Director of Investment Operations

Position Title:            Director of Investment Operations

Virginia Tech Foundation, Inc. (VTF) is a nonstock corporation established in 1948 for the sole purpose of managing Virginia Tech’s endowment and real estate portfolio, now valued at $2.8 billion. VTF exists and operates as a separate, independent entity with its own officers and governing board – managing, investing, and distributing private resources to advance Virginia Tech’s mission and its strategic priorities. VTF’s wholly owned for-profit subsidiary, Virginia Tech Corporate Research Center, Inc., is a research park that catalyzes commercialization and industry collaboration.

The Virginia Tech Foundation (“VTF”) acts as a steward of Virginia Tech’s capital. The Investment team, based in Richmond, VA, oversees the management of investment activities related to the University’s $2.1 billion endowment. The endowment is managed via a diversified investment approach, with investments across public and private asset classes, primarily through third-party investment managers. 

Position Summary:

Reporting to the Chief Investment Officer (CIO), the Director of Investment Operations will oversee and manage all investment operations activities related to the endowment. This includes all middle and back-office functions, as well as reporting. The position will work under the supervision of the Chief Investment Officer (“CIO”) and will be expected to collaborate with the wider investment team and VTF organization. This role is based on site in Richmond, VA and is well suited for those with an independent mindset.

Role & Responsibilities:

Portfolio Administration:

• Work with third-party providers to ensure accurate reconciliation of monthly endowment NAV.
• Communicate with service providers and investment managers to ensure all transactions are completed accurately and timely.
• Maintain oversight of cash, including cash balances, cash flows from investments, cash flows from quarterly contributions/payouts, and banking relationships.
• Interact with internal VTF staff to ensure accuracy of journal entries and assist with annual audit.
• Monitor the processing of investment-related expenses, with assistance from VTF staff.
• Complete manager subscription and redemption documents.
• Manage broker relationships and trade securities as directed by CIO.

Risk and Reporting:

• Maintain Caissa risk system, including entering investment exposure data.
• Review third-party generated monthly performance reporting for accuracy.
• Track overall portfolio liquidity and monitor redemption notice dates.
• Produce reports for investment team and Investment Committee.
• Conduct Operational Due Diligence on prospective and existing managers, as needed. 

Other Responsibilities:

• Maintain oversight of processes, recommend improvements, and implement.
• Complete investment surveys and other requests, as necessary.
• Oversee IT needs of investment team, including evaluation of software providers.
• Assist with negotiating service provider contracts.
• Engage with VTF and University staff, as necessary.

Experience:

• Familiarity with portfolio management, document management, and CRM systems.
• Prior responsibilities for oversight of investment data and workflow improvements.
• Experience working with third-party investment providers, including custodians, fund administrators, banks, and brokers; desired past exposure to Caissa and BNY Mellon.
• Effective communicator with other departments, such as accounting, finance, IT, and legal. 
• Prior work facilitating and documenting Operational Due Diligence reviews.

Qualifications:

• At least 10 years of relevant investment operations experience, preferably within an institutional environment, such as an endowment, foundation, OCIO, or family office.
• Bachelor’s degree required.