Investment Analyst – Investment Operations

Illinois Municipal Retirement Fund (IMRF)

Oak Brook (IL)

Hybrid

USD 110,000 - 120,000

Full time

8 days ago

A complete application in a minute

Tailored resume and cover letter, ready to send.

Get past ATS filters

Benefits offered by this job

Pension, death & disability benefits

Medical and dental insurance

35-hour base work week; one remote day

Job summary

Illinois Municipal Retirement Fund (IMRF) is seeking an Investment Analyst to join the Investment Operations team. You will lead account openings/closings, settlements, and reconciliations while working with the CIO, consultants, and custodians to support a $65B+ global portfolio.

Responsibilities include maintaining NT Passport workflows, data integrity, and participating in special projects, ensuring compliance with Illinois Pension Code and internal controls.

Qualifications

Bachelor’s Degree is required; Accounting, Finance, and Economics degrees preferred.
A minimum of five years’ investment operations experience.
Experience at custodian, asset manager, public pension plan, endowment, fund of funds, OCIO, or comparable institutional investor is a plus.

Responsibilities

Lead the operations of the Investment department and manage account openings/closings and new market setups.
Maintain wire instructions in NT Passport and manage documentation for wire instructions and related procedures.
Assist with cash flow projections, liquidity forecasts, and reconciliation with custodians and counterparties.
Coordinate payments to investment service providers and manage tax documents and trading licenses.
Support the valuation of private market assets and onboarding/offboarding of investment managers and accounts.
Prepare and review reports for the Investment Committee and assist with annual audit deliverables.

Skills

Advanced Excel

Analytical skills

Communication

Independent work

Education

Bachelor's degree

Master's/CFA/CAIA a plus

Tools

Northern Trust Passport

Hamilton Lane Cobalt

Excel

Access

PowerPoint

Outlook

Job description

Internal applicants must apply by 11/13/2026

OVERVIEW

It is the mission of the Investment Department to optimize the total return of the IMRF investment portfolio through a policy of long-term diversified investment, using parameters of prudent risk management.

This position reports to the Managing Investment Officer II – Diversity Programs and Total Portfolio.

ESSENTIAL DUTIES AND RESPONSIBILITIES

The Investment Analyst will be an integral member of the Investment team for a total global investment portfolio with assets in excess of $65 billion. The individual will be responsible for leading the operations of the Investment department and will work independently and as part of a team to plan, prioritize, and execute these responsibilities. The Investment Analyst will serve as the Investment Department’s subject matter expert on investment operations, exercising sound judgment in resolving operational issues. The Investment Analyst will utilize Excel, Access, PowerPoint, Northern Trust Passport, Hamilton Lane Cobalt and other tools to assist the Chief Investment Officer and investment team in operating the investment portfolio. This position is also responsible for special projects as assigned. This position will have contact with the CIO, Investment staff, consultants, custodian/master trustee, investment managers, broker-dealers and other investment professionals.

Investment Operations and Portfolio Accounting

Execute the processes of account openings, closings, and new market setups; prepare documentation for account openings/closings, Auto FX, Push/Pull, Auto Sweep, Capital Call Execution, and standing letters of instruction.
Lead the update and maintenance of wire instructions in NT Passport, complete documentation requiring wire instructions, and execute callback procedures.
Serve as a back-up for cash flow reconciliation; assist with cash flow projections and liquidity forecasts.
Research and resolve settlement and cash discrepancies with the custodian and counterparties.
Lead the process to ensure payments are made to investment service providers via NT Passport or Doc Link.
Lead the process to complete and execute international tax documents and trading licenses.
Lead the monthly and annual security reconciliations and prepare the Securities Reconciliation Report, working in conjunction with the Finance department, Master Trustee and Investment Managers.
Lead the reconciliation process of private market composite accounts and reconciliation of Hamilton Lane Cobalt data against custodian and investment manager records.
Support the valuation process for private market assets.
Lead the onboarding and offboarding of new public and private market investment managers/accounts.
Track investment manager allocations and approved commitments.
Collaborate with the Public Markets team to process the payment of investment manager fees via NT Passport and update worksheets; budget investment manager fees and collect underlying investment manager fees from IMRF’s fund of funds and manager of managers.
Serve as a back-up on the legal bid process.

Policies, Procedures and Internal Controls

Lead the creation of operational procedures and process documentation supporting the department’s investment operations, systems, and internal controls; ensure documentation remains current as processes change.
Identify, recommend, and lead process improvement and automation initiatives to enhance scalability, data integrity, and control effectiveness.
Implement best operational practices in a high-performance culture.
Lead the review and update of the Disaster Recovery Plan and Fraud Matrix.
Lead and execute the quarterly KPI process for external service providers.
Serve as the point of contact to provide information for the Organizational Excellence department.
Serve as back-up to Managing Investment Officer II – Diversity Programs & Total Portfolio and Associate Investment Analysts.
Lead data-gathering efforts for special projects and inter-departmental projects as assigned.

Compliance, Audit and Pension Code Administration

Lead the quarterly compliance process; distribute the quarterly compliance requests to investment staff, review responses, and prepare the compliance memo for the CIO.
Serve as the point of contact for internal and external auditors; respond to requests for information and data.
Coordinate investment deliverables for the annual audit, budget process and Annual Comprehensive Financial Report (ACFR).
Lead the annual investment manager certification process, review documentation and aggregate data.
Lead the Investment Policy review process; prepare redlines, summary of changes, and proposed final Investment Committee charters, Statement of Investment Policy, on an annual basis, including submission to the Department of Insurance.
Lead the review and update of the Investment section of the IMRF website on a monthly, quarterly, and ad hoc basis to maintain compliance with Illinois Pension Code.
Maintain familiarity with Illinois Pension Code requirements applicable to the investment program, and support department compliance with related statutes, reporting obligations, and disclosure requirements.
Coordinate the collection of relevant data and prepare accurate and timely responses to survey requests.
Act as a backup to responding to FOIA requests.

Reporting and Committee Support

Prepare the Investment Committee Agenda, Transmittal Memo, Investment Committee Minutes, and Investment Committee Report; post and review documents on BoardDocs.
Attend Investment Committee and Board meetings and be prepared to assist the team, if needed.
Assist with the preparation of reports and presentations on investment manager utilization and brokerage activity in compliance with IMRF Investment Policy.
Assist with the preparation of the Annual Report to the Governor.

Note: The duties are subject to change, without notice, at the discretion of management and responsibilities include all other duties as assigned by the CIO.

LEADERSHIP AND CULTURE

Represent the Investment Department, as needed, at internal meetings, and represent IMRF positively as a thought leader within the investment industry.
Mentor and train student interns and junior professionals.
Foster a positive culture in support of our Values and individual accountability.
Support achievement of the organization’s Journey of Excellence, Vision and Strategic Objectives.

QUALIFICATIONS

EDUCATION and/or EXPERIENCE

Bachelor’s Degree is required. Accounting, Finance, and Economics degrees are preferred.

AND

A minimum of five years’ investment operations experience. Experience at a custodian, asset manager, public pension plan, endowment, fund of funds, OCIO, or comparable institutional investor is a plus.

OTHER COMPETENCIES REQUIRED

Ability to work independently with minimal supervision and exercise sound judgment in managing the day-to-day operations of the Investment department.
Demonstrated ability to take ownership of processes and deliverables from initiation through completion, with minimal direction.
Strong organizational and time-management skills, with the ability to manage multiple priorities and meet non-negotiable deadlines with accuracy and attention to detail.
Strong oral and written communication skills
Advanced skills in Microsoft Excel, PowerPoint, Access, and Outlook
Outstanding analytical and problem-solving skills
Ability to think critically
Proficiency in Northern Trust Passport and Hamilton Lane Cobalt is preferred
Ability to handle confidential and sensitive information with discretion and integrity
Ability to establish positive working relationships demonstrating integrity and respect
Strong work ethic
Progress toward or completion of a master’s degree, CFA, or CAIA, is a plus
Ability to travel overnight occasionally; holds a valid Driver’s License

SALARY AND BENEFITS

The expected annual salary range for this role is $109,501- $120,451.10 Please note the salary information is a general guideline only. Salaries are based upon candidate skills, experience, and qualifications, as well as market and business considerations. The range listed is just one component of IMRF's total compensation package for employees.