Senior Portfolio Manager
Make an impact at a global dynamic investment organization
When you invest in your career at CPPIB, you become part of one of the fastest growing institutional investors in the world, with current assets under management valued in excess of $190 billion. Guided by our purpose to invest on behalf of 18 million contributors and beneficiaries of the Canada Pension Plan, we are independent, accountable and focused on performance.
At CPPIB, you can look forward to:
- Working with world-class talent with diverse backgrounds and deep experience.
- A team-oriented approach that recognizes high performance and values integrity.
- Global career development opportunities with offices in Toronto, London and Hong Kong and future offices in New York and São Paulo.
- Building a diverse, actively managed investment portfolio with a long-term approach.
If you share our sense of purpose, here’s an opportunity for you to invest your career at CPPIB.
Position Description
The Global Tactical Asset Allocation (GTAA) group profits from identifying macro opportunities between and across fixed income, currency, commodity, and equity markets. It does so by taking long and short positions in global markets based on the integration of both quantitative and discretionary macro investment approaches. The GTAA group inherits a number of key strategic advantages from being part of CPPIB. In particular, it benefits from a long-term investment horizon, a secure asset base, and a large pool of capital. That means the GTAA team can focus on global investment strategies without the constraints of short-term performance, or raising and retaining capital.
The current GTAA portfolio consists of a core portfolio focused primarily on value factors in the fixed income, equity, currency and commodity asset classes, augmented by asset class specific satellite portfolios focused on implementing factors to diversify these core holdings. There are currently six such satellite portfolios, five of which take market neutral positions within certain specific asset classes, including Developed Market FX, Emerging Market FX, Fixed Income, Global Equities and Commodities. A sixth group, Tactical Asset Allocation (“TAA”), explicitly takes market exposures to these global asset classes, based on valuation or other market forecasting metrics. Portfolio Construction and Portfolio Engineering teams within GTAA support these initiatives.
We are presently recruiting for a Senior Portfolio Manager to manage a new initiative within the group, that of developing a satellite portfolio to take positions on volatility both outright and on a cross-sectional basis between various asset classes. The position will lead the research, development and implementation of factors or strategies to express such views. The ideal candidate will have a good quantitative and macro background, as well as portfolio management experience.
Role Specific Accountabilities:
Develop and lead a cutting-edge team of 1-3 individuals to take views on asset volatility. Take responsibility for the research, development, construction, and efficient implementation of such a volatility based portfolio, incorporating insights as to the estimation of volatility across the equity, fixed income (including credit), currency and commodity asset classes. Specifically:
- Lead the research effort to identify quantitative explanatory factors for global asset volatility markets, including fixed income, equity indices, currencies and commodities. Ideally such factors would have strong prior grounds for explanatory power.
- Translate the identified explanatory factors into views on tradable derivative securities with embedded volatility exposure, with a view to minimizing the information loss in the translation.
- Work with the Portfolio Construction team within GTAA to understand the inter-relationship between the explanatory factors, and the latent factors which underlie their performance, with a view to assembling an efficient portfolio of such explanatory factors.
- Work with the traders on the Global Capital Markets team to implement the volatility portfolio in an efficient fashion.
- Monitor the portfolio for new or evolving trends that may affect its realized performance. Identify possible out of model risks and recommend discretionary courses of action to mitigate these risks in a timely manner.
- Report on performance of the portfolio both at the GTAA and Public Market Investments (“PMI”) level.
- Maintain a thorough grasp of current market conditions and the economic outlook.
- Maintain and reinforce a strong culture based on partnership, high performance, humility and integrity.
Position Requirements
- Masters degree or higher in Finance, Economics, Statistics or other quantitative field.
- Minimum 10 years of relevant experience, preferably with some direct portfolio management experience.
- Successful track record in conducting a volatility trading or similar investment program.
- Demonstrated track record in leading a team and executing ambitious business plans.
- Solid knowledge of risk, macroeconomics, trading, and portfolio theory.
- Detail-oriented with ability to produce creative and realistic ideas.
- Good communication and listening skills.
- Proven record of developing and mentoring junior team members.
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We thank all applicants for their interest but will only contact candidates selected to advance in the hiring process.
At CPP Investment Board, we are committed to diversity and equitable access to employment opportunities based on ability.
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