Director of Investments and Cash Management

Maryland 529 is an independent State Agency responsible for administering two IRC Section 529 College Savings Plans - the Maryland Prepaid College Trust and the Maryland College Investment Plan.  The Maryland Prepaid College Trust (MPCT) is a “defined benefit” type plan and the Maryland College Investment Plan (MCIP) is a “defined contribution” type plan, both of which are designed to provide ways for families to save for future college expenses and reduce reliance on future student loan debt. In addition, the agency will be taking on the role of administering the State’s 529A program created by the ABLE Act and designed for Americans living with disabilities.  The agency is overseen by an 11 member Board of Directors and the Executive Director. 

217 E. Redwood Street, Suite 1350, Baltimore, MD 21202

This position is responsible for investment oversight and management of investment transitions for reallocation to meet the Maryland 529 Board's Investment Policies so as to ensure the financial integrity of the plans to be able to meet their fiduciary obligations. Oversees all activities of agency investments; responsible for the adherence to investment policies, performance standards and procedures; ensures the accurate and timely processing of all cash management and investment activities with regard to the agency's $1.4 Billion dollar cash flow and approximately $5 billion investment portfolios.

This position is responsible for investment oversight and management of cash allocations in plan portfolios to ensure the Board of Directors’ investment allocations and investment policies are followed, and to maintain the financial integrity of the plans while upholding fiduciary obligations.  The Director of Investments and Cash Management monitors all activities of agency investments; is responsible for the adherence to investment policies and procures approved by the Board; ensures the accurate and timely processing of all cash management and investment transactions with regard to the agency’s cash flows.  

Responsibilities include:

*  Oversight of Individual Fund Managers, which includes compliance monitoring; analysis of investment activities, including monitoring activities in separate accounts, compliance with contracts and approving payment of contract expenses; oversight of asset allocation, margin calls, and portfolio rebalancing; analysis of Fund Manager accounts for compliance and fee management. 

*  Oversight of 529 Custodial Relationship, which includes daily monitoring of investment accounts; ensuring appropriate deposits and withdrawals from custody accounts; management and analysis of custody accounts for contract pricing; transaction activity analysis and payment approval.

*  Review of Investment Advisor’s recommendations for both Fund Managers and investment allocations, providing the Board of Directors independent opinions and guidance on IA recommendations.

*   Development and implementation of internal controls to safeguard the Plans’ assets.

*   Collaboration with the Investment Advisor & Actuary to ensure the Board’s objectives and priorities are met.

*   Recommendation of updates and changes to 529 Plans investment policies consistent with changes in laws, regulations and Board decisions.

*   Demonstration of proficient understanding of the 529 glide paths and actuarial best practices for tactical and strategic investment guidance for the Board.

*   Participation as subject matter expert and service on evaluation committees for investment related contracts which are subject to competitive procurement.    

Specific Competencies: 

*  Proven skill in investment activity analysis.

*  Proven skill in cash flow management.

*   Proven ability to work effectively as a team member and leader.

*   Proven ability to work independently, apply and interpret laws, policies and procedures and use of good judgment in evaluating and making decisions.

*   Proven ability to effectively prioritize tasks, estimate time frames, meet deadlines, plan and use available resources, and coordinate work assignments with others. 

*   Proven skill in advising a Board and working with a Senior Management Team.

*   Proven ability to communicate effectively and maintain a courteous attitude toward the public, coworkers, Fund Managers, Investment Advisors, Actuaries, Bankers, Custodians and the Board.

*  Bachelors Degree from an accredited college or university in Finance, Accounting, Economics or related field. 

*  Minimum of five years of experience managing bank or endowment investment portfolios, investment account reconciliations, cash management, etc.

*  Master’s Degree in Finance or related field may be substituted for two years' of required experience.  

DESIRED EDUCATION AND EXPERIENCE:

*  Post Graduate work in finance or related field

*  Professional designations a plus but not required.

Please make sure that you provide sufficient information on your resume to show that you meet the minimum for this recruitment.  All information concerning your qualifications must be submitted by the closing date.  

STATE OF MARYLAND BENEFITS

This position is located in downtown Baltimore, reports to the Executive Director, and advises the Maryland 529 Board.  State employment benefits include paid holidays, vacation, sick and personal days; medical and dental plans; pension plan; 401k/457 plans; paid parking; employee credit union; direct deposit.  All candidates will be subject to a background investigation to include criminal and credit history.

For immediate consideration, please submit a RESUME and COVER LETTER by close of business, October 28, 2016 to: 

Maryland State Treasurer’s Office, Attn:  Human Resources, 80 Calvert Street, Room 109, Annapolis, Maryland  21401 or hr@treasurer.state.md.us or FAX: 410-260-4090. 

Indicate the recruitment name for which you are applying.  Questions may be directed to Shelly Reid at 410-260-7078.  

As an equal opportunity employer, the State is committed to recruiting, retaining and promoting employees who are reflective of its diversity.