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Executive Director, Investments

Employment type: 
Full time
Remote Position: 
Required degree level: 


As a senior member of the Investments and National Employee Benefits Administration (NEBA) team, is responsible for the leadership of a team of professionals in the administration and refinement of valued added national programs for Blue Plans and their affiliates. Provides strategic direction and operational oversight. Acts as the key partner to NEBA's Vice President in leading the Department on a day to day basis to allow the Vice President to be externally focused in the expansion of the Programs and enhancing constituency outreach. The candidate will also support and contribute to the outreach activities.

As a senior member of the Investments and NEBA leadership team, leads the National Retirement Trust (NRT) and National 401(k) programs and its invested assets under management in support of 41 Blue companies (26 Blue Primary Licensees). Assists with pension administration and 401(k) Compliance. Has accountability for the research, development, and implementation of leading-edge investment activity for the NRT ($3 billion -AUM) and the National 401(k) Program ($11 billion - AUM) on behalf of the National Employee Benefits Committee (NEBC) and senior management. Oversees investment accounting, performance reporting, asset allocation for all NRT Plan allocations and presents to NEBC and Plans. Provides leadership to the Investment Team, is accountable for the audits of the NRT and shares responsibility with the Vice President for the Investment Sub-Committee of the NEBC and acts as Assistant Secretary of the National Employee Benefits Committee.

Oversees BCBSA's Treasury functions, which includes the cash flow ($80B annually) for National Programs (Blue Card and FEP). Also oversee cash flow and investments for the BCBSA corporate portfolio


Responsibilities include but are not limited to:

Leadership & Administration

Provides effective leadership to the NEBA Investments team. Oversees the assigned directors and managers in managing the day to day operations and NEBA Investment Team. Coaches, motivates, and implements appropriate training and career development opportunities for team members. This includes the communication and ongoing facilitation of performance feedback and appraisal processes. As a member of the NEBA management team contributes to the formation of policies and initiatives, as well as cultural framework.

Strategic Development

Contributes to the development of NEBA's business strategy regarding new programs and enhancements and efficiencies to current programs and services and the best funding for those programs. Recommends Programs' needs for services of outside support organizations (e.g. investment managers, insurers, trustees, actuaries, attorneys) recommending appropriate organizations to the ISC and NEBC.

Investment Management

Assures that invested assets in the four national benefit trusts have investment policies that are prudently developed and successfully implemented emphasizing optimization over the intermediate and long-term of risk-adjusted investment returns relative to an appropriate benchmark. Assists BCBSA finance in the management of BCBSA's and the FEP's invested assets under either an advisory or an OCIO relationship with the existing consultant.

Provides executive oversight, coaching and guidance to the I Investments team in the major investment processes of:

  • Oversee Investment managers, trustee, and consultant to safeguard assets of trusts.
  • Works closely and manages the relationship with the external investment consultant.
  • Research, developing leading-edge investment activities. Anticipate the investment needs of Plans and develops/finds suitable new solutions to meet those needs.
  • Conduct or, should an OCIO model be adopted, facilitate investment manager searches using the consultant as appropriate and supporting recommendations for new investment managers to the Investment Subcommittee (ISC) and the NEBC. Managing outside investment consultant and actuaries in asset/liability studies matching and making recommendations for changes to investment guidelines to ensure consistent outperformance over benchmark.
  • Oversee NRT operations, including accounting, performance, and direction of trustee for 11 distinct allocations within the trust.
  • Responsible for rebalancing of all 11 allocations in NRT, including managing cash positions for Benefit Payments and ensuring and adherence to individual plan glide paths.
  • Provide investment performance reporting and explanation to the ISC and NEBC, in collaboration with the consultant.
  • Determine appropriate cash levels and asset allocation of fund on ongoing basis as appropriate.
  • Oversee transition of assets into and out of trust for new Plans, Plans withdrawing, and reallocation of assets among managers as appropriate.
  • Oversee NRT audit for all 16plans.


Lead the oversight of all Treasury functions of the Association and related entities:

  • Treasury functionality for FEP and Blue Cross National Programs.
  • Analyzing and investing the cash flows of BCBSA and managing certain specific cash clearinghouse programs in a financially prudent manner while maximizing yields within the constraints of the investment guidelines.
  • Advising senior financial leadership on investment opportunities which comply with investment policies.

Budget and Expenditure Control

  • Manages staff and budget to ensure prudent and efficient program administration. Approves departmental policies/procedures, ensures a proper expenditure approval policy is in place and an appropriate segregation of duties is maintained.
  • Ensure consultant(s) supports NEBA in maintaining fiduciary standards within budget confines.

Plan Relations

  • Serves as key NEBA liaison with Plans for program design and benefits questions.
  • Lead investment consultant and actuaries in asset/liability study to review current policy and explore potential recommendations for changes to investment guidelines to ensure consistent outperformance over benchmark and anticipate the investment needs of Plans and develop suitable new products to meet those needs.


Required Basic Qualifications:

  • 15 years related investment and pension management experience
  • 4-year college degree in Finance or related field
  • Defined-contribution plan and defined-benefit plan governance, operations, and investment management
  • ERISA programming and investment management

Preferred Basic Qualifications:

  • Chartered Financial Analyst (CFA)
  • Master's Degree

Equal Opportunity Employer

Blue Cross Blue Shield Association is an equal opportunity employer. We evaluate qualified applicants without regard to race, color, religion, sex, sexual orientation, national origin, age, gender identity, disability, veteran status, genetic information or any other legally protected characteristics

Make an impact on healthcare in America. A career with Blue Cross Blue Shield Association allows you to be part of the foundation that supports the 35 Blue Cross and Blue Shield companies nationwide, while protecting and strengthening the Blue Cross Blue Shield brand. Our work is helping provide greater access to cost-effective healthcare, improve the health of America and build stronger communities. With a commitment to diversity, equity and inclusion, we celebrate different cultures, languages, backgrounds and experiences while striving to advance health equity, and we want you to join Team BCBSA.

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