Help Wanted: Investment Pro for NYC’s Real Estate Holdings

The city’s five public pension funds have a property portfolio worth $18 billion.

New York City’s Bureau of Asset Management is looking for a senior investment officer to help run its $18 billion real estate portfolio.

The bureau oversees all $201 billion of New York City’s five public pension funds’ assets. Most of those investments are externally managed, but the bureau wants more staff in-house to oversee its plans to grow the real estate holdings. The organization’s overall investments returned 7.01% during the first quarter of 2019.

The new official will assist in managing public and private real estate investment trusts, reporting to Yvonne Nelson, the head of the bureau’s real estate asset class unit. Other tasks include collaborating with the investment team, leading initiatives and conducting due diligence on potential investments, and of course, overseeing the existing investments of the portfolio, according to the job description.

The new hire  will also have to prepare and present their findings to the bureau’s internal investment committees and the retirement system’s board of trustees. That includes Alex Doñé, the bureau’s chief investment officer.

New York’s investment division seeks candidates with at least a master’s degree in business, finance, economics, or another “closely related field”; plus four years of experience in a financial services organization. It prefers eight, especially if the individual knows his or her way around debt or equity institutional real estate.

Due diligence, sourcing, portfolio management, and document-prepping know-how are also a plus. It also doesn’t hurt to be proficient in Microsoft Office Suite.

The position will pay between $160,000 and $175,000 annually.

The collective asset allocation of the five pensions in the New York City Bureau of Asset Management (teachers, city employees, police, fire, and board of education) is 29.3% US equity, 26% fixed income, 11.2% world (excluding US), 9.6% alternative credit, 7.5% emerging markets, 6.2% private equity, 4.5% private real estate, 1% infrastructure, 0.7% REITS, and 0.7% international funds of funds.

Click here to apply.

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