Portfolio Manager - Alternative Credits

Location
New York City, New York (US)
Salary
Based on Experience
Posted
Apr 10, 2019
Closes
May 10, 2019
Industry Sector
Asset Management
Employment Type
Full Time
Education
Bachelors

APG Asset Management US Inc.

Department:  Fixed Income - Alternative Credits

Title:  Portfolio Manager

Company Description:

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.

Department:

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).

Position

As Portfolio Manager Alternative Credits you will play an important role to achieve our ambitious growth and performance targets. You will specifically contribute to the growth of alternative credit strategies in the US where the selection and monitoring of external managers is key. 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. As such the initial focus will be on restructuring and renegotiating these existing mandates such that it fits the requirements of the Alternative Credits Pool.

Main Responsibilities:

  • In-depth analysis of existing credit-related hedge fund mandates which is translated into detailed investment proposals and recommendations.
  • Restructure and renegotiate existing credit-related hedge fund mandates.
  • Facilitate a smooth transfer (from a legal and operations perspective) of these credit-related hedge fund mandates to the Alternative Credits Pool.
  • Generate ideas for new investment mandates and strategies within Alternative Credits.
  • Establish a network and ongoing dialogue with prospect and existing external fund managers.
  • Negotiate new investment agreements with external managers
  • Act as the primary contact with the external managers for which you have assumed monitoring responsibilities.
  • Liaise with other internal departments on investment proposals, policies, procedures, risk measurement and compliance related issues.

Qualifications:

The Portfolio Manager that we are looking for is an ambitious and self-confident professional who wants to take the next step in his career.

  • 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 5 years of investment experience in (private) US credit markets with relevant experience in external manager selection and monitoring. Knowledge of (fund-to-fund) hedge fund strategies and structures is an advantage.
  • You are performance-driven and results focused;
  • You have a proactive attitude and you take initiative 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.