Core Roles & Functions

• Ultimate investment authority -- sets fund strategy, risk appetite, and return targets
• Chairs the Investment Committee; approves or vetoes all major position changes
• Manages PM teams, allocates capital across strategies and books
• Communicates investment thesis and performance to LPs and board

• Cross-asset macro thinking and portfolio construction at the fund level
• Leadership under uncertainty; decisive capital allocation
• LP relationship management and fundraising capability

15+ years in markets, often an ex-PM with a documented track record. Frequently holds CFA/MBA from a top program. Prior roles at multi-manager platforms or prop desks.

• Bloomberg PORT for portfolio analytics and attribution
• Custom risk dashboards (VaR, drawdown, correlation matrices)
• Board-level reporting suites and LP portals

Reports to the Board/LP Advisory Committee. Directly manages PMs. Receives independent risk reports from CRO. Coordinates with COO on fund operations and compliance posture.

• Constructs and manages the portfolio -- position sizing, entry/exit timing
• Generates investment ideas and makes buy/sell decisions within risk limits
• Carries direct P&L responsibility for the book
• Manages a team of analysts; mentors junior investment staff

• Deep sector expertise with conviction-driven idea generation
• Position sizing under uncertainty; Kelly criterion intuition
• Risk-adjusted thinking -- balancing alpha capture with drawdown control

8-15 years in markets. CFA/MBA common. Deep domain expertise in one or more sectors. Often promoted from senior analyst roles or recruited from sell-side with strong stock-picking track record.

• Order Management System (OMS) for position tracking
• Bloomberg Terminal for real-time data and analytics
• Proprietary alpha models and factor screens

Reports to CIO. Directs analysts on research priorities. Works with traders on execution strategy. Interfaces with risk on position limits and concentration. Presents ideas to IC for approval.

• Conducts deep fundamental research -- financial statement analysis, industry mapping
• Builds and maintains DCF, comps, and scenario-based valuation models
• Manages earnings models and updates forecasts around catalysts
• Runs channel checks, expert network calls, and field research

• Advanced financial modeling (3-statement, LBO, sum-of-parts)
• Rigorous analytical framework for variant perception
• Clear written and verbal communication for IC presentations

3-8 years experience. Typically trained on sell-side equity research or investment banking. Strong academic credentials in finance, economics, or engineering. Buy-side analysts often start as associates.

• Excel / Python for financial modeling and data analysis
• FactSet, Capital IQ for screening and data extraction
• Expert networks (GLG, AlphaSights) for primary research

Reports to PM. Collaborates with quant researchers on factor overlays. Feeds research output into IC process. Works with risk team to stress-test thesis assumptions.

• Achieves best execution -- minimizing market impact and slippage
• Selects appropriate algorithms (VWAP, TWAP, IS) and dark pool routing
• Manages broker relationships, commission budgets, and soft-dollar allocations
• Monitors real-time market microstructure and liquidity conditions

• Deep market microstructure knowledge across venues
• Algorithmic trading strategy selection and parameterization
• Rapid decision-making under time pressure and volatility

5-10 years in execution. Often from exchange floors, electronic market-making, or sell-side trading desks. Strong quantitative skills. Series 7/63 licensed.

• EMS platforms (FlexTrade, Bloomberg EMSX, Virtu Triton)
• FIX protocol connectivity for multi-venue routing
• Transaction Cost Analysis (TCA) for post-trade review

Takes orders from PMs. Coordinates with operations on trade settlement and breaks. Reports execution quality to CIO. Works with compliance on best-execution documentation.

• Researches and develops alpha signals -- factor models, statistical arbitrage
• Designs and runs rigorous backtesting frameworks with out-of-sample validation
• Applies machine learning and statistical methods to alternative data sources
• Collaborates with PMs to translate signals into tradeable strategies

• Advanced statistics, stochastic calculus, and time-series econometrics
• Production-grade coding in Python, R, or C++
• Machine learning (gradient boosting, NLP, deep learning for finance)

PhD in Mathematics, Physics, Computer Science, or Statistics. Often from academic research or quant trading firms. Strong publication record or competition wins (Kaggle, Putnam).

• Python / R / C++ for research and model development
• Kdb+/q for high-frequency tick data analysis
• Cloud compute (AWS/GCP) and GPU clusters for ML training
• Alternative data feeds (satellite, NLP, web scraping pipelines)

Works closely with PMs to overlay quantitative signals on fundamental views. Collaborates with risk on factor exposure analysis. Shares data infrastructure with operations/technology teams.

• Provides independent risk oversight -- VaR calculation, stress testing, tail risk analysis
• Sets and monitors position limits, concentration thresholds, and drawdown triggers
• Manages counterparty risk with prime brokers and derivatives counterparties
• Reports independently to CIO and Board, separate from PM reporting line

• Quantitative risk modeling (Monte Carlo, historical simulation, parametric VaR)
• Regulatory expertise (Dodd-Frank, AIFMD, Basel frameworks)
• Ability to challenge PMs constructively and escalate when needed

10+ years in risk roles. Quantitative risk background, often from major banks or risk advisory firms. FRM/PRM certification common. Strong understanding of derivatives pricing and Greeks.

• RiskMetrics / MSCI Barra for multi-factor risk decomposition
• Custom stress-testing engines and scenario simulators
• Real-time limit monitoring dashboards and alert systems

Independent reporting line to CIO and Board -- deliberately separated from PM teams to avoid conflicts. Monitors quant models for overfitting risk. Works with ops on margin and collateral management.

• Manages trade settlement, reconciliation, and break resolution (T+1/T+2)
• Oversees NAV calculation, fund accounting, and investor reporting
• Monitors compliance with regulatory requirements and internal policies
• Manages prime broker relationships, audit coordination, and legal documentation

• Deep knowledge of trade lifecycle, custody, and clearing infrastructure
• Regulatory compliance expertise (SEC, FCA, MAS reporting)
• Process optimization and vendor management

8+ years in fund operations. Often from Big 4 audit, fund administration (Citco, SS&C), or bank middle-office roles. CPA or CAIA certification adds credibility. Strong process orientation.

• Geneva / Advent APX for portfolio accounting
• Regulatory filing systems (Form PF, AIFMD Annex IV, 13F)
• Reconciliation engines and exception management platforms

Works with traders on settlement and trade matching. Coordinates with risk on margin calls and collateral. Reports to CIO/Board on operational metrics. Manages external relationships with auditors, administrators, and legal counsel.