Liquidity Optimization Intern

State of Wisconsin Investment Board; Madison (WI); On-site; USD 28,000 - 41,000; Full time

Job summary

State of Wisconsin Investment Board (SWIB) offers a late spring/summer 10-week internship in Madison, WI, focusing on quantitative asset management. The role seeks a student pursuing a graduate degree in quantitative finance, economics, or related areas with strong math and programming abilities.

The ideal candidate will be proficient in MATLAB, Python, or R, comfortable across functional teams, and eager to apply optimization methods to real-world investment challenges within SWIB’s LMBI

Qualifications

• Strong understanding of the math in optimization algorithms and the ability to program them.
• Familiarity with market design/auction literature.
• Excellent verbal and written communication skills.
• Proficiency in at least one statistical programming language (MATLAB, Python or R).
• Enjoys cross-functional collaboration across teams.

Responsibilities

• Manage assets and implement optimization approaches as part of the LMBI division.
• Contribute to quantitative asset management initiatives and data analysis.
• Support development and testing of quantitative models and algorithms.
• Collaborate with teams across functions to achieve investment objectives.
• Assist in evaluating market opportunities and managing risk across portfolios.
• Assist in the execution of trades and related processes.

Skills

Optimization math

Market design

Communication skills

Statistical programming

Teamwork

Education

Graduate degree in quantitative finance or economics

Tools

MATLAB

Python

R

Job description

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Serving more than 703,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,607 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.

SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee.

Home To Top Talent

Our high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.

Job Description

About the Team

The Liquidity Management and Beta Implementation (LMBI) division of SWIB is tasked with managing the funds of the State’s money fund (State Investment Fund), centrally managing all our passive Beta allocations, arranging for all the leverage used as part of our asset allocation process, optimizing our use of collateral and trading in the public markets on behalf of all portfolios in SWIB.

Essential Activities

• Manage the assets of the $24 billion State Investment Fund.
• Manage all our index tracking passive Beta portfolios.
• Arrange for all the leverage that are recommended by the board approved asset allocation process.
• Manage our securities lending and borrowing activities.
• Optimize the use of all collateral.
• Execute trade globally.

The Ideal Candidate

• Ability to work in Madison, WI for an approximate 10-week period beginning late May/early June 2027.
• Is pursuing a career in quantitative asset management.
• Is pursuing a graduate degree in quantitative finance, economics or related areas.
• Has strong understanding of the math in optimization algorithms & the ability to program them.
• Has some familiarity with market design/auction literature.
• Demonstrates excellent verbal and written communication skills.
• Is proficient in at least one statistical programming language, such as MATLAB, Python or R.
• Enjoy working across functional teams toward a common goal.