Description
The Minnesota State Board of Investment (SBI), established by Article XI of the Minnesota Constitution, is responsible for investing all state funds. Its membership, as specified in the Constitution, consists of the Governor (who serves as chair), the State Auditor, the Secretary of State, and the 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.
Key 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.
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.
