Head of Portfolio Management (Private Assets)

Date Posted: 29/02/2024

Location: London

Job Type: Full time

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Purpose
The Head of Portfolio Management (Private Assets) is responsible for implementing our investment approach, in particular that our asset allocation is appropriate from an accounting and regulatory balance sheet perspective, new initiatives are appropriately evaluated and our strategy is connected to the activities of the rest of the investment team and the broader business. The purpose of the role is to support our investment activity of the business such that we can offer our policyholders the best possible security and pricing.

Job Role Accountabilities
Investment activity:

Lead role in the origination, assessment and execution of internally managed private investment opportunities in line with our Internal Management handbook, other policies, frameworks and risk appetite, including:
Leading marketing of our investment capabilities to borrowers, sponsors, issuers and associated intermediaries
Assessing suitability to our portfolio, in conjunction with relevant members of the investment team, taking into account all the key risk, financial, strategic and regulatory balance sheet considerations.
Lead on the due diligence, including structuring, production and approval of credit ratings and execution of the investment, in collaboration with key internal and external stakeholders
Lead on the portfolio management of the assets, including all reporting, rating reviews and corporate actions
Conducting all of the above in line with internal processes, including ensuring appropriate stakeholders are engaged as required
In respect of externally managed private portfolios, be responsible for:
Assessing suitability to our portfolio, in conjunction with relevant members of the investment team, taking into account all the key risk, financial, strategic and regulatory balance sheet considerations. Particular focus should be paid on the risk profile of the illiquid asset and the structuring of it given our restricted ability to sell it.
Reviewing new opportunities as they arise and respond in a timely fashion, including working with external managers, to the extent possible, on structuring, rating and pricing
If suitable instructing manager to execute, following the processes agreed with the manager and internally. Responding in a timely fashion to any requests and follow the transaction to execution.
Maintaining interactive relationships with external managers such that they are fully aware of our requirements
Monitoring and holding external managers accountable for the performance of their portfolios

External Managers:

Support the assessment of external asset managers in collaboration with internal stakeholders

Technicals:
Assess opportunities in the context of

our accounting (IFRS17) and regulatory (Solvency 2 / Solvency UK) balance sheet
optimising the back book and support new business
Private asset allocation over short term (1yr) and business plan period (5yr)

Initiatives:

Assist in the review of new asset classes, managers and related initiatives that pertain to private assets
Support the conduct of due diligence, management of stakeholders and approval process on initiatives that we seek to pursue (such as new asset classes, new external managers and investment management agreements), including writing papers and risk assessment documentation
Assess illiquid assets that are under consideration as in specie assets from Defined Benefits schemes
Support private asset solutions associated with the structuring of assets that are ineligible for the matching adjustment portfolio into eligible assets
Support the implementation of Just’s responses to regulatory developments
Develop monitoring, MI and pipeline tools and frameworks
In general conducting the above in line with internal processes, including ensuring appropriate stakeholders are engaged as required
Be aware of and be conversant in the accounting and regulatory impact of investments
The landscape of investment opportunities that are appropriate for a UK life assurer, including what our peers are doing
Understand trends in private asset classes and terms on asset investments
Be a leading contributor to the investment leadership team and other committees and forums where membership is appropriate
Produce accurate and concise material, including internal papers, investment proposals and management information where relevant, liaising with internal stakeholders including Legal, Finance, Actuarial, Capital Management and Risk.
Support further ad hoc investment related projects including investment aspects of Solvency II, transforming asset portfolios, reviewing investment managers, day to day management of internal / external stakeholders etc
Respond to regulators’ and external auditors’ questions and requests
Manage, improve and report on our private pipeline.
Assess whether investment an opportunity should be managed internally or put to an external manager or not.
Assuming being directed internally, carefully evaluating and assessing the opportunity in collaboration with internal (e.g. legal colleagues) and external stakeholders (e.g. valuers, legal counsels, technical advisors) and execute if appropriate.
Assuming managed externally, review managers’ investment papers, engage in Q&A sessions and share structuring feedback with them (with the objectives that those are reflected in the final structure) .
Present investment opportunities and credit ratings at Credit Committee and Credit Rating Forum

Skills and Knowledge

Excellent analytical skills, including ability to make commercial judgements in light of uncertain circumstances. Able to support judgement calls with a clear justification.
Excellent verbal, written communication and interpersonal skills, with the ability to present investment matters in a clear and concise manner
Understanding and experience in executing research, due diligence and investment evaluation
Produce accurate and concise material, including internal papers, investment proposals and management information where relevant, liaising with internal stakeholders including Legal, Finance, Actuarial, Capital Management and Risk.
Strong results focus, with ability to work efficiently and grasp concepts that are not straightforward, yet seek guidance where necessary
Excellent team-working skills and ability to maintain relationships with internal stakeholders, contribute to team members’ development and develop relationships with external parties
Demonstrate strong aptitudes in:
Risk awareness, while keeping a balanced commercial approach when assessing new opportunities
Investment matters and strategies, in particular credit, with the ability and interest to develop further
Research and getting a thorough understanding of the issues being examined
Approaches to understanding and evaluating risks
Investing on behalf of liability driven investors

Knowledge of:

Regulatory requirements, including Solvency II and Solvency UK
Long only and fundamental investing, with the ability and interest to develop further
The issues surrounding investing on behalf of a (life) assurer (desirable, but not essential)
Financial markets in general
Understanding of the products and services provided by Just Group

Experience

Demonstrable track record of relevant experience in a bank, insurance company, asset manager or consultant
Experience in structuring and rating private assets, ideally in the context of a predominantly liability-matching portfolio, managing fixed income portfolios, asset allocation and portfolio construction
Recognising that this is a “Head of” level hire, experience in taking ownership of activity and looking for solutions is essential

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