POSITION SPECIFICATION
The Pension Boards—United Church of Christ
New York, New York

Manager of Fixed-Income Investments


Background

The current manager of fixed-income investments at The Pension Boards is leaving after 15 years in the position.

The assets of The Pensions Boards at the end of 2002 were about $2.1 billion. Its annual operating budget of $l8 million is used to manage various benefit programs for about 20,000 ministers and lay workers. The total staff is about 95.

Besides annuity benefits, the Pension Boards also provides medical, dental, life, and disability benefit coverage for all church employees, as well as welfare benefits for ordained clergy.

Attractions

A new Executive Vice President of The Pension Boards has a commitment and vision for program growth.

An opportunity to work in a business-like environment, with incentive plans, devoted to helping ministers and lay employees in one of the mainline Protestant denominations. Most people have come from Wall Street or other corporate backgrounds.

Emphasis on a team approach to investment decisions.

Critical Issues

Challenging market and forecast for fixed-income investments.

The Position

• The manager of fixed-income investments reports to the chief investment officer of The Pension Boards—United Church of Christ and supervises two fixed income portfolio managers.
• The total fixed-income portfolio under management is about $1.324 billion (12/31/02); trading volume was $203.715 million in 2002.
• Develop strategies for the management of the fixed-income portfolios for which the Department is responsible. Appropriate strategies must be developed in light of anticipated market conditions, and they must be consistent with the objectives and guidelines of each portfolio.
• Manage the fixed-income portfolios for which the Department is responsible to achieve their stated objectives.
• Conduct fixed-income research to support both strategic and tactical investment decisions.
• Report on the results of fixed-income activities to Investment Committees and outline future plans to these Committees.
• Contribute to the development of the economic and financial market assumptions which underlie the Department’s strategic investment and asset allocation plans.
• Supervise the Department’s other fixed-income investment professionals.
• Supervise the fixed-income trading function.
• Complete other projects as requested by the Chief Investment Officer.

The ideal candidate will have:

• a masters degree in business administration or CFA designation strongly preferred.
• a minimum of 10 years of investment experience, with at least half of that experience in fixed-income investments.
• strong interpersonal and communications skills.

The Pension Boards—United Church of Christ is an Equal Opportunity Employer.

Candidates and sources, please communicate with:
Bob Sellery or Katie Wilson, Robert Sellery Associates, Ltd.
1050 Connecticut Avenue, N.W., 10th Floor
Washington, D.C. 20036.
Email: wilson@sellery.com, sellery@sellery.com
FAX 202.333.1167
Telephone: 202.331.0090
All inquiries will be kept in strict confidence.

ROBERT SELLERY ASSOCIATES, LTD.
1050 CONNECTICUT AVENUE, N.W. , 10TH FLOOR     WASHINGTON, D.C. 20036     202.331.0090
sellery@sellery.com