Portfolio Manager, Real Estate

About LPPI

Local Pensions Partnership Investments Ltd (LPPI) is a wholly-owned investment subsidiary of Local Pensions Partnership (LPP). LPPI manages £16bn of pension assets for local government pension schemes (LGPS), with full delegation for the selection, monitoring and management of fund managers, and implementation of investment strategy on clients' behalf. Since its launch in April 2016, LPPI has successfully designed and launched a suite of asset class-based investment funds which can be utilized to deliver clients' strategic asset allocations. LPPI's investment professionals are seasoned global investors whose experience span assets classes and investment styles, with deep buy/sell side asset management and capital markets experience.

Role Responsibilities

1. Management of existing portfolio

• LPPI manages assets for three pension fund clients: Berkshire, Lancashire and London Pensions Fund Authority
• The Real Estate portfolio, valued at approximately £1.7 billion, consists of a mixture of directly-owned assets and indirect fund commitments. The directly-owned assets are in the UK and managed in conjunction with Knight Frank Investment Management
• The Real Estate investments comprise a diversified international portfolio, largely of commercial property but including residential and agricultural investments
• The Real Estate portfolio is run as a stable income-producing portfolio with a limited number of property development and refurbishment projects being undertaken at any one time
• Portfolio Manager (PM) will be required to monitor fund commitments as well as assisting with asset management on direct assets
• The PM will be required to take part in the appraisal of new opportunities and the selection of new fund commitments

1. Involvement in real estate pooling and strategy

• LPPI is in the process of transitioning assets currently held on balance sheet into a single real estate pool or fund covering substantially all the portfolio real estate assets
• PM to assist in developing the strategy and its implementation for the aggregate portfolio

1. Oversight on client reporting

• PM will assist on client performance reporting, with focus on customary key performance indicators

1. Monitor and manage the on-balance sheet assets being held for respective LPPI clients. Certain real estate assets, for example, a £150m County of Lancashire direct property portfolio, will continue to be held and managed outside the LPPI pooled property fund

Knowledge & Competence Requirements

The role holder must be able to demonstrate the following knowledge and competence criteria to provide information about investment products, investment services or ancillary services that are available through LPPI:

• Understand the key characteristics, risk and features of those investment products available through the firm, including any general tax implications and costs to be incurred by the client in the context of transactions. Care should be taken when giving information with respect to products characterised by higher levels of complexity.
• Understand the total amount of costs and charges to be incurred by the client in the context of transactions in an investment product, or investment services or ancillary services.
• Understand the characteristics and scope of investment services or ancillary services.
• Understand how financial markets function and how they affect the value and pricing of investment products on which they provide information to clients;
• Understand the impact of economic figures, national/regional/global events on markets and on the value of investment products on which they provide information.
• Understand the difference between past performance and future performance scenarios as well as the limits of predictive forecasting.
• Understand issues relating to market abuse and anti-money laundering.
• Assess data relevant to the investment products on which they provide information to clients such as Key Investor Information Documents, prospectuses, financial statements, or financial data.
• Understand specific market structures for the investment products on which they provide information to clients and, where relevant, their trading venues or the existence of any secondary markets.
• Have a basic knowledge of valuation principles for the type of investment products in relation to which the information is provided.

Person Specification

• Over 10 years of financial services or asset management experience, however we will consider candidates who fall outside of this range if there is a very strong match in other respects.
• Excellent communication skills and ability to explain complex topics to non-technical individuals in writing as well as verbally.
• Good understanding of financial markets, and ideally some experience in one or more of the following areas: Pension funds, asset allocation, investment management, LDI and derivatives;
• Chartered Surveyor, FIA, CFA and/or CAIA encouraged but not required;
• Demonstrated record of academic achievement, work ethic, and leadership;
• Ability to
  work through complex problems and challenges to provide innovative insights;

Reasonable adjustment will be made to working arrangements to accommodate a person with a disability who otherwise would be prevented from undertaking the work.