Director of Investment Valuation and Oversight

About The Company

Utah Retirement Systems provides benefits for state and other Utah Public employees through the work of two divisions. The Retirement Office administers pension and retirement benefits.  PEHP Health & Benefits specializes in medical, dental, life, and other benefits.  We take pride in providing a peace of mind for thousands of Utah families.  We are committed to our public mission and maintaining a positive team environment.  We offer a competitive salary, and our benefits far exceed what most modern employers offer.

Job Description

POSITION SUMMARY

The Director of Investment Valuation and Oversight manages the independent valuation and fee‑validation control framework for the Utah Retirement System’s investment portfolio. This role maintains the annual valuation calendar, investment inventory, and applied methodologies; conducts and documents variance analysis across manager marks, custodial values, third‑party valuations, audited financial statements, and fund‑recorded values; and oversees fee-obligation tracking and validation. The Director escalates material exceptions and significant valuation discrepancies to the Investment Valuation Committee.

 

The position operates as an independent control function, separate from the staff who originate or manage underlying investments.

           

ESSENTIAL JOB FUNCTIONS AND DUTIES:

 

Valuation Planning, Inventory, and Methodology

• Owns and maintains the annual investment valuation calendar.
• Establishes valuation milestones and delivery dates aligned with accounting close and financial‑reporting deadlines.
• Creates and maintains a complete inventory of investments subject to valuation across the different funds.
• Identifies and documents the valuation methodology required for each investment. Reviews significant assumptions, inputs, and valuation methodologies across public and private markets.

 

Variance Analysis and Adjustments

• Creates and maintains a systematic variance‑analysis procedure reconciling manager marks, custodian values, third‑party valuations, audited financial statements, and fund‑recorded values.
• Establishes and documents thresholds that trigger additional review or escalation.
• Documents and maintains records of valuations, conclusions, adjustments, and the valuation exception log.
• Refers methodology questions and valuation discrepancies to the Investment Valuation Committee.
• Escalates unresolved valuation issues and material exceptions in accordance with policy.

 

External Specialists, Process Tracking, and Database

• Oversees the selection and due diligence of external valuation specialists, including engagement management and maintaining a roster of qualified valuation specialists.
• Tracks all valuation processes against established deadlines.
• Creates and maintains a comprehensive valuation database in coordination with Investment Operations staff.

 

Fee Obligation Inventory and Validation

• Maintains the fee-obligation inventory by external investment manager within the database.
• Coordinates fee-validation services and reporting with an outside consultant. Maintains the obligation inventory, capturing contractual fee terms, documenting fee-calculation methodologies, and centralizing this information in the database.
• Tracks fee-reporting exceptions, disputes, recovery credits, and corrections; identifies root causes as applicable.
• Reports material fee exceptions in accordance with policy.

 

General Responsibilities

• • • Provides leadership, direction, and oversight for the Investment Valuation and Oversight function and assigned staff.
    • Assigns and reviews work, establishes priorities, and ensures valuation and fee-governance activities are completed accurately and timely.
    • Supports staff development and evaluates resource needs within the function.
    • Maintains regular and reliable attendance.
    • Ensures audit-ready documentation is maintained and supports SOC 1 reviews and other audit requirements.
    • Prepares materials for presentations to the Investment Valuation Committee, auditors, and governance bodies.
    • Collaborates across departments to support valuation and fee-governance processes.
    • Maintains strict confidentiality.
    • Performs other related duties as required.

 

ASSET‑CLASS and PROGRAM‑SPECIFIC RESPONSIBILITIES

 

EMIP (Energy, Mining, and Infrastructure Portfolio)

• Serves as liaison between investment managers and the external valuation firm to ensure valuation data is complete, accurate, and timely.
• Reviews annual valuations and ensures consistency with investment methodologies.
• Updates factual inputs for interim‑quarter valuations.
• Monitors competence and fit of the external valuation firm and conducts periodic market checks.

 

RETA (Real Estate, Timber, and Agriculture)

• Coordinates all valuations with the external vendor.
• Manages collection, validation, and review of valuations with input from RETA staff.
• Manages the RETA Investment Performance Workflow (IPW) process.
• Validates recurring performance‑fee schedules and estimates annual fees for budgeting.
• Manages appraiser invoice payments.
• Maintains and evolves the URS Appraisal Database.
• Participates on the National Council of Real Estate Investment Fiduciaries (NCREIF) Valuation Committee.
• Reviews financial statements and audit materials to identify potential impacts to valuation.
• Verifies distribution amounts against reported financials.
• Produces quarterly valuation change reports and compares property performance to NCREIF benchmarks.

 

Private Equity

• Serves as liaison between managers and consultants for valuations of direct holdings or co‑investments when required.
• Spot‑checks and verifies manager‑reported valuations or coordinates these checks through external vendors.
• Ensures valuation discrepancies are analyzed and escalated when warranted.

 

Public Markets Plus

• Minimal valuation oversight; valuation is primarily market‑
• Conducts periodic spot checks of fund valuations, as needed.

 

Department‑Wide Governance and Audit Support

• Coordinates valuation inputs and deadlines with URS Finance, Investments, Investment Compliance, and Legal departments.
• Prepares materials for the Investment Valuation Committee, auditors, and governance bodies.
• Maintains all valuation and fee‑governance documentation required for SOC 1 reviews and financial audits.
• Serves as the point-of-contact for valuation and fee‑governance matters across URS.

Required Experience

Education and Experience

Bachelor's degree in accounting, finance, economics, or a closely related field and seven (7) years of progressively responsible experience in institutional investment valuation, fund accounting, investment operations, audit, or a related control function, or an equivalent combination of education and experience.

 

Preferred Experience:

• Within a public pension fund, endowment, fund administrator, or institutional asset owner.
• With private-markets valuation concepts and manager-reported Net Asset Value (NAV), including the reconciliation of marks across multiple independent sources.
• Overseeing third-party valuation or fee-validation service providers.
• Presenting valuation results and exceptions to an investments governance committee or board.

Preferred Certifications and/or Designations: 

• Certified Public Accountant (CPA)
• Chartered Financial Analyst (CFA)
• Chartered Alternative Investment Analyst (CAIA)
• Member, of the Appraisal Institute (MAI)
• Accredited in Business Valuation (ABV)
• Certified Valuation Analyst (CVA)
• Accredited Senior Appraiser (ASA)

 

Knowledge, Skills, and Abilities

This list contains knowledge, skills, and abilities that are typically associated with the job. It is not all-inclusive and may vary from position to position:

 

Required technical skills include:

• Microsoft Office Suite (with emphasis on Excel).
• Designing and maintaining valuation and fee-tracking systems.
• Customer Relationship Management (CRM) systems.
• Industry platforms for trade processing, reconciliation, and reporting.
• Valuation systems and programs.
• Database applications.
• Analytical tools and databases for in-depth portfolio management.
• Key industry platforms (DTC, SWIFT, FIX, CTM, ALERT).

 

Required Investments, Finance, and Valuation knowledge include:

• Institutional investment valuation principles across public and private markets, including real estate, private equity, credit, and other alternatives.
• Ability to design repeatable control procedures, define quantitative thresholds, and apply them consistently and objectively.
• Ability to analyze variances, isolate root causes, and document conclusions and adjustments to an audit-ready standard.
• Ability to maintain independence and professional skepticism in interactions with investment staff, managers, and external specialists.
• Skill in organizing and prioritizing a high-volume, deadline-driven workload aligned to the financial-reporting cycle.
• Familiarity with GASB financial-reporting requirements applicable to public pension investment disclosures.

 

Must possess excellent communication skills:

• Read, analyze, and interpret general business periodicals, legal documents, professional journals, technical procedures, or regulations.
• Write reports, business correspondence, software requirements, and procedure manuals.
• Communicate complex valuation and fee matters clearly to an investments governance committee, auditors, and senior management.

 

 

Must have the ability to:

• Establish and maintain effective working relationships with professionals, vendors, department heads, co‑workers, and the public.
• Have a high degree of self-motivation and experience working both independently and in a team-oriented, collaborative environment.
• Follow written and verbal instructions.
• Prioritize work.
• Perform within deadlines.
• Work well in a team environment as well as independently.
• Multi-task by handling a variety of duties in a timely and efficient manner.
• Keep beneficiaries interests a priority.
• Follow through with assignments.
• Deal effectively with stress caused by workload and time deadlines.

 

The incumbent must always demonstrate judgment, high integrity, and personal values consistent with the values of URS.

 

Additional Requirements

As a requirement of this position, the employee will submit to the URS Investment Compliance Officer a record of trade confirmations or monthly transaction summaries, as they become available, of all security transactions (excluding mutual funds), in any account under the employee’s control and direction, or under the control and direction of the employee’s spouse.

 

 

Work Environment

Incumbent performs in a typical office setting with appropriate climate controls. Tasks require a variety of physical activities which do not generally involve muscular strain, but do require activities related to walking, standing, stooping, sitting, reaching, talking, hearing and seeing. Common eye, hand, finger dexterity required to perform essential functions.