Sr Portfolio Manager, Fixed Income & Liability Management
PRIMARY PURPOSE OF POSITION
The position is solely responsible for identifying, implementing and monitoring all of Constellation’s investment-grade fixed income manager relationships. The position is responsible for investment strategies and portfolio construction for the fixed income assets within the pension fund, retiree healthcare portfolios, nuclear decommissioning trusts, and employee saving plan. The position will also monitor and report on the status of all liabilities (pension and otherwise). The candidate should have a background in fixed income or general investments, complemented by strong analytical and quantitative skills. This position has fiduciary responsibility and performs regulatory compliance for Constellation relative to the fixed income portfolios.
PRIMARY DUTIES AND ACCOUNTABILITIES
1. Responsible for sourcing, diligence, and ongoing monitoring of investment-grade fixed income managers (~$8 billion) across various fixed income sub-asset classes
• Develop, recommend, and implement strategic investment plans, policies and guidelines for fixed income sub-asset classes (e.g., long duration, credit, securitized, STRIPS)
• Source new and monitor existing external manager investments, including quarterly calls and onsite due diligence
• Manage the interest rate overlay (liability-hedging derivatives) program and report on exposures
• Support manager fundings, redemptions, terminations, and fee/legal negotiations
• Prepare investment memoranda and quarterly reports including preparing quantitative analysis, reviewing investment performance, and preparing manager summary reports for senior management
• Prepare educational presentations for the team on specialized fixed income topics
• Own all aspects of the fixed income investment program
2. Responsible for all aspects of liability management
• Work with the actuary to understand the characteristics, drivers and size of the pension and retiree healthcare liabilities. Review actuarial reports and explain the impact on asset management. Run reports from the actuary’s web tool.
• Work with the accounting teams on asset and liability matters
• Evaluate the liability component of nuclear decommissioning trusts and the impact on asset management
3. Provide weekly capital markets updates (macroeconomic, equity, fixed income indicators) for the team. Collaborate with colleagues by providing input in team discussions on overall portfolio priorities, tactical asset allocation decisions, new managers, and other Investment Office policy-related questions. Assist with diligence on an as needed basis with investments in other asset classes. Assist with other team projects as needed.
4. Support Investment Operations team to ensure investments are in compliance with legal, tax, accounting, and other reporting requirements on a timely basis.
5. Support the preparation of regular Corporate Investment Committee materials for fixed income and other topics. Prepare and present on special topics of interest to the Corporate Investment Committee and the Constellation Board of Directors as appropriate.
- Report to the Managing Director of Risk & Liability Management
- Act as a resource to and collaborate with other members of the 15-person team
- Extensive outreach to existing and prospective investment managers (including travel for manager meetings and conferences). Travel: Estimated 1-2 trips per quarter, or as needed
- Collaborate with legal, tax, actuarial, audit, accounting, corporate planning and nuclear decommissioning professionals within and outside the company
- Network with peers at other corporate plan sponsors
- Assets under management: $8 billion fixed income out of $30 billion total trust assets (pension fund, retiree healthcare portfolios, nuclear decommissioning trusts, and employee saving plan)
- Work within the framework of Constellation’s business policies and procedures, including standards for internal business controls and ethics
- Work Arrangement: Flexible hybrid, with frequent team meetings in Chicago, IL. Specifics will be determined based on the candidate and company policies
Undergraduate degree in Accounting, Finance, Economics or related degree
MBA or CFA or other advanced degree/certification
Minimum 10 years financial experience with demonstrated leadership in a Financial, Investment, Risk, Actuarial and/or Treasury function
Strong knowledge of fixed income markets, as well as investment principles and capital markets more generally
Experience with manager due diligence, manager selection and portfolio construction
Demonstrated ability to analyze investment decisions and impacts on the portfolios
Excellent written and verbal communication skills
Embraces flexibility and willingness to make contributions outside of their core area of focus
Highly organized, motivated, self-starter capable of working independently
Strong team player and collaborator with impeccable ethics and integrity
Experience working for a pension plan sponsor, endowment or foundation, insurance company or other institutional asset owner
Fluent with risk-management tools such as BlackRock Aladdin (or similar tools from other providers)
Experience with manager performance tools such as eVestment Alliance or custody banks’ client tools
Ability to analyze relevant accounting/tax/regulatory policies and determine financial impact on trust funds