Head Of Portfolio Management (Private Assets)

Head of Portfolio Management (Private Assets)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 intermediariesAssessing 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 stakeholdersLead on the portfolio management of the assets, including all reporting, rating reviews and corporate actionsConducting 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 pricingIf 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 requirementsMonitoring and holding external managers accountable for the performance of their portfoliosExternal Managers:
Support the assessment of external asset managers in collaboration with internal stakeholdersTechnicals:
Assess opportunities in the context of
our accounting (IFRS17) and regulatory (Solvency 2 / Solvency UK) balance sheetoptimising the back book and support new businessPrivate 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 assetsSupport 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 documentationAssess illiquid assets that are under consideration as in specie assets from Defined Benefits schemesSupport private asset solutions associated with the structuring of assets that are ineligible for the matching adjustment portfolio into eligible assetsSupport the implementation of Just's responses to regulatory developmentsDevelop monitoring, MI and pipeline tools and frameworksIn 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 investmentsThe landscape of investment opportunities that are appropriate for a UK life assurer, including what our peers are doingUnderstand trends in private asset classes and terms on asset investmentsBe a leading contributor to the investment leadership team and other committees and forums where membership is appropriateProduce 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 etcRespond to regulators' and external auditors' questions and requestsManage, 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 ForumSkills 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 mannerUnderstanding and experience in executing research, due diligence and investment evaluationProduce 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 necessaryExcellent team-working skills and ability to maintain relationships with internal stakeholders, contribute to team members' development and develop relationships with external partiesDemonstrate strong aptitudes in:Risk awareness, while keeping a balanced commercial approach when assessing new opportunitiesInvestment matters and strategies, in particular credit, with the ability and interest to develop furtherResearch and getting a thorough understanding of the issues being examinedApproaches to understanding and evaluating risksInvesting on behalf of liability driven investorsKnowledge of:
Regulatory requirements, including Solvency II and Solvency UKLong only and fundamental investing, with the ability and interest to develop furtherThe issues surrounding investing on behalf of a (life) assurer (desirable, but not essential)Financial markets in generalUnderstanding of the products and services provided by Just GroupExperience Demonstrable track record of relevant experience in a bank, insurance company, asset manager or consultantExperience in structuring and rating private assets, ideally in the context of a predominantly liability-matching portfolio, managing fixed income portfolios, asset allocation and portfolio constructionRecognising that this is a "Head of" level hire, experience in taking ownership of activity and looking for solutions is essential
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