Principal Investment Analyst

NCSL International; Washington (District of Columbia); On-site; USD 150,000 - 190,000; Full time

Job summary

The District of Columbia Retirement Board seeks a Principal Investment Analyst to support asset allocation, manager selection, and risk monitoring within a small, collaborative team.

Reporting to the CIO and working alongside portfolio managers and investment analysts, you will lead due diligence, prepare board materials, and help communicate complex investment concepts to trustees and executives. This role offers broad exposure and professional growth.

Qualifications

• Bachelor’s degree required, preferably in finance, economics, mathematics, or a related field.
• CFA or CAIA designation preferred.
• Six to nine (6–9) years of progressively responsible experience in institutional investment management, pension fund management, or related field.
• Experience evaluating and monitoring externally managed portfolios across asset classes.

Responsibilities

• Support the periodic reassessment of strategic asset allocation and asset/liability framework.
• Assist in portfolio construction, private market pacing, and risk calibration across asset classes.
• Monitor performance and risk against plan objectives and escalate issues.
• Lead or co‑lead investment manager due diligence across asset classes.
• Develop understanding of the manager roster and evaluate performance.
• Assist in negotiations with managers to secure favorable terms and reporting.
• Prepare investment reports, quarterly performance summaries, and board materials.
• Communicate complex financial concepts clearly to Trustees and executives.
• Train and mentor junior team members, fostering rigorous analysis and development.
• Uphold fiduciary standards and professional integrity in all activities.

Skills

Portfolio theory

Institutional investing

Communication skills

Fiduciary responsibilities

Education

Bachelor's degree

CFA/CAIA designation preferred

Job description

ABOUT THE D.C. RETIREMENT BOARD

The District of Columbia Retirement Board is an independent agency of the District of Columbia Government. Our mission is to manage and control the assets of the D.C. Police Officers' and Firefighters' Retirement Plan and the D.C. Teachers' Retirement Plans, as well as to administer benefits for the members of the plans.

POSITION SUMMARY

Reporting to the Chief Investment Officer (CIO) and working alongside Portfolio Managers and Investment Analysts, the Principal Investment Analyst will contribute meaningfully to all phases of the investment process—from strategic asset allocation and manager selection to portfolio monitoring and board reporting. The role offers exposure to a broad investment program and the opportunity to develop professionally within a small, collegial team environment committed to excellence in stewardship.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Investment Strategy & Portfolio Management

• Support the periodic reassessment of DCRB’s strategic asset allocation and asset/liability framework, contributing analysis and perspective to inform long‑term investment positioning.
• Assist the CIO and Portfolio Managers in portfolio construction, private market commitment pacing, and the ongoing calibration of risk exposures across public and private asset classes.
• Monitor portfolio performance and risk characteristics against plan objectives, identifying and escalating issues as appropriate.

Manager Research & Due Diligence

• Lead or co‑lead investment manager due diligence across asset classes, encompassing quantitative analysis, qualitative assessment, operational review, and reference checks.
• Develop and maintain a deep understanding of DCRB’s existing manager roster, including ongoing performance evaluation, relationship management, and identification of areas for enhancement.
• Assist in negotiations with new and existing investment managers and service providers to secure competitive economic and legal terms, including fee structures, co‑investment rights, and reporting requirements.

Reporting & Stakeholder Communication

• Prepare, review, and deliver investment reports, quarterly performance summaries, and presentation materials for the Board of Trustees and executive leadership.
• Communicate complex financial, market, and legal concepts clearly and accessibly to a diverse stakeholder audience, including Trustees with varying levels of investment expertise.

Team Leadership & Development

• Train and mentor junior investment team members and interns, fostering a culture of intellectual rigor, continuous learning, and professional development.

FUNCTIONAL COMPETENCIES

• Deep knowledge of modern portfolio theory, institutional investment management, global financial markets, and the interrelationships among asset classes, economies, and market dynamics.
• Demonstrated ability to design and implement investment strategies, with the analytical skills and systems to monitor performance and risk against plan objectives.
• Strong written and verbal communication skills, with the ability to interpret and convey complex financial and legal concepts to senior decision‑makers and non‑specialist audiences.
• High degree of professional integrity, attention to detail, and commitment to the fiduciary responsibilities of a public pension fund.

WORKING CONDITIONS

• Normal office environment.

EQUAL EMPLOYMENT OPPORTUNITY

DCRB is an Equal Opportunity Employer. In compliance with the Americans with Disabilities Act, the employer will provide reasonable accommodations to qualified individuals with disabilities and encourage both prospective employees and incumbents to discuss potential accommodations with the employer.

REVISED DISCLOSURE

This job description describes the general nature and level of work being performed by the individual(s) assigned to this position. It is not intended to be an exhaustive list of all tasks, duties, responsibilities, and skills required. Management reserves the right to modify, add, or remove duties and to assign other duties as necessary. In addition, reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.

REQUIRED EDUCATION & PROFESSIONAL CERTIFICATIONS

• Bachelor’s degree required, preferably in finance, economics, mathematics, or a related field.
• Chartered Financial Analyst (CFA) or Chartered Alternative Investment Analyst (CAIA) designation preferred.

JOB EXPERIENCE (Years & Type)

• Six to nine (6–9) years of progressively responsible experience in institutional investment management, investment consulting, pension fund management, or a closely related field.
• Demonstrated experience evaluating and monitoring externally managed investment portfolios across one or more asset classes (e.g., public equity, fixed income, private equity, real assets, hedge funds).
• Experience working with or presenting to investment committees, boards, or senior leadership is preferred.
• Proven experience preparing and presenting investment materials to governance bodies, including investment committees or boards of trustees.
• Familiarity with institutional investment industry standards and best practices, including GIPS performance reporting standards, ILPA guidelines for private equity, and the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

RESIDENCY REQUIREMENT

If the position you are applying for is in the Career, Management Supervisory, or Educational Service at an annual salary of one hundred fifty thousand dollars ($150,000) or more, you must establish residency in the District of Columbia within one hundred eighty (180) days of the effective date of the appointment and continue to maintain residency within the District of Columbia throughout the duration of the appointment.