Manager of Investment Valuation and Oversight

Job Description

The Manager of Investment Valuation and Oversight supports Utah Retirement System's independent valuation and fee-validation control framework. This role performs variance analysis, maintains valuation documentation, updates valuation inventories and methodologies, and coordinates data requests with investment staff, external valuation specialists, and the Utah Retirement System's fee-validation vendor.

This role operates as an independent control function, separate from staff who originate or manage underlying investments, providing high-quality analytical support while escalating unresolved discrepancies to the Director of Investment Valuation and Oversight, Chief Financial Officer, or another designated supervisor.

ESSENTIAL JOB FUNCTIONS AND DUTIES:

Valuation Planning, Inventory, and Methodology

• Maintains the valuation inventory across all investments.
• Updates valuation methodologies and required inputs under direction of the Director of Investment Valuation and Oversight.
• Assists with maintaining the annual valuation calendar and key deadlines.
• Prepares supporting documentation for valuation milestones.

Variance Analysis and Adjustments

• Performs systematic variance analysis comparing manager marks, custodian values, third-party valuations, audited financials, and fund-recorded values.
• Identifies discrepancies and prepares summary sheets for review.
• Maintains the valuation exception log and documentation files.
• Evaluates valuation variances against established thresholds and escalates material exceptions for review and resolution.

External Specialists and Process Administration

• Coordinates external valuation and fee-validation activities.
• Tracks valuation workflows and deliverables.
• Maintains valuation records and process documentation.
• Escalates unresolved exceptions and reporting issues.

Fee Obligation Inventory and Validation

• Updates fee-obligation records and contract terms.
• Gathers inputs and materials required by the external fee-validation vendor.
• Tracks fee-reporting differences, corrections, and disputes.
• Prepares fee-exception support for review.

General Responsibilities

• Maintains regular and reliable attendance.
• Provides audit-ready documentation and supports SOC 1 review materials.
• Assists with the preparation of materials for presentations to the Investment Valuation Committee and auditors.
• Collaborates across departments to gather valuation inputs and completes required workflows.
• Maintains strict confidentiality.
• May provide guidance, training, work coordination, or supervision to staff assigned to the function as organizational needs evolve.
• Performs other related duties as required.

ASSET-CLASS and PROGRAM-SPECIFIC RESPONSIBILITIES

EMIP (Energy, Mining, and Infrastructure Portfolio)

• Coordinates data requests with investment managers.
• Assists in reviewing annual valuations for consistency.
• Updates factual inputs for interim valuations.

RETA (Real Estate, Timber, and Agriculture)

• Coordinates valuation packets with external parties and RETA staff.
• Assists with Investment Performance Workflow (IPW) process, valuation reviews, and appraiser invoice processing.
• Maintains entries in the URS Appraisal Database.
• Supports quarterly property valuation change reporting.

Private Equity

• Supports spot checks and documentation of external manager reported valuations.
• Coordinates valuation materials for external vendors when required.

Public Markets Plus

• Conducts periodic spot checks of fund valuations as needed.

Department-Wide Governance and Audit Support

• Compiles materials for the reporting to governance bodies.
• Maintains valuation and fee-governance documentation required for SOC 1 reviews.
• Supports due diligence activities on valuation and fee vendors.

Required Experience

Education and Experience

Bachelor's degree in accounting, finance, economics, or a closely related field and three (3) years

of progressively responsible experience in valuation, fund accounting, investment operations, audit, or a related role, 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 Net Asset Value (NAV) reconciliation.

Preferred Certifications and/or Designations:

• Certified Public Accountant (CPA)
• Chartered Financial Analyst (CFA)
• Chartered Alternative investment Analyst (CAIA)
• Member, 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.
• Conduct variance analysis and document results clearly.
• Strong professional skepticism and independence.

Must possess excellent communication skills:

• Read, analyze, and interpret general business periodicals, legal documents, professional journals, technical procedures, or regulations.
• Write reports, business correspondence, and procedure manuals.
• Ability to communicate complex valuation issues clearly.

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.
• Plan, coordinate, and meet critical deadlines associated with monthly, quarterly, and annual financial reporting cycles.
• 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, and finger dexterity required to perform essential functions.