Director of Investment Strategy - London, United Kingdom - The Just Group

Description

Purpose

The Director of Investment Strategy is a senior leadership role in the investment team, ensuring, in particular that our asset allocation is appropriate, investments are evaluated carefully and our portfolio is optimally invested. The role has enterprise wide responsibilities in terms of ensuring the investment function is well connected to other teams within Just as well to external stakeholders.

The purpose of the role is to drive the investment activity of the business such that we can offer our policyholders the best possible security and pricing.

The Director of Investment Strategy will report into the CIO.

Strategic Planning & Asset Allocation:
Develop and articulate a clear investment strategy and asset allocation aligned with the company's financial goals and risk tolerance.

• Strategic - over the long term
• Medium term - over 5 years
• Annual (matching adjustment portfolio only) - investment of new money over a given calendar year, updated quarterly
• Tactical - strategic views in light of pricing, credit, macro factors

Portfolio Management:

• Oversee the management of investment portfolios, balancing risk and return to achieve optimal performance.
• Collaborate with portfolio managers, analysts, and other stakeholders to ensure effective execution of the investment strategy.

Risk Management:

• Implement robust risk management frameworks to identify, assess, and mitigate potential risks associated with the investment portfolio.
• Stay abreast of industry regulations and changes in market conditions to proactively address emerging risks.

Stakeholder Communication:

• Communicate investment strategies, performance, and market insights to internal and external stakeholders, including senior management, board members, and clients.
• Foster transparent and collaborative relationships with key stakeholders.

Regulatory Compliance:

• Demonstrate market leading understanding of our regulatory requirements and industry standards, keeping abreast of changes and assessing how our investment strategy can evolving best practices.
• Collaborate with legal and compliance teams to address any regulatory challenges or inquiries.

Exploring New Asset Classes:

• Stay abreast of market trends and industry developments to identify and assess new asset classes that are appropriate for our investment strategy.
• Evaluate the risk-return profiles of potential new asset classes and make recommendations for their inclusion in the investment portfolio.

Onboarding New Managers:

• Lead the process of identifying, evaluating, and onboarding new asset managers.
• Establish criteria for selecting managers, conduct due diligence, and negotiate terms to ensure alignment with the company's investment strategy.

Managing In Specie Assets:

• Demonstrate expertise in handling in specie assets, ensuring efficient management and seamless integration into the investment portfolio.
• Collaborate with relevant teams to assess the impact of in specie transactions on the overall portfolio and implement strategies to maximize their value.

Pricing New Business:

• Develop and implement methodologies for pricing new business opportunities, considering market conditions, risk factors, and potential returns.
• Collaborate with underwriting and actuarial teams to ensure pricing models align with the company's financial objectives.
• Optimising Accounting and Regulatory Balance Sheets:
• Oversee the optimization of accounting and regulatory balance sheets to ensure compliance with accounting standards and regulatory requirements.
• Work closely with finance and regulatory affairs teams to streamline processes and enhance the efficiency of balance sheet management.

Structuring Assets:

• Utilize financial engineering techniques to structure assets in a manner that aligns with the company's risk and return objectives.
• Collaborate with legal and compliance teams to ensure asset structures comply with relevant regulations and internal policies.

Manager Monitoring:

• Implement a robust system for monitoring the performance of external asset managers.
• Conduct regular reviews and assessments of manager performance, making recommendations for adjustments as necessary to meet investment goals.

Team Leadership:

• Lead and inspire a high-performing investment strategy team, fostering a culture of innovation, collaboration, and continuous improvement.
• Provide mentorship and professional development opportunities for team members.
• Manage staff in the team in a manner that meets Just's cultural and business objectives

Other:

• Be a leading contributor to the investment senior 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.
• Help to ensure that Just Group complies with internal and regulatory standards on responsible investment.
• 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
• Further associated ad hoc tasks and projects that may be required from time to time.

Examples of Key Activities

• Manage the securitisation of an asset class into a fixed rate note for our matching adjustment portfolio, including structuring process, approvals and documentation
• Advise portfolio management teams as to how we can be more optimally invested taking into account our accounting and regulatory balance sheets
• Identify manager underperformance and have associated discussions with the manager to improve it
• Set out our 5 year strategic asset allocation

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
• 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 and develop relationships with external parties
• Demonstrate strong aptitudes in:
• Risk awareness
• 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:

• 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 managing fixed income portfolios, asset allocation and portfolio construction
• Recognising that this is a "Director of" level hire, experience in taking ownership of activity and strong people management and collaboration is essential