State Fund Opens Search for Chief Investment Officer

October 24, 2008

With the passage of SB 1145 State Fund has recruited and filled five of our six new executive positions. We are entering the final phase of this endeavor with the announcement of the Chief Investment Officer position. The job responsibilities of the position are listed here, along with the candidate profile and specific requirements.

If you are interested in applying, please forward your resume to Tamara Faasii in Human Resources (tfaasii@scif.com).

Reporting Relationship/Job Responsibilities

The Chief Investment Officer will report directly to Janet D. Frank, President & CEO of State Fund.

The primary responsibility of the Chief Investment Officer is to provide management and oversight for State Fund's $20 billion investment portfolio in accordance with applicable State Fund investment strategies and guidelines.

The Chief Investment Officer will partner with the Chief Financial Officer on:

1. Strategic financial planning and analysis.
2. Financial modeling (DFA experience a plus) with respect to enterprise risk management specific to insurance companies.

Specific Responsibilities

• Plans and directs all aspects of State Fund's investment programs. Oversees the research, evaluation and selection of investment vehicles and makes decisions to align the investment selections with State Fund's parameters, goals and risk tolerance.
• Develops formal investment guidelines and conducts annual reviews of the guidelines with the Board of Directors.
• Provides written investment guidelines and controls to investment managers at least annually and ensures compliance.
• Monitors the performance of investment funds against appropriate benchmarks, initiating appropriate action when necessary.
• Ensures that State Fund investments are limited to those permitted under California Insurance Code (CIC) Section 11797.

Candidate Profile and Specific Requirements

The successful candidate will possess at least 10 years of investment management experience. Strong and relevant academic credentials are required, ideally an MS degree in computational finance or CFA. CFP and MBA are desirable.

The right candidate will be skilled at managing internal and external teams, and influencing them to achieve objectives. The requirements listed below are representative of the knowledge, skill, competency and/or ability required to perform the essential duties described above.

• Ability to align with and promote the vision, mission, and values of State Fund. A key element of this mission is to provide employees with an opportunity for professional growth and satisfaction.
• Ability to challenge behaviors that are contrary to State Funds' ethics policy and code of conduct.
• Knowledge of and experience in the principles and practices of effective financial management and investments.
• Familiarity with and experience in the use of risk models, quantitative portfolio management techniques, and particularly with difference approaches to portfolio optimization.
• Ability to resolve issues quickly and effectively, and determine appropriate course of action for problem solving when in situations of conflict or while under pressure.
• Ability to interact in a positive and professional manner and to develop and maintain strong working relationships with co-workers, management and other employees.
• Energy, forward-thinking and creativity skills, with high ethical standards.
• Superior oral and written communication skills.

Salary

Salary commensurate with skills, experience and market competitiveness and will be determined by the State Fund Board of Directors.