National Association of State Retirement Administrators


Position Information

Senior Investment Funds & Compliance Counsel
ABOUT THE D.C. RETIREMENT BOARD:
The District of Columbia Retirement Board (DCRB) 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 Fund and the D.C. Teachers' Retirement Fund as well as to administer benefits for the members of the of the D.C. Police Officers' and Firefighters' Retirement Plan and the D.C. Teachers' Retirement Plan.

POSITION SUMMARY:
The Senior Investment Funds & Compliance Counsel (Senior Investment Counsel) shall work directly with and provide legal advice and opinions (both written and oral) to the Chief Investments Officer (CIO), Executive Director, and the investments staff. The Senior Investment Counsel’s primary focus is to provide legal advice in all matters of investments, applicable laws, regulations, investment processes, and compliance. He/she works closely with the Investments and DCRB portfolio managers to negotiate and implement strategic investment opportunities in compliance with applicable laws, rules and regulations, and guidelines.

The Senior Investment Counsel’s duties involve transactional/compliance assignments with Investments, including attending Investment Office staff meetings, investment committee & board meetings and strategic planning meetings. The Senior Investment Counsel will independently work directly with the CIO under the supervision of the General Counsel, and also be responsible for responding to queries from the Executive Director and the DCRB board of trustees at relevant committee and board meetings.

ESSENTIAL DUTIES AND RESPONSIBILITIES:
  • Reviews all investment management agreements, limited partnership agreements, management agreements, limited liability company agreements, and all ancillary documents for prospective investments.
  • Advanced knowledge of the relevant legal principles and their application, as well as legal research methods.
  • Drafts side letters containing issues unique to DCRB, including specifically negotiated terms and conditions benefiting DCRB and complying with applicable laws and regulations.
  • Analyzes complex limited partnership agreements and ensures that terms comply with the Institutional Limited Partners Association principles and applicable laws and regulations.
  • Issues written comments to the sponsor’s legal counsel, and takes part in lengthy operational due diligence, including drafting, review, and negotiation sessions.
  • Completes subscription agreements that contain various tax, organizational, statutory, and legal information unique to DCRB.
  • Monitors investments and allocation of plan assets for compliance with applicable laws and adherence to the DCRB’s investment guidelines and investment policy statements.
  • Ensures ongoing compliance by investment managers and principals, and provides legal counsel regarding investment fiduciary duties and responsibilities.
  • Oversees investment compliance risks and mitigating factors to such risks, reviews investment management and performance fees, and ensures with investment manager agreements and applicable laws.
  • Monitors and advises on proposed changes to state and federal statutes, rules, and regulations that affect investment fiduciaries.
  • Advises on various federal, state, local and foreign tax-related issues; coordinates with DCRB’s custodian bank on all investment holdings; and ensures that all necessary forms are filed in the ordinary course of business.
  • Provides training, legal briefings, and makes presentations on pertinent legal, investment, and policy topics, as needed.
  • Makes presentations to the DCRB Board as requested.
  • Drafts, reviews, and revises DCRB’s internal investment and related policies, processes rules, and Board resolutions, ensuring they are consistent with laws, legal requirements, and existing DCRB policies, procedures, rules, and resolutions.
  • Assists with the procurement process related to engaging outside law firms.
  • Assigns work to and oversees the representation provided by DCRB’s outside legal counsel related to investments, tax, or other relevant legal or regulatory matters with law firms in the U.S. and abroad.
  • Helps track, budget, and manage the fees and expenses of outside counsel in managing outside counsel costs.
FUNCTIONAL COMPETENCIES
  • Knowledge of complex and sophisticated investment structures and other financial and business contracts.
  • Knowledge of investment markets, investment industry laws, regulations and best practices, and fiduciary duty requirements.
  • Experience in negotiating complex contracts and agreements, and reviewing and assessing legal issues and documents.
  • Knowledge of legal research methods, techniques, sources, databases, and other research tools.
  • Skilled in planning and implementing policies and procedures.
  • Ability to communicate, both orally and in writing.
  • Ability to handle multiple projects concurrently, and to manage time effectively.
  • Ability to establish positive working relationships with staff, the board, outside counsel, and other contacts.
  • Proficient in using Microsoft Office Outlook, Word, PowerPoint, with a working knowledge of Microsoft Excel and similar products.
This job description indicates the general nature and level of work to be performed by an employee in this job. It is not intended to be an exhaustive list of all tasks, duties, and qualifications of an employee assigned to this job. The employee may be asked to perform other duties as assigned.
Position: Senior Investment Funds & Compliance Counsel
Organization: DC Retirement Board
Location: Washington,  DC 
United States
Salary: $162,642 - $215,422 (Grade 11) DOQ
Posting Start Date: 3/15/2022
Date Posted: 9/2/2022
Requirements REQUIRED EDUCATION & PROFESSIONAL CERTIFICATIONS
  • Juris Doctor required from an accredited law school.
  • Must be admitted and qualified as a member in good standing of a state bar and willing to register with the Bar of the District of Columbia.
JOB EXPERIENCE (Years & Type):
  • Minimum five (5) years legal experience as an attorney representing private or public investment managers, institutional investors and/or pension funds, or public agencies at the state and/or local level.
  • Experience in all applicable transactional, regulatory and compliance laws and standards, including without limitation, Securities Exchange Act of 1933, 1934, Investment Advisors Act of 1940, Dodd-Frank Act amendments, SEC regulation, and federal, state, local, and various international laws and regulations.
  • Experience with investment contracts, partnership agreements, investment manager agreements, investor side letters, service provider contracts, private securities transactions, and all necessary and advisable documentation with prospective and current investment managers to protect DCRB’s interests and ensure compliance with DCRB’s fiduciary obligations.
WORKING CONDITIONS:
  • Normal office environment
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.

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. 
Status: This listing expires on: 11/1/2022
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Organization Information
Name:
DC Retirement Board
Address:
900 7th Street NW
2nd Floor
Washington,  DC 20001
United States
Email:
dcrb.vacancies@dc.gov
Phone:
(202) 343-3292
Fax:
(202) 343-3302
Contact:
DCRB Human Resources