Deputy Director of Investment Services

Maryland State Treasurer's Office   Annapolis, MD   Full-time     Finance
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Posted on June 29, 2021

Section 6-222 through 6-225 of the State Finance and Procurement Article governs the investment of the State’s unexpended or surplus money.  The Investment Department in the State Treasurer’s Office is charged with the responsibility of investing these monies in accordance with established laws, policies and procedures, as well as establishing an Investment Policy which provides additional guidance and protocols for investment of state monies.

The Department primarily invests the cash balances that are temporarily idle between the time State revenue is collected and the time budgeted amounts are disbursed. The Department is also responsible for a number of longer-term investment activities associated with the purchase of 20-year development easements on agricultural land and the payment of lottery prizes. The Department manages the investment of General Obligation bond proceeds and also directs the short-term and long-term investments of a number of trustee accounts under State agency revenue bond indentures. Interest earnings on investments under the stewardship of the State Treasurer accrue to the General Fund unless State law or regulation directs that the interest should accrue to a specific fund.  Under State law, investments by the State Treasurer’s Office are limited to secured bank accounts, full faith and credit obligations of the federal government, obligations of certain federal agencies or instrumentalities, repurchase agreements collateralized by those securities, certain money market mutual funds and limited amounts of highest rated commercial paper.

This position should not be confused with a private investment broker job.  While the State obviously wants to make proceeds from its investments, the investment portfolio is ultimately designed to meet the cash flow needs of the State so that funds are available to cover disbursements and fund State programs for its citizens.  The highest priority of the Investment Department, above all else, is the safe and prudent keeping of public funds. Subsequent priorities encompass liquidity of the portfolio to meet all operating requirements of the State, and return of investment with due regard for minimizing risk while maximizing return in consideration of the cash flow characteristics of the portfolio.

The Deputy Director of Investment Services is responsible for all operations of this two-person department, ensuring adherence to all statutes, regulations and policies. The Deputy assists with and is accountable for the accurate and timely processing of all cash management and investment activities with regard to the States $409+ Billion cash flow and the $6.9 Billion investment portfolio.  The incumbent should be able to draw on public finance experience, knowledge and resources to strategize, develop, and implement policies and procedures which will promote automation in all areas of cash management for State operations. This position is also responsible for full supervision of one other position in the Investments Department.

This is a full-time position with State employment benefits including paid holidays, vacation/sick/personal days, subsidized medical and dental plans, defined-benefit pension plan, 401(k)/457 plans, employee credit union, direct deposit, and free parking. The position is Management Service and serves at the pleasure of the Maryland State Treasurer and her designated appointees.

Educational Requirements:  Minimum of a Bachelor’s Degree in Business Administration, Finance, Economics, Public Policy or related subject area.

The ideal Candidate will have:  

  • Comprehensive, hands-on experience with fixed income investments
  • Demonstrable knowledge and/or experience with public finance (i.e., public revenue, public expenditure, and public debt)
  • Experience in public (government) and/or non-profit investing and cash management
  • Experience supervising subordinate staff including assignment and review of work, performance evaluation, time and leave approval, training, and involvement with Human Resources
  • Additional treasury or financial certifications or post-graduate education in related fields

LIMITATIONS ON SELECTION:  Applicants must be willing to work in the Annapolis area. Candidates will be subject to a background investigation to include credit and criminal history. 

SPECIAL REQUIREMENTS:  Candidates are asked to review and be prepared to converse about the State Treasurer’s Investment Policy (located in the Treasury Management section of the agency website under Treasury Functions) and Investment section of the most current State Treasurer’s Office Annual Report, located on the agency website at