THE COMPANY
With assets under management of $13.6 billion our client manages on of Canada's largest pension funds. The Board of Trustees and Staff are charged with delivering on three key goals:
- Generating a rate of return on the Plan's investments over the long term to fund our client's pension promise, now and into the future
- Providing the finest service and communications to our members and pensioners
- Ensuring a real voice for members and pensioners in how their pension plan is run
The investment portfolio is managed by a Chief Investment Officer who reports to a Board of Trustees. The Board of Trustees approved an allocation of 9.5% of the plan's assets to real estate in 2003, and more recently increased the allocation to 10%. The real estate allocation is to be invested in Canada, the US and other international markets over time.
The Company's investment strategy for real estate is to construct a well diversified portfolio designed to generate the best possible risk-adjusted returns, while maximizing portfolio value. Real estate investments in Canada are made primarily through direct investments, while pooled fund investments, and public real estate securities are utilized internationally.
As of September 30, 2008, our client's real estate portfolio had a market value in excess of $1.2 billion (net equity).
DESCRIPTION
Working under the direction of the Managing Director, Real Estate Investments, this position will be part of a seven-person team responsible for managing the real estate portfolio.
Responsible for the overall management of the real estate portfolio, the portfolio manager will monitor the external managers and the performance of the underlying investments to ensure returns are optimized. The portfolio manager will evaluate new managers and investment offerings and contribute to our client's real estate investment strategy.
RESPONSIBILITES
Identify and evaluate emerging managers and new investment offerings as required.
Monitor the external managers and their ongoing performance and activities, including compliance with approved investment mandates and pooled fund legal agreements.
Negotiate the terms and conditions of external manager engagements and set fees in accordance with established policies and market conditions. Recommend changes when appropriate.
Develop and implement a comprehensive portfolio strategy in accordance with the investment strategy for real estate.
Perform investment analysis of direct investments and develop strategic recommendations.
Review and approve property specific strategic plans and annual operating and capital budgets. Review and report on general market trends and their effect on the real estate portfolio.
Review quarterly manager reports and monitor the performance of the underlying investments in the portfolio.
Prepare quarterly real estate group reports for distribution to the Investment Committee and the Board of Trustees.
In conjunction with the Managing Director, represent the Company on advisory committees of pooled fund investments.
Review internal (manager) and external valuations/appraisals.
Coordinate the collection of quarterly distributions and the funding of capital calls.
Liaise with internal investment research and risk management staff, external legal counsel, and other professional service providers. Manage the legal document process for the plan's real estate investments and manager relationships.
Liaise with finance staff and ensure they receive all necessary information related to the real estate portfolio in a timely manner to prepare financial statements.
Participate in industry conferences and forums to keep abreast of leading trends and new investment ideas, along with best practices followed by other institutional real estate investors.
In addition, the incumbent will help direct, develop, and mentor the team's two analysts.
QUALIFICATIONS
An undergraduate degree in a relevant discipline.
A qualified candidate would also have a CFA, MBA, CA,CGA, or AACI designation.
7 or more years of relevant experience, with a minimum of 5 years portfolio or asset management experience, preferably in an institutional or pension fund environment.
Well versed in the Canadian real estate market with an in-depth knowledge of each of the four traditional property types.
Knowledge and experience in international real estate markets is considered an asset.
Background in preparing asset specific strategies, comprehensive quarterly reports and property valuations.
Proven interpersonal, communication and organizational skills.
Level headed and logical; takes initiative and enjoys problem solving; listens and works well with others.
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