Senior Director - Public Market Investments - Treasury

At Lilly, we unite caring with discovery to make life better for people around the world. We are a global healthcare leader headquartered in Indianapolis, Indiana. Our employees around the world work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to our communities through philanthropy and volunteerism. We give our best effort to our work, and we put people first. We’re looking for people who are determined to make life better for people around the world.

Actual compensation will depend on a candidate’s education, experience, skills, and geographic location.  The anticipated wage for this position is

It is an exciting time to be part of Lilly. Do you have a broad knowledge in the financial markets and investments across asset classes? Bring the highest ethical standards, integrity, professionalism and commitment to fiduciary responsibility and join the Treasury team today!

Lilly’s Benefit Plan Investment Team within Global Treasury, provides critical investment strategy development, implementation, fiduciary oversight, controllership, and cash management activities. The team holds direct responsibility for regulatory and financial reporting for the U.S. and Puerto Rico pension, savings, retiree medical, and active employee welfare benefit plans. These activities occur within four major independent trusts holding $32 billion in assets, exposures, and commitments, as well as $13 billion in liabilities and related financial operations. The team coordinates with the Lilly Human Resource benefits team and regularly reports to a financial fiduciary committee established by the Lilly Board of Directors.

To be successful, the team must coordinate, influence, negotiate and effectively partner with over 75 external entities, including:

• 55 Institutional Investment Managers across public and private asset classes.
• Trustees, custodians, and reporting agents.
• Benefit plan administrator and record keeper.
• Benefit plan actuarial firm for regulatory and accounting needs.
• Several law firms for contracting, negotiation, regulatory, fiduciary and litigation guidance.
• Consulting partners for special projects as needed.
• Two accounting firms (compilation and audit).
• Benchmarking and institutional investment management and fiduciary practice peer groups.
• Advisory organizations.
• Regulatory agencies upon inquiry or audit.

This team manages the operations, compliance, fiduciary governance, investment strategy, forecasting, implementation, financial and regulatory reporting of the benefit plan trusts and the related impact on the corporation. The complexity of the capital markets and related regulatory, accounting and litigation environments continue to evolve at a fast pace with new rules, laws and interpretations that must be continuously evaluated against practices in this team.

Responsibilities

The Senior Director of Public Investments reports to the Executive Director of Public Markets and is responsible for conducting all investment activities related to public equity and fixed income investment managers within the Retirement Plan (Pension Plan) Master Trust, The Savings Plan Master Trust, and VEBA I and VEBA II Master Trusts. These two roles own the management of ~$20 billion in investments, through over 28 different mandates across the four trusts.

The Senior Director Role will also lead special projects across all public portfolios which will require financial and regulatory analysis, ERISA compliance review, benchmarking best practices, coordination with internal and external partners, and recommendations to the governance committee. The role will also own and drive the approved implementation and documentation of the investment strategy and the fiduciary practice.

Specifically, the role will:

• Assist in manager analysis, hiring, monitoring, benchmarking and firing of all physical public equity and public fixed income investment mandates with the objective of maximizing returns within specified risk parameters while ensuring fulfillment of all fiduciary responsibilities.
• Actively contribute in meetings with existing and prospective investment managers.
• Assist in the research and due diligence of new mandates and new investment managers evaluating their relative capabilities; and analyzing their investment styles, processes, and biases. The individual will directly be responsible for the manager search databases and report outputs to develop comprehensive detailed recommendations for review and approval.
• Manage a pipeline of viable investment managers and investment opportunities through research and networking.
• Conduct ongoing fundamental investment research to evaluate and recommend relative value trades and to ensure robust conversations/evaluations of existing mandates and managers.
• Investment portfolio management which includes rebalancing of positions to policy, understanding the latest asset liability study, and the interaction with liability hedging strategies and the derivative equity overlay. Prepare and analyze the construction and performance of portfolios, understand risk and portfolio optimizations, factor exposures, stress tests/scenario analyses, and use market data to facilitate asset allocation decisions.
• Monitor global market conditions and develop capital market knowledge and provide recommendations.
• Assist in oversight of the Savings Plan Master Trust investment design and line-up. Develop industry, peer and regulatory knowledge to understand trends, successes and concerns arising in the delivery of defined contribution plans. Build deep understanding of target date fund (‘TDF’) strategies, financial advice tools/communications and the providers, alternatives and connected investments in the market, and partner with Human Resources in the evaluation of opportunities and the communication to participants.
• Oversee the Retiree Health Plan Trust investment design and investment manager line-up, including liability duration matching and solutions for accessing excess assets. Identify and recommend adjustments to asset allocations and long-term objectives, as needed.
• Manage third party service provider for transition management for physical changes in public portfolios as needed.
• Monitor and review performance reporting of public portfolios within the Retirement Plan Master Trust, Savings Plan Master Trust, and VEBA II Trust, and present recommendations for improvements to reporting formats, updates for benchmarks, and ensure that data is consistent, reasonable, and in agreement with expectations, or resolve with Trustee and respective manager.
• Perform fee analysis and reporting of all public mandates in the trusts.
• Assist with governance committee reporting and presentations.
• Support PBI team operations due diligence updates, Sarbanes-Oxley controls and other critical functions that feed into both GAAP and regulatory reporting and filings
• Support compliance reviews, internal and external audits, reporting requirements, as needed.
• Review and decide appropriateness of new/revised public fund agreements with external counsel.
• Provide backup capability for Retirement Plan Master Trust cash forecasts and develop proposals as needed to meet rebalancing needs.

Basic Qualifications

• Bachelor’s degree in finance, accounting, math, or actuarial science or directly related field. Advanced degree or MBA strongly preferred.
• CFA (Chartered Financial Analyst), or at a minimum be studying for level 3 highly preferred.
• Minimum of 6 years of direct institutional investment experience in public equity and fixed income is required. Investment portfolio management experience should include the following: fundamental and technical analysis, asset allocation, asset liability management, efficient frontier/portfolio construction, manager/mandate due diligence, rebalancing, risk management, preparing manager research/reports, familiarity with derivatives/hedging/factor exposures.
• Qualified applicants must be authorized to work in the United States on a full-time basis. Lilly will not provide support for or sponsor work authorization and/or visas for this role.

Additional Skills/Preferences

• Must have strong and diverse excel modeling, quantitative analysis skills.
• Strong, corporate finance analytical skills/proficiency and an inquisitive nature to evaluate risk/benefit/cost of contracts, investment structures, derivatives, and other elements.
• Strong project management skills to develop detailed plans, direct internal resources (HR/Legal/Corp Reporting/Audit) and external parties, manage costs/risks, develop/deliver communication plans and evaluate effectiveness.
• Proficient knowledge of eVestment, Morningstar, Bloomberg, and FactSet.
• Flexibility and a teamwork orientation to goals and changing priorities.
• Effectual communication/relationship/teamwork skills.
• Curiosity and learning agility to interpret new accounting, regulatory, market changes and evaluate relevant impact/risks.
• Third party relationship management, due diligence, negotiation and contracting.
• Knowledge of benefit plans (strategic and operational), trustee/custodian management, fiduciary/ regulatory/tax issues. ERISA experience/knowledge is a plus.
• Familiarity with actuarial concepts and fiduciary governance and/or actuarial or investment certifications (e.g., CFA, CAIA, or EA) would be a plus.

Other Information:

• Long term (5+ year) commitment to role is desired given learning curve, external relationships, and long-term investment orientation.
• Moderate travel (10-20%) is expected.
• Role can be remote, with periodic travel to Indianapolis.

Lilly is dedicated to helping individuals with disabilities to actively engage in the workforce, ensuring equal opportunities when vying for positions. If you require accommodation to submit a resume for a position at Lilly, please complete the accommodation request form (https://careers.lilly.com/us/en/workplace-accommodation) for further assistance. Please note this is for individuals to request an accommodation as part of the application process and any other correspondence will not receive a response.

Lilly is an EEO/Affirmative Action Employer and does not discriminate on the basis of age, race, color, religion, gender, sexual orientation, gender identity, gender expression, national origin, protected veteran status, disability or any other legally protected status.

Our employee resource groups (ERGs) offer strong support networks for their members and help our company develop talented individuals for future leadership roles. Our current groups include: Africa, Middle East, Central Asia Network, African American Network, Chinese Culture Network, Early Career Professionals, Japanese International Leadership Network (JILN), Lilly India Network, Organization of Latinos at Lilly, PRIDE (LGBTQ + Allies), Veterans Leadership Network, Women’s Network, Working and Living with Disabilities. Learn more about all of our groups.

Full-time equivalent employees also will be eligible for a company bonus (depending, in part, on company and individual performance). In addition, Lilly offers a comprehensive benefit program to eligible employees, including eligibility to participate in a company-sponsored 401(k); pension; vacation benefits; eligibility for medical, dental, vision and prescription drug benefits; flexible benefits (e.g., healthcare and/or dependent day care flexible spending accounts); life insurance and death benefits; certain time off and leave of absence benefits; and well-being benefits (e.g., employee assistance program, fitness benefits, and employee clubs and activities).Lilly reserves the right to amend, modify, or terminate its compensation and benefit programs in its sole discretion and Lilly’s compensation practices and guidelines will apply regarding the details of any promotion or transfer of Lilly employees.

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