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Manager Research/Selection Strategy & Portfolio Construction

Carnegie Consulting
Closing date
28 Apr 2021

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Job Details

Unique and career defining opportunity to work for a highly innovative and forward thinking Pension Fund Manager, who through their size and scale have access to some of the world's best investors, and, form partnerships with leading investment managers, banks and other asset allocators
  • Offering a huge amount of exposure to a wide range of market leading responsible investment teams / professionals, this role has plenty of influence over manager research and selection, investment strategy and portfolio construction, with an overarching ESG consideration
  • You will benefit from diverse set of day-to-day responsibilities and discussions which can range from individual securities to high level macro trends and the breadth of this role will allow the appointed candidate to expand their area of coverage to all asset classes, and, be involved in mandate design and selection of the best managers for those mandates
  • The role is focused on management and monitoring of the external manager portfolio, however it is expected that the candidate will support the broader efforts of the Fiduciary investment function / team
  • Manager Selection follows a holistic approach to implementation, resulting in a high-conviction / low turnover portfolio that forge long-term partnerships with the appointed managers
  • Forming part of a team of 3, you will be supported by a range of other teams within the business, along with research provided by a range of Investment Consultants, and an external advisor
  • The investment approach is truly multi-asset in nature, but with an emphasis on Credit and Fixed Income strategies, across both Public and Private markets. This will include private & public equity, real estate, infrastructure, absolute return strategies, opportunistic public & private credit, secure income and traditional IG credit.
  • The due diligence process includes investment and operational due diligence, with the latter being supported by inputs from external consultants. The manager approval process is efficient and highly streamlined thereby allowing your influence and impact to be really felt, with the approval decision ultimately being made by the Head of Research and the CIO

More specific duties may include (and are not limited to):
  • Identify, diligence and make case for capital allocation decisions to third-party managers across asset classes
  • Manage and monitor existing manager relationships; ensure the mandates in place appropriately capture desired objectives, including incorporation of Responsible Investment Principles and Net Zero 2035
  • Evolve mandates, as and when needed, to tailor asset class outcomes. Consider the most effective implementation approach
  • Manage the portfolio of mandates and the underlying exposures. This includes being aware of key risks within the portfolio, areas of exposure concentration, manager skills overlap etc
  • Evaluate co-investment and direct opportunities with the Scheme's managers. Be the first port of call for investments introduced by banks and advisors; asses the demand and fit; identify the most suitable manager to run with those opportunities; prepare approval note (if required) and ensure operational, tax and legal standards are me
  • Establish strong relationships with new and existing investment managers, banks, advisors etc
  • Manage and coordinate investment execution across the wider teams as well as external advisors (legal negotiation, operational due diligence, tax structuring, financial reporting and compliance requirements).
  • Follow up and report on any operational, legal, compliance or tax issues. Monitor, act and report impact of any change/ new legislation on existing allocations (i.e. Brexit, LIBOR transition, Uncleared Margin Rules, RPI reform etc)
  • Collaborate with the broader team on assessing new investment opportunities and developing analytical tools required for investment and monitoring thereof
  • Assist with the coordination of the day-to-day portfolio related activities including, but not limited, to portfolio flows, planning and management of the Scheme's de-risking activities, management of the deployment into cash flow aware strategies etc
  • Assist with preparation of investment committee and portfolio reports

Your Experience:

  • You will possess a strong record of academic rigour, along with the ability to show intellectual curiosity
  • Possess excellent communication skills, both verbal and written and be comfortable presenting and debating investment ideas with colleagues
  • You will have significant experience within Investment Consulting / Fiduciary Management
  • The backbone of your experience is likely to be around Manager Research and Selection, however, you will be able to demonstrate more top-down knowledge around Portfolio Construction with one eye on Investment Strategy
  • It is key that your asset class knowledge is broad, but can demonstrate a strength around Fixed Income and Credit strategies, whether that be Public or Private markets (including Private Debt / Structured Credit)
  • My client is forward thinking, innovative and nimble, however due to low-turnover nature of the Scheme and the size of typical mandate allocation, new investments are not made daily! You therefore need to have a truly "institutional" investment mindset and be able to consider the investment strategy from a mid - long term perspective
  • Be looking for the next developmental role in your career. One where you can build a truly rounded set of skills
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