Specialized Currency Management Advisor for the Investment Management Division, United Nations J ...

Overview of the Fund 1. The United Nations Joint Staff Pension Fund (“UNJSPF” or “the Fund”) was established by the General Assembly of the United Nations ("UN") to provide retirement, death, disability and related benefits for the staff of the UN and other international intergovernmental organizations admitted to membership in the Fund. 2. The Fund is a Defined Benefit plan with a “two track system” resulting in multi-currency liabilities and embedded optionality (members can elect for desired currency to receive pension benefits). 3. The UNJSPF is a defined benefit fund, with over $55 billion under management as of 31 January 2017. The asset classes in which the Fund invests consist of global developed, emerging, and frontier market equity; fixed income; real assets (real estate, infrastructure, timberland and agriculture), alternative investments (private equity and real return strategies); and cash and short-term investments. Approximately 85% of the Fund’s assets are internally managed, with the remainder invested in external small cap equity, real asset, and alternative investment funds. The Fund’s internally managed assets are invested in approximately 25 currencies and 44 countries. Please consult the Fund’s website at www.unjspf.org for a breakdown of the Fund’s assets. 4. Fiduciary responsibility for the investment of the assets of the Fund is the responsibility of the Secretary-General of the United Nations, in consultation with an Investments Committee, taking into account observations of the United Nations Joint Staff Pension Board ("UNJSPB") and the General Assembly on investment policy. 5. The Secretary-General has delegated his fiduciary and trustee responsibilities to a senior UN official referred to as the Representative of the Secretary-General (RSG) for the Investment of the Assets of the UNJSPF. The RSG is supported by the staff of the Investment Management Division ("IMD") as it relates to the management of the investments of the Fund. All investments made must meet the criteria of safety, profitability, liquidity, and convertibility. 6. The Investment Section of the IMD is structured primarily by asset class: Equities, Fixed Income, Real Assets (Real Estate, Infrastructure and Timber and Agriculture) and Alternative Investments (Private Equity and Real Return Strategies). Within the Equities asset class, portfolio teams are structured by geographic region, i.e., North America, Europe, Asia Pacific and Japan, and Global Emerging Markets. Objectives: 1. The Investment Management Division (“IMD”) of UNJSPF is seeking a Specialized Currency Management Advisor (SCMA) to provide currency management advice with respect to the Fund’s $55 billion globally diversified investment portfolio, and from a liability perspective. A large portion of the Fund’s assets are denominated in currencies other than the Fund’s reporting currency (USD), and these assets are translated into US dollar terms for accounting and performance reporting purposes. The asset classes in which the Fund invests consist of global developed, emerging, and frontier market equities; global fixed income; real assets (real estate, infrastructure, timberland and agriculture), alternative investments (private equity and real return strategies); and short-term investments & cash. The Fund does not currently hedge foreign currency exposure. The liability profile of the Fund includes different currencies and a so called ‘two-track’ system, providing retirees to choose the preferred currency for benefit payments. The SCMA will provide written recommendations on strategic, tactical and operational currency management based on appropriate in depth research and analysis of the Fund’s assets and actuarial projected liability cash flows in foreign currencies. 2. The SCMA will analyze various aspects of currency management such as investment performance volatility, risk budget, costs, liquidity, accounting, implementation and risk control.