Manager, Risk and Portfolio Strategy
Manager, Risk & Portfolio Strategy
The UAW Retiree Medical Benefits Trust is the largest non-governmental purchaser of retiree health care in the United States. The Trust administers health care benefits for around 680,000 UAW retirees and dependents from GM, Ford and Chrysler. To support ongoing payments, The Trust manages a diversified portfolio of over $56 billion across equity, fixed income and alternative asset classes.
The Trust seeks to recruit an experienced investment professional to serve as Manager, Risk & Portfolio Strategy. Reporting to the Senior Managing Director, Risk & Portfolio Strategy, the Manager conducts research and analysis to enhance the investment performance and risk management of the Trust portfolio. The Risk & Portfolio Strategy team firstly contributes to investment decisions from a top-down perspective and with a total portfolio view. The total portfolio of $56 billion spans investments in traditional global equities and bonds; derivatives overlays in equities, bonds, and FX; hedge funds and liquid alternatives; private equity and real assets including private real estate; and private and public credit.
The ideal candidate will have a strong background in asset allocation, portfolio strategy, and investment risk management complemented by deep and broad quantitative skills. Experience with an endowment, foundation, pension, or other multi-asset-class institutional investor is helpful.
ESSENTIAL DUTIES AND RESPONSIBILITIES
- As part of the Risk & Portfolio Strategy team, develops and applies structured frameworks to assess investment risk and inform investment decisions. Develops and produces portfolio analytics and customized reporting in support thereof. Makes use of various analytical frameworks and software (ranging from tools like Microsoft Excel to Blackrock Aladdin to programming languages like MATLAB, R, or Python) in order to achieve these goals.
- Contributes to position-sizing decisions and other portfolio construction decisions.
- Assesses aggregate levels of risk and chief drivers thereof, emphasizing a forward-looking perspective on risk and distinctions between alpha and beta. Applies various lenses to portfolio risk attribution, including parallel risk and return attribution analytics, both absolute and relative to policy.
- Evaluates market risk with emphasis on multi-asset class total portfolio risk. Key market risk assessments include market stress tests, risk factor sensitivities, and VaR-like stochastic measures.
- Assesses liquidity risk through multi-horizon total portfolio liquidity risk analyses, including long-horizon joint liquidity and market stress case simulation
- Contributes to asset-liability studies and specification of the Trust’s strategic asset allocation with the goal of improving the Trust’s ability to pay the greatest amount of benefits for the longest period of time. Includes construction and interpretation of related Monte Carlo simulations.
- Monitors the macroeconomic environment and help to assess implications for relevant asset classes and the total portfolio.
- Works closely with the rest of the investment team to influence investment manager decisions towards overall portfolio objectives. This includes evaluation of total portfolio allocation/exposure impacts of proposed new investments and implications for sizing and funding source decisions. This also includes risk/reward analysis of specific investment proposals and assessments of external-manager-specific risks and value-add.
- Works collaboratively with colleagues: investment, operations, and support professionals. Participates in team research projects, presentations, and ad hoc analysis across all asset classes. Sample areas of research might include derivatives, leverage, hedging, benchmarking, risk tolerance, investment objectives, and long-term expected returns.
- Conducts quantitative research projects to inform portfolio strategy decisions.
PROFESSIONAL EXPERIENCE, QUALIFICATIONS, AND EDUCATION
- A Bachelor’s degree in finance, accounting, economics, or another analytical/quantitative discipline such as mathematics, statistics, engineering, or sciences is preferred. Advanced degrees in these fields are desired. CFA, PRM, FRM, and other professional designations relevant to the role are valued.
- At least 5 years of total work experience in the financial services industry.
- General knowledge of risk management principles and practices; familiarity with risk management systems and reporting tools (e.g. Blackrock Aladdin Risk, MSCI Barra Integrated Model).
- Broad understanding of strategic and tactical asset allocation and common methods of implementation.
- Strong background performing quantitative research and analysis. Prior experience and proficiency with statistical programming languages (e.g. MATLAB, R, Python) is a plus.
- Experience with an endowment, foundation, pension, or other institutional investor is helpful.
OTHER PROFESSIONAL ATTRIBUTES
- Highly self-motivated and intellectually curious.
- Attention to detail is a strength. Known for exceptional thoroughness and analytical rigor. Disciplined and conscientious about delivering the highest standards of quality.
- Independent thinker.
- Evidence-based decision-maker. Carefully considers all available information and makes decisions based on strong factual evidence.
- Creative problem solver. Brings a high level of energy, creativity, foresight, and pragmatism to this role and team. Effectively plans, initiates, and executes complex research and analysis.
- Good team-player. Reliable and trustworthy teammate. Effective collaborator who will work well as part of this small and collaborative team. Good listener who can quickly understand and absorb different views and opinions. Takes the advice of others and assimilates it in a positive manner to facilitate optimal investment and operational solutions.
- Adaptable. Personally and professionally flexible, able to know when to stand firm and when to acquiesce. Capable of navigating rapidly changing circumstances with calmness and effectiveness.
- High integrity. Fair and respectful to others. Consistently exhibits high standards of conduct in professional and personal life, which will reflect favorably on the Trust and its reputation.
- Strong communicator, verbal and written. Effective at communicating complex concepts to varied audiences.
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