Portfolio Manager

Role purpose:

• The role requires the ability to effectively collaborate within Investments and our partner teams across the firm to secure their buy-in and implement improvements to systems, processes, and technology, as appropriate.
• To apply knowledge and insights concerning the Investment Portfolio and how this impacts our policyholders.
• To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes for our policyholders on a consistent basis.
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Portfolio Manager within the Public Credit Team:

• Lead strategy around external public credit managers.

1. Overseeing our existing managers (Emerging Markets, US Municipals), and identifying new and alternative managers that may provide PIC access to new opportunities with securitised markets being the most imminent opportunity.
2. Managing strategic partnerships with external managers to ensure optimal access to market opportunities (whether it be in-house or externally managed)
3. Act as primary decision-maker for externally managed public credit.

• Identify, measure and evaluate the premia PIC can take advantage of and opine on whether it is attractive, taking into consideration valuations, market dynamics, geopolitics and macroeconomic conditions and feed this back into the rebalancing and new business processes.
• Propose robust investment recommendations for Matching Adjustment public assets, presenting recommendations to stakeholders and then implementing effectively and efficiently.
• Develop and refine existing risk management frameworks, including economic risks (levels of risk-taking, stress testing and limit setting) and non-economic risks (risk incidents, audit actions etc.).
• Developing colleagues through enhancing technical (data analytics, market evaluation) and interpersonal (communication, stakeholder management) skills.
• Monitoring industry trends, regulatory updates, and market best practices; actively participating in industry events. Decisively lead investment discussions, build consensus, and effectively influence committee decisions with conviction particularly during economic downturns or issuer distress events.

Requirements

Experience:

• Extensive experience performing thorough research, detailed market analysis, and scenario modelling to formulate robust, commercially viable investment strategies.
• Demonstrated experience in forming, managing, and challenging external investment managers, building trusted and strategically valuable long-term partnerships.
• Experienced in presenting and implementing asset allocation strategies based on comprehensive evaluations of market conditions, geopolitical risks, and macroeconomic developments.
• Proven track record of managing Investment Grade fixed income credit portfolios with evidence of leadership during economic, sector, or individual-name distress scenarios.
• Experience in real estate and securitised products would be preferred.
• Relevant professional qualifications such as CFA or MBA highly desirable.

Knowledge:

• Strong technical knowledge of Fixed Income markets, including securitised assets, and the practicalities of investing in these instruments.
• In-depth understanding of bond investing, particularly its application within the insurance sector.
• Comprehensive knowledge of relative value assessment and pricing of tail risks to inform sound investment decisions.
• Familiarity with the regulatory frameworks relevant to fixed income investing and their direct implications for the company.
• Robust understanding of geopolitical factors, macroeconomic trends, and market dynamics influencing credit markets.

Skills:

• Exceptional communication and presentation skills, able to tailor messages for executive committees, boards, and peer discussions.
• Decisively lead investment discussions, provide challenge, build consensus, and effectively influence committee decisions with conviction.
• Excellent ability to distil complex market situations into commercially compelling proposals, especially during distress events.
• Ability to analyse a problem or situation and suggest a strategic direction or solution.
• Demonstrated capability in developing, refining, and operating within risk management frameworks, including incidents, audit, and stress testing.
• Commercially balancing short-term trading considerations with long-term strategic asset sourcing.
• Proven manager of high-performing investment team members and external managers.
• Strong proficiency with data analytics tools (e.g., Excel, BQuant, Python) and professional presentation software (PowerPoint, Word).
• Good organisation and management skills. Able to delegate effectively.

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.
• Confidence to make decisions then stand behind them. Support peers with the same.
• Team player and someone willing to work with different investment teams to build consensus

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.