Sr. Portfolio Manager - Alternative Credits
APG Asset Management US Inc.
Department: Fixed Income - Alternative Credits
Title: Senior Portfolio Manager
APG Asset Management is an international asset manager that organizes the pensions for 4.5million people in the Netherlands on behalf of several pension funds. With about $530 billion (March 2019) of total assets under management APG Asset Management is one of the largest fiduciary pension fund asset managers in the world. We leverage all our experience, expertise and innovative power to invest the pension assets of our clients and their participants cost effectively. With about 700 highly qualified professionals working from offices in the Netherlands, New York and Hong Kong we contribute to a quality, affordable pension by achieving a stable, sustainable long-term return with responsible risks. For APG Asset Management, innovation and personal development are the way to keep a leading edge in pension asset management.
APG Asset Management US Inc. is the subsidiary of APG Asset Management and manages fixed income, infrastructure, real estate, (private) equity investments, and hedge fund investments. The US Fixed Income team currently manages about $38billion of fixed income investments (including investment-grade credit, high yield credit, banks loans and asset-backed securities) and comprises 20 professionals who work closely together with their European counterparts as part of a global team.
Alternative Credits is a relatively new strategy within the Fixed Income department that focuses on private debt strategies offering superior risk-adjusted returns that should compensate for the increased illiquidity and complexity. The majority of these strategies are managed by external investment managers which have been carefully selected and monitored by the Alternative Credits team. Alternative Credits is one of the anchors in the APG AM 2020 strategy that supports the ambition to be a long-term investor aiming at the highest 5-year (net) return given the selected risk profile and client targets. As such, the Alternative Credits strategy is expected to growth significantly in the coming years.
Based in New York you will be part of the Alternative Credits team (5 investment professionals based in the Netherlands) that currently manages ~EUR3bn of alternative credit (private debt) strategies across 5-10 different (external) investment mandates. The goal is to grow the size of the Alternative Credits portfolio to ~EUR6bn in 2021 across 10-20 different (external) investment mandates while maintaining the excellent long-term performance track record. The aim is to provide our clients access to a well-diversified portfolio across the following sub strategy segments: 1) Specialty Finance, 2) Private Corporate Credit, 3) Private Structured Credit, 4) Direct Lending, 5) Non-performing loans, 6) Distressed debt & Special situations, and 7) Alternative credit alpha (hedge fund-like).
As Senior Portfolio Manager Alternative Credits you will play an important role to achieve our ambitious growth and performance targets. You work closely together with the Head of Alternative Credits to execute the business plan and the future strategy of the Alternative Credits platform. You will be specifically responsible for the growth of alternative credit strategies in the US and, as such, you take the lead in constructing the US portfolio where the selection and monitoring of external managers is key. You will be responsible for day-to-day portfolio management and coordinate all (internal and external) issues related to US Alternative Credits.
During the initial (development) phase a number (~10) of existing credit-related hedge fund mandates will be transferred from the Hedge Funds Pool to the Alternative Credits Pool where you will play a coordinating role.
- Take the lead in the further development of US Alternative Credits in close cooperation with the Head of Alternative Credits.
- Work closely together with the US Fixed Income team where you specifically contribute with market intelligence and views on developments in US private credit markets.
- Take the lead in generating investment ideas for new strategies/mandates in Alternative Credits.
- Establish a network and ongoing dialogue with prospect and existing external fund managers.
- Act as the primary contact with the external fund managers for which you have assumed monitoring responsibilities.
- Perform in-depth analysis of investment opportunities and provide high-quality and detailed investment proposals that need to be presented to various investment committees within APG Asset Management;
- Coordinate the transfer of credit-related hedge fund mandates to the Alternative Credits Pool.
- Formulate and improve investment processes specifically with respect to external manager selection and monitoring.
- Liaise with other internal departments on investment proposals, policies, procedures, risk measurement and compliance related issues.
The Senior Portfolio Manager that we are looking for is an ambitious and self-confident professional who is able to fulfil a key role at a senior level.
- You have a university degree (BA/BS) in either finance, economics, or econometrics. A postgraduate degree (like MBA or CFA) is preferred;
- You have at least 10 years of experience in (private) US credit markets with relevant experience in external manager selection and monitoring. Detailed knowledge and experience in US Structured Credit is an advantage.
- You are performance-driven and results focused;
- You have a proactive attitude and you take the lead in the further development of the Alternative Credits platform;
- You have strong analytical/quantitative skills and you take self-initiative to continuously improve existing portfolio management processes and tools;
- You act as a liaison with our external managers and, as such, you have strong communication skills, both in writing and verbally;
- You are a strong team player who interacts easily and constructive with colleagues in a global working environment;
- Proficiency in Microsoft Excel, VBA macros, and Bloomberg;
APG Asset Management US Inc. (APG) is an equal opportunity employer and does not discriminate against otherwise qualified applicants on the basis of race, color, creed, religion, ancestry, age, sex, gender identity, gender expression, marital status, national origin, disability or handicap, veteran status, sexual orientation or any other classification protected by applicable law.