Head of Portfolio Management (Private Assets)

Date Posted: 13/01/2025

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 deal flow management:

Facilitate origination of opportunities, including coordination with other members of the team and engagement with asset managers and other sourcing counterparties (banks and financial advisors)
Market our investment capabilities to borrowers, sponsors, issuers and associated intermediaries
Acknowledge opportunities, check conflicts and deal economics (including pricing, tenor, capital)
Maintain deal pipeline up to date at all times
Manage deal pipeline calls with asset managers and other sourcing counterparties
Ensure all deals are assessed and reviewed in a timely manner

Deal management:

Manage deal post-execution processes in line with internal governance
Support deal analysts with any request coming from internal and external stakeholders
Manage relationships with internal stakeholders
Identify corporate actions and coordinate responses with the help of deal analysts

Portfolio management:

Produce required MI, including reporting and internal rating reviews
Manage the credit watchlist

Technicals

Ensure deal-related evaluation tools are fit for purpose
Develop or suggest development of tools allowing better assessment of deals
Understand existing balance sheet tools, including New and Backbook Business Investment Variance
Support the design of the private asset allocation over short term (1yr) and business plan period (5yr)
Assist in regulatory compliance and engagement with regulators and auditors

Initiatives

Develop monitoring, MI and pipeline tools and frameworks
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)
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
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

Examples of Key Activities

Manage, improve and report on our private pipeline
Develop tools in order to make sure 1) we maintain regular interactions with asset managers and other sourcing counterparties and 2) all communications are minuted and accessible to all
Liaise with deal analysts and asset managers in order to 1) update tracker, 2) produce PDTT and cash flows and 3) address auditors’ request
Collaborate with the Credit Risk Team in the context of spread decomposition and rating validations

Skills and Knowledge
Skills:

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 portfolio management, asset allocation and portfolio construction
Experience in managing efficiently many different stakeholders with potentially conflicting interests
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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