Manager, Private Market Investments
BUSINESS UNIT DESCRIPTION
Treasury supports the effective operation of the bank. Within Treasury the Pension Investment Management (PIM) business has a mandate to sustainably manage the bank’s defined pension plans through an active and comprehensive investment management program.
The PIM group is led by a Chief Investment Officer (CIO) who oversees the bank’s complex and market leading PIM function, with approx. $8BN of assets under management, in a bespoke manner to meet a unique set of objectives.
A key component of PIM’s strategy is to earn superior risk-adjusted returns through an extensive private markets program. This program is led by the Head of Private Markets. Under their guidance the program has grown considerably over the past few years. Commitments total around $1BN to date and are diversified across multiple asset classes, risk strategies, and geographies. The program will continue to grow in size for the foreseeable future.
Beyond the private markets program PIM also operate an extensive public markets portfolio that includes equities, fixed income and derivatives for both growth and hedging purposes.
At this time PIM are seeking a Manager to support the Head of Private Markets with the continued build out of the private markets program.
The Manager for Private Markets will be accountable to the Head of Private Markets, and will also have the opportunity to support the CIO at a total portfolio level.
Under the supervision of the Head of Private Markets, the Manager will contribute towards the development of a comprehensive private markets program that includes infrastructure, real estate, private debt and private equity investments. This will include the identification, selection, evaluation, monitoring and assessment of private market investments as well as research and input into the strategic evolution of the program.
- Sourcing and Due Diligence – Supports the Head of Private Markets in the identification, analysis, business due diligence, recommendation, and documentation of private market investments within policy guidelines.
- Oversight – Monitors the private asset program through monthly/quarterly reports and contact with General Partners. Prepares and presents reports to the Head of Private Markets and CIO that provide comparative analysis of the performance of the private market assets in both relative and strategic terms.
- Operations – Liaises with third parties and the bank’s controller function to facilitate cash management, capital calls, distributions and accounting entries. This includes the management of accounts and maintenance of the private market program’s systems.
- Private Markets Research & Industry Trends - Under the guidance of the Head of Private Markets, undertakes research to summarize current industry trends and opportunities that may have value in the strategic evolution, or tactical construction, of the private markets program.
- Risk Management – Works with the CIO, Head of Private Markets, and other team members to provide input into the assessment of risk from private market asset classes. Monitors private market portfolios to ensure they meet investment objectives within defined strategy parameter constraints.
- Total Portfolio Management – Supports, as required, work related to the overarching investment strategy and portfolio management of the bank’s defined benefit pension plans from both a qualitative and quantitative perspective.
KNOWLEDGE AND SKILLS
- Undergraduate degree in business, economics, finance or a related subject are prerequisites. A MBA, CPA, CFA,CBV or actuarial designation is considered an asset.
- Two – five years of experience investing in at least one of the private market asset classes, investment banking or other related experience. Knowledge of institutional investment management principles and practices.
- Strong financial modelling, analytical and valuation skills.
- Appreciate the requirements in acting as a fiduciary in a pension plan, including the need to utilize consistent, well- documented processes to support investment decision-making, and that all investment decisions are in compliance with statutory and investment policy requirements.
- Ability to succinctly communicate complex principles and strategies in a relevant manner is essential.
- Demonstrate the highest degree of personal and professional integrity and the ability to foster creativity and teamwork.
- Curious entrepreneurial attitude with high attention to detail.