Description

The Minnesota State Board of Investment is responsible for the investment management of various retirement funds, trust funds, and cash accounts for the State of Minnesota. The Minnesota State Board of Investment (SBI) is established by Article XI of the Minnesota Constitution to invest all state funds. Its membership as specified in the Constitution is comprised of the Governor (who is designated as chair), State Auditor, Secretary of State, and Attorney General.

Under the direction of the Director of Financial Services and Operations and in conjunction with the SBI’s Controller, the Senior Investment Officer, Fund Accounting will ensure the accuracy and integrity of financial records and reporting related to investment administration. This includes investment accounting, custodial recordkeeping, budgetary management, and internal financial operations for the SBI.

The SBI manages over $149 billion across the State’s retirement funds, cash accounts, and other pools and trusts. These assets are invested across multiple strategies, including public and private equity, fixed income, real assets, and private credit. The SBI invests both directly and through external managers, with the goal of generating attractive long-term returns without taking undue risk.

This is a critical leadership role for a qualified individual with deep expertise in fund accounting, financial reporting, investment operations, and financial controls. The successful candidate will be highly motivated, detail-oriented, and a strategic, forward-thinking leader. This position will be responsible for the supervision and oversight of other Financial Services staff.

Hybrid Schedule - the successful candidate will work in-office a minimum of 2-3 anchor days per week, at the discretion of the SBI Executive Director & CIO.

Primary Responsibilities:

Investment Accounting & Reporting: Manage fund accounting and financial reporting for a complex, multi-asset-class investment portfolio including private markets investments, ensuring compliance with GAAP, GASB, and other applicable regulations.

Operations & Controls: Oversee investment operations processes, including trade settlements, reconciliations, valuation, performance reporting, and cash management.

External & Internal Partnerships: Collaborate with investment teams, custodians, fund administrators, and external managers to enhance accounting and operational efficiency.

Technology & Process Improvement: Identify opportunities to increase automation, streamline workflows, and improve data integrity in investment accounting and reporting systems.

Governance & Risk Management: Establish and maintain strong internal controls to mitigate operational and accounting risks.

Annual Legislative Audit: Assist with the annual audit process, including preparation of supporting schedules, resolution of auditor inquiries, and timely delivery of required documentation.

Leadership & Team Development: Mentor and develop a high-performing team, fostering a culture of excellence, accountability, and innovation.

At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well-being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.

Requirements

Minimum Qualifications
5+ years of progressively senior experience in fund accounting, including fee calculations, offsets, waivers, and carried interest.

5+ years in investment operations or financial reporting within an investment manager, pension fund, endowment, bank, or asset allocator, including experience with private markets fund investments. Strong technical expertise in GAAP, GASB, investment performance reporting, valuation methodologies, and financial statement preparation.

Deep understanding of investment structures and asset classes, with experience in fund structures, complex financial instruments, alternative investments, and multi-asset-class portfolios.

Proven collaboration and communication skills, with the ability to lead teams, work cross-functionally with investment and finance staff, and communicate effectively with external stakeholders such as custodians, auditors, and investment partners.

Preferred Qualifications
7+ years of progressively senior experience in fund accounting, including private markets fee calculations, offsets, waivers, carried interest, and fund accounting processes.

7+ years in investment operations or financial reporting within an investment manager, pension fund, endowment, bank, or asset allocator.

CPA, CFA, CIPM, and/or advanced degree preferred.

Familiarity with third-party investment accounting systems.

Demonstrated track record of improving accounting systems and leveraging technology for process automation and efficiency.