropy, traces its origins back more than half a century to DeWitt and Lila Acheson Wallace, founders of The Reader’s Digest Association. Ranked by assets, Wallace is among the 50 largest private foundations in the United States. 

The Wallace Foundation's mission is to foster improvements in learning and enrichment for disadvantaged children and the vitality of the arts for everyone. As stewards of limited resources, we seek to maximize the benefits derived from our grant dollars, so that they have an impact beyond the services we can fund directly. Our approach is to look for opportunities to develop important new insights and evidence in our areas of interest; fund real world tests of innovative concepts; and then disseminate what we have learned nationally to policymakers and those who work on the ground providing services.

At The Wallace Foundation, we work in teams that assemble the mix of expertise and perspectives we need to design and carry out initiatives according to our approach. Wallace seeks employees who are both highly skilled in their professions and able to work collaboratively with others. Wallace employees need to be able to think analytically and communicate clearly.  We value the flexibility to adapt to change, a desire to learn, and the ability to work productively both on one’s own and with colleagues inside and outside the foundation.

For more information about The Wallace Foundation, please visit www.wallacefoundation.org.

Endowment Management

The Wallace Foundation has an endowment of over $1.4 billion, which is diversified across a broad range of risk buckets and asset classes to achieve the Foundation’s investment goal of funding grants and operations while preserving the long-term, inflation-adjusted value of the endowment.  Our Investment Policy, Investment Committee Charter and other financial and governance information can be found here on Wallace’s website.

The management of the endowment is described in the Investment Committee Charter, which includes delegated authority to the Chief Investment Officer to hire and fire investment managers within specific limits.  The Investment Team includes a Senior Officer, Officer, Associate and Assistant, all of whom report to the Chief Investment Officer.  All Investment Team members: 

  • Have exposure to a broad range of asset classes, and
  • Participate in Investment Strategy Team meetings that include the Foundation’s President. 

Officer level staff are assigned areas of specialization, which include designated Manager Focus Areas.

Role

The Investment Officer contributes to the effective management of the Foundation’s endowment in these areas: 1) investment due diligence on current and prospective managers within assigned Manager Focus Areas; and 2) risk management and analytical support. 

Responsibilities

Investment Due Diligence on Current Managers

  • Serve as primary contact and manage relationships with managers within assigned Manager Focus Areas. This responsibility includes conducting due diligence meetings to evaluate their strategies, portfolio holdings, performance attribution, risk metrics, staff and adherence to investment guidelines and terms.
  • Prepare written reports on manager meetings, within and outside assigned Manager Focus Areas, to inform decision-making. 

Investment Due Diligence on Prospective Managers

  • Identify prospective managers working with proprietary investment manager and consultant databases and other research sources.
  • Prepare written reports on prospective managers that evaluate their strategies, portfolio holdings, performance attribution, risk metrics, staff and terms to inform decision-making.
  • Review private partnership documents and prepare subscription agreements.

Risk Management and Analytical Support

  • Analyze the risks in the Foundation’s Portfolio that are incurred at the manager level and prepare written reports to inform decision-making.
  • Prepare research and analysis for other projects as requested.

Development

Reflecting Wallace’s commitment to learning and professional development, the Investment Officer will be on a development track to:

  • Increase capacity and expertise in the selection of investment managers.
  • Develop a deeper understanding of portfolio construction and endowment management.

Qualifications

  • MBA with a concentration in investments, finance or economics or CFA
  • Three to five years’ experience preparing investment due diligence reports on managers and contributing to recommendations on selection of new managers
  • Excellent research and analytical skills that demonstrate an ability to analyze data and produce reports to guide decision-making
  • Strong quantitative skills
  • Strong written and oral communication skills
  • Ability to develop and effectively manage external relationships
  • Interpersonal skills to work productively in a collaborative environment

Salary is commensurate with experience. Our benefits include health, dental, vision, life and disability insurance, a 403(b) Retirement Plan and Paid Time Off (PTO).

The Wallace Foundation is an Equal Opportunity Employer, committed to maintaining a diverse workplace where differing perspectives are a source of strength. 

To Apply:

The Wallace Foundation has retained the services of Harrison Stone & Associates, LLC to conduct this search.  Please direct inquiries, nominations, and applications in confidence by February 29, 2016 to: search@harrisonstone.com. Please put “Wallace Investment Officer” in the subject line.