Director, Asset Management

Local Initiatives Support Corporation
sick time, tuition assistance, flex time, 401(k), 403(b)
United States
Jul 25, 2024
What We Do With residents and partners, LISC forges resilient and inclusive communities of opportunity across America - great places to live, work, visit, do business and raise families. Strategies We Pursue Equip talent in underinvested communities with the skills and credentials to compete successfully for quality income and wealth opportunities. Invest in businesses, housing and other community infrastructure to catalyze economic, health, safety and educational mobility for individuals and communities. Strengthen existing alliances while building new collaborations to increase our impact on the progress of people and places. Develop leadership and the capacity of partners to advance our work together. Drive local, regional, and national policy and system changes that foster broadly shared prosperity and well-being. Since 1979, LISC and its affiliates have invested approximately $29.7 billion in businesses, affordable housing, health, educational mobility, community and recreational facilities, public safety, employment, and other projects that help to revitalize and stabilize underinvested communities. Headquartered in New York City, LISC's reach spans the country from East coast to West coast in 38 markets with offices extending from Buffalo to San Franciscoand in 2,400 rural counties across 49 states and Puerto Rico.Visit us at www.lisc.org ABOUT THIS ROLE As the Director of Asset Management at LISC Fund Management and LISC Strategic Investments, you will play a pivotal role in shaping the future of impact investing. This position offers a unique opportunity to blend your extensive financial expertise with a passion for social impact, overseeing a diverse portfolio of real estate and small business loans at around 840M AUM. Leading a team of three to five professionals, you will be the driving force behind our asset management strategy, ensuring that our investments not only meet financial targets but also deliver meaningful social impact. Your responsibilities will span portfolio optimization, risk management, process improvement, and strategic leadership. We're seeking a seasoned professional who can bring innovative thinking to our asset management frameworks and processes. You'll be instrumental in designing and implementing systems for collecting and analyzing both financial and impact data, allowing us to make data-driven decisions that align with our mission. Your keen eye for detail and strategic mindset will be crucial in identifying and proactively addressing potential performance issues across our portfolio. As a collaborative leader, you'll work closely with other departments to ensure our asset management strategies are fully integrated with our organizational goals. If you're a financial expert with a track record of success in managing complex loan portfolios, and you're driven by the desire to make a positive impact in communities through strategic investing, we want to hear from you. This role offers the chance to apply your skills at the intersection of finance and social good, contributing to the growth and success of our mission-driven organization. Join us in revolutionizing the way nonprofit fund management can drive positive change while maintaining financial sustainability. RESPONSIBILITIES The following are an indication of the position's core responsibilities; these are intended to illustrate the scope of responsibilities and are not exclusive of other duties that may be required. Team Leadership and Strategic Planning (30%) Lead and mentor the asset management team Collaborate with other departments to align asset management strategies with organizational goals Participate in management-level decision-making processes Report to Senior Management and key stakeholders on portfolio performance and strategy Loan Restructuring and Risk Management (30%) Identify, manage, and report on underperforming assets to ensure loans are monitored and performing as expected Develop and implement loan workout strategies Negotiate loan modifications and restructurings when necessary Ensure compliance with regulatory requirements and internal policies Continuously refine risk assessment models and criteria Lead bi-weekly Special Assets meetings for Senior Management Impact-Driven Portfolio Stewardship (20%) Oversee the loan portfolio and (monthly, quarterly, annual) reporting, balancing community impact with financial sustainability, encompassing community real estate projects and mission-driven small businesses Set and hold team accountable for standards used to analyze financial statements and overall loan performance against underwriting projections, and identify and report on potential project performance and payment issues Develop and implement asset management strategies that maximize both social impact and financial performance Conduct regular portfolio reviews, assessing both impact metrics and financial risk Monitor loan covenants with a focus on supporting borrower success and community development objectives while serving financial objectives of the investment funds Collaborate with Senior Management to create key performance indicators of impact and financial metrics for future funds Process Improvement and Alignment (15%) Continuously evaluate and enhance asset management processes for efficiency and effectiveness Assist in implementing and optimizing technology solutions to streamline workflow and improve data analysis Develop and maintain standardized procedures and best practices across the asset management function Ensure alignment of asset management processes with other departments, particularly underwriting, construction management, and investor relations/fund management Lead cross-functional initiatives to improve overall organizational effectiveness in managing and growing the loan portfolio Conduct regular audits of asset management process results to ensure compliance and identify areas for improvement Stakeholder Management and Industry Engagement (5%) Collaborate with fundraising and investor relations teams to support investor messaging Represent the organization at industry conferences and events Build and maintain relationships with key partners, including borrowers, investors, and community organizations Stay informed about industry trends, best practices, and innovations in nonprofit fund management MINIMUM QUALIFICATIONS Bachelor's degree from an accredited college or university Minimum eight (8) years of non-consumer lending experience, preferably in banking/finance or community development Extensive knowledge of real estate investment and small business lending, including familiarity with loans in the $1-15M range Exceptional attention to detail with the ability to manage complex portfolios and multiple priorities independently Strong leadership skills with experience managing and mentoring teams of 3-5 professionals Advanced financial analysis skills, including proficiency in evaluating income statements, balance sheets, and impact metrics In-depth understanding of loan documentation, reporting requirements, and default processes in the context of community development finance Excellent communication and relationship-building skills, particularly in working with diverse stakeholders including borrowers, investors, and community partners Substantial experience in managing loan defaults, restructurings, and work-outs in community development contexts Familiarity with tax credit incentive programs such as Historic Tax Credits (HTC), Low-Income Housing Tax Credits (LIHTC), or New Markets Tax Credits (NMTC) Expert knowledge of Excel, SmartSheets experience a plus Demonstrated commitment to and passion for community development and social impact finance LISC offers a competitive salary ($114,800 143,500) and excellent fringe benefits. This position is expected to travel less than once per month, up to 15% annually. Actual salaries may be based on several factors including, but not limited to, a candidate's skill set, experience, education, work location and other qualifications. Our benefits include: Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being;Disability Insurance: Long-term and short-term coverage for peace of mind; Retirement Savings: Secure your future with our 401(k) and 403(b) plans; Generous Holidays: Enjoy ample time off to recharge and celebrate; Vacation, PTO, and Sick Days: Take advantage of flexible time-off policies to maintain work-life balance; Tuition Assistance: Pursue your educational goals with support from our tuition assistance program; Referral Program: Earn rewards for referring qualified candidates to join our team; Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals. LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances. We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business. LISC IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY, EQUITY, INCLUSION AND JUSTICE