Associate – Fundamental Research (Health Care) recruitment

The CPP Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. For more information about the CPP Investment Board, please visit www.cppib.ca.

Role Summary

The Associate in the Fundamental Research team within the Global Corporate Securities (GCS) group with the CPP Investment Board is accountable for uncovering alpha-generating investment opportunities worldwide. As part of this process, he/she will be expected to develop a clear understanding of the competitive dynamics driving the global health care industry and the cash flow drivers for individual companies. He/she will then be expected to value the public equity of selected companies using discounted cash flow (DCF) methods, quantify the risk-reward profile for those securities using available data, and make clear recommendations to initiate investment positions in a global health care long/short equity portfolio. The Associate will be expected to stay up to date on all relevant developments at the industry and company level and communicate material changes with the team.

In addition, the Associate will be expected to play an active role in the functioning of the Health Care team and GCS as a whole, and will also be expected to share his/her sector knowledge and expertise both within GCS and with other investment departments within the fund when needed.

Role-Specific Accountabilities

• Conduct comprehensive research, review and analysis of the relevant industry and its participants, as well as macro issues having a bearing on these entities

• Build comprehensive industry models and company valuation models, and write comprehensive industry and company notes and recommendations

• Develop and maintain new information sources (proprietary and other) and make effective use of publicly available sources of data and information

• Design and implement analytical methodologies to quantify risk-reward using financial and clinical data

• Conduct meetings with external company management teams with a view to gaining a better understanding of all relevant issues affecting the industry and its participants

• Write comprehensive company analyses and long/short recommendations; and present (or assist in presenting) them to other members of the group

• Develop and maintain relationships with other teams within the fund to facilitate the cross-departmental flow of industry knowledge and investment ideas

• Attend industry conferences as needed in order to gain a better understanding of trends within the industry

• Other tasks as required

Skills/Knowledge/Competencies/Capabilities

• Strong academic record required; university education in medical, biomedical, financial, and/or mathematical disciplines preferred

• A minimum of 4 years of postgraduate work experience preferred, preferably in health care

• Equity long/short experience preferred, and a proven track record of generating alpha in a global health care long/short strategy will be considered a strong asset

• CFA designation would be considered a strong asset

• Strong research, financial modeling and valuation skills are required

• Strong leadership and teamwork skills, ability to thrive in an evolving high-performance organization and consistently act with a high degree of integrity and professionalism

• Highly effective communication and presentation skills – both verbal and written

• Well-developed time management and organization skills

• Takes initiative and thinks creatively in researching, analyzing, and implementing investment strategies with moderate supervision

• Openness to new challenges, ideas, approaches and environments