Sr Portfolio Manager, Credit Strategies
PRIMARY PURPOSE OF POSITION
This position reports to the Managing Director of Return-Seeking Investments. The position is solely responsible for identifying, implementing and monitoring all of Constellation’s return-seeking credit investments. The position will help to develop investment strategies for pension funds, retiree healthcare portfolios, nuclear decommissioning trusts, and employee saving plans. The candidate should have a background in one of more of the following: high yield, leveraged loans, private credit and direct lending strategies, credit hedge funds, or emerging market debt complemented by strong analytical and quantitative skills.
PRIMARY DUTIES AND ACCOUNTABILITIES
1. Responsible for sourcing, diligence, and ongoing monitoring of credit managers across return-seeking credit sub-asset classes (~$2.4 billion)
• Lead strategy, recommendations, and coverage for various credit sub-asset classes and investment managers
• Source new and monitor existing external credit manager investments, including onsite due diligence of domestic and foreign investment managers
• Prepare investment memoranda and quarterly reports including preparing quantitative analysis, reviewing investment performance, and preparing manager summary reports for senior management
• Develop and recommend for implementation, strategic investment plans, policies and guidelines for credit sub-asset classes
• Owns all aspects of the return-seeking credit investment program
2. Collaborate with colleagues by providing input in team discussions on overall portfolio priorities, tactical asset allocation decisions, and other Investment Office policy-related questions; assist with diligence on an as needed basis with investments in other asset classes, with an emphasis on less liquid strategies.
3. Support Investment Operations team to ensure investments are in compliance with legal, tax, accounting, and other reporting requirements on a timely basis.
4. Prepare and present on related topics of interest to Constellation’s Corporate Investment Committee and the Constellation Board of Directors as appropriate.
- At the direction of the CIO and Managing Director for Return-Seeking Investments, manage Constellation’s credit portfolios.
- Act as a resource to and collaborate with other members of the 15-person team
- Extensive outreach to existing and prospective investment managers (including travel for manager meetings and conferences). Travel: Estimated 2 trips per quarter, or as needed, including international travel
- Collaborate with legal, tax, actuarial, audit, accounting, corporate planning and nuclear decommissioning professionals within and outside the company
- Network with peers at other corporate plan sponsors and asset owners
- Assets under management: ~$2.4 billion credit strategies out of ~$30 billion total trust assets (pension fund, retiree healthcare portfolios, nuclear decommissioning trusts, and employee saving plan)
- Work within the framework of Constellation’s business policies and procedures, including standards for internal business controls and ethics
- Work Arrangement: Flexible hybrid, with frequent team meetings in Chicago, IL. Specifics will be determined based on the candidate and company policies
Undergraduate degree in Accounting, Finance, Economics or related degree
MBA or CFA or other advanced degree/certification
Minimum 10 years financial experience with demonstrated leadership in a Financial, Investment, Risk, Actuarial and/or Treasury function
Strong knowledge of credit markets, as well as investment principles and capital markets more generally
Experience with manager due diligence, manager selection and portfolio construction
First-hand knowledge of private markets investment strategies and investment structures
Demonstrated ability to analyze investment decisions and impacts on the portfolios
Excellent written and verbal communication skills
Embraces flexibility and willingness to make contributions outside of their core area of focus
Highly organized, motivated, self-starter capable of working independently
Strong team player and collaborator with impeccable ethics and integrity
Experience working for a pension plan sponsor, endowment or foundation, insurance company or other institutional asset owner
Fluent with performance and portfolio management tools such as Caissa or Solovis
Ability to analyze relevant accounting/tax/regulatory policies and determine financial impact on trust funds