Portfolio Manager (Fixed Income)

LGPS Central Limited
Wolverhampton, UK
Closing date
20 Oct 2020

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With combined assets of approximately £45bn, and representing the retirement savings of over 900,000 scheme members across over 2000 employers, LGPS Central Limited's Partner Funds are; Cheshire Pension Fund, Derbyshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Shropshire Pension Fund, Staffordshire Pension Fund, West Midlands Pension Fund, and Worcestershire Pension Fund.

Since its launch in April 2018, LGPS Central (LGPSC) has become responsible for around £20bn of these assets. Around £10bn is held in funds structured in an Authorised Contractual Scheme (ACS, itself authorised by the FCA) and around £10bn in a range of advisory and discretionary mandates. The volume of assets under management is expected to grow rapidly over the next few years as, in partnership with our Partner Funds, new sub-funds are developed and launched into which Partner Funds' assets will transition. A range of further sub-fund launches are planned for this financial year across a range of asset classes.

LGPS Central Limited is owned equally by the pension funds and is dedicated to the management of local government pension assets. The aim of the Company is to use the combined buying power of its Partner Funds to reduce costs, improve investment returns and widen the range of available asset classes for investment - all for the benefit of local government pensioners, employees and employers. We are also committed to fully integrating Responsible Investment and Engagement into all our investment processes.

The management of Local Government Pension Scheme funds is going through significant change, providing career-changing opportunities for those who have the relevant investment experience and who want to work within a company which values integrity, trust, transparency, diversity, fairness and partnership. LGPS Central Limited aims to be a centre of excellence and we seek candidates who share our values to help us achieve that goal.

Our objective is to be a leading investment management company working with and for our Partner Funds. With a focus on value for money and performance we want to aspire to be one of the best because this is how we will deliver the superior investment returns and low costs for our Partner Funds.

We are a diverse and inclusive employer and would welcome interest from all sections of the community.

We are now seeking to hire an experienced Portfolio Manager to join the Fixed Income team based in the Midlands.

About the role

Fixed Income Team

The LGPSC Fixed Income team is responsible for the management of approximately £5bn of fixed income assets for our Partner Funds which are split between LGPSC sub funds and advisory/discretionary mandates.

The dedicated team consists of the Senior Portfolio Manager and an Investment Analyst. The LGPSC Fixed Income team monitor and report on the external managers who manage the assets in the funds and mandates above. The team also takes care of the in-house management of a £250 million active Gilt Fund including all trading activity. The team are also in an advanced stage of launching two new sub funds including the procurement of external managers.

In addition to this the team are also involved in the development of investment systems and processes for LGPS Central as well providing our Partner Funds with research on a range of fixed income strategies as requested.

The role of Portfolio Manager at LGPS Central offers an opportunity to be part of the development and growth story of a multi-billion-pound asset manager, to join an organisation where you will not only have the prospects to develop your investment skills but also be actively involved in the development and launch of new products.

You will be expected to work as part of the team and will be required to support the Senior Portfolio Manager. Duties will include, but not be limited to:
  • Management of external managers that manage the assets within the Fixed Income portfolios.
  • Analyse the market and provide input into the positioning and trading of the active in-house gilt portfolio.
  • Review and attribute fund performance
  • Assist with the preparation of marketing and presentation materials
  • Use expertise to provide market commentary and undertake research and development of new products and industry developments.
  • Work closely with teams across LGPSC to facilitate the efficient transfer and transition of Partner Fund Assets.
  • Provide support to the Chief Investment Officer and public markets teams as and when required.

If you are interested in applying for this role, please forward your CV with a covering letter to recruitment@lgpscentral.co.uk highlighting your key strengths and experience in relation to the job profile and demonstrating why you have the skills to perform this role. Please note that the application closing date is 1 September 2020.



LGPS Central is looking for a Fixed Income Portfolio Manager to join the Investments team. Based in the Midlands (ideally in Wolverhampton or alternatively in Matlock), the successful candidate will report to the Senior Portfolio Manager (Fixed Income). You will work closely with the Senior Portfolio Manager and your peers in the Investments team to research, build and manage a range of professional, high performing fixed income funds.

  • Supporting the Investment Director with the financial and performance management of the fixed income portfolios.

  • N/A
  • Health and Safety

Delegated Authority Levels: N/A

Reports to:
  • Senior Portfolio Manager (Fixed Income)

Relationships Internal:
  • Executive Directors/ Board/NEDS/Heads of Service/Portfolio Managers and other LGPSC staff, Stakeholders and Clients.

Need to do

Key Responsibilities:
  • Management of designated sub-funds / investment mandates ensuring that portfolios adhere to all regulatory, investment and risk parameters.
  • Document and ensure that you meet the investment targets of the Partner Funds in respect of those sub-funds and mandates.
  • Analyse the market and provide input into the positioning and trading of an active gilt portfolio.
  • Work closely with Partner Funds to determine priorities and requirements for Fixed Income products.
  • Support Senior Investment Manager in the development of future Fixed Income funds launched by LGPS Central Limited.
  • Assist with the preparation of marketing and presentation materials.
  • Develop strong relationships with external managers and index providers and use expertise to undertake in depth research to assess and compare Fixed Income products and market trends.
  • Review and attribute fund performance and produce monthly and quarterly reports within agreed timescales.
  • Deputise for the Senior Portfolio Manager when necessary.
  • Support the investment team with improvements to existing products and the development and enhancement of investment systems.
  • Contribute to a rigorous culture of high performing, collaborative, research based and responsible investing across the Investment team.
  • Run your sub-funds / investment mandates in a manner which will deliver value for money for Partner Funds whilst identifying opportunities to improve the risk adjusted returns after charges in your portfolios.
  • Ensure that your portfolios are managed within the parameters set in the Prospectus and the IMA, and in accordance with the Company's policies and in accordance with the Company's Risk and Compliance Framework.
  • Be an ambassador for LGPS Central within the investment community, Partner Funds, and with regulators and key stakeholders.
  • When directed by the Senior Portfolio Manager, implement the creation of new external mandates or the retender or consolidation of existing external mandates.
  • Always follow the manager selection, appointment, monitoring, reporting, retender and transition framework (the "Manager of Managers Process") set by the Investment Director, Manager of Managers and Absolute Return.

Need to know

  • Experience in trading in Fixed Income products and managing Fixed Income portfolios.
  • Detailed knowledge of all Fixed Income asset classes including Government Bonds, Corporate Bonds, High Yield, Co-Cos, Loans and EMD
  • Experience of contributing to and following policies on the selection of investments, documenting the rationale for making investments, portfolio construction, and monitoring and reporting.
  • Good communication and experience of collaborative investment decision making in an FCA regulated environment.
  • Strong technical and analytical skills with experience in an investment role in asset management or investment banking.
  • Can evaluate performance and risk of investment portfolios objectively.
  • Has or can meet all the requirements of being an FCA, CF30 approved person.
  • High degree of professional ethics, integrity and gravitas.
  • Team player
  • Excellent judgement and analytical skills.
  • Demonstrates first class interpersonal, people management and communication skills.
  • Excellent attention to detail and accuracy under time constraints.
  • Knowledge of Bloomberg or other financial data systems
  • Advanced Excel, PowerPoint, Word

  • Degree level or equivalent / relevant level of experience
  • CFA
  • IMC

Values and Behaviours

  • Integrity
  • Client Focus
  • Supportive Workplace
  • Togetherness
  • Cutting Edge

  • Open, fair and transparent
  • Honest and trustworthy
  • Empowered in making right decisions
  • Accountability for results and delivery

LGPS Central Limited provides an exciting, supportive and family-friendly working environment, and we are committed to helping our people achieve their full potential and a healthy work-life balance. We are an inclusive employer and offer equal opportunities to all regardless of an individual's age, disability, gender identity, marriage or civil partnership, status, pregnancy or maternity, race, religion or belief, sex and sexual orientation. Candidates who declare that they have a disability and who meet the essential criteria for the job will be offered an interview.
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