Portfolio Manager - Asset Allocation
RBC Insurance
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Benefits offered by this job
Job summary
RBC Insurance is seeking an Associate Portfolio Manager - Asset Allocation to support asset allocation and portfolio construction across portfolios backing insurance liabilities and surplus capital. You will work closely with ALM, Actuarial, Finance, Risk, Product, and Pricing to translate liability needs and market views into investment recommendations.
The role emphasizes strong analytical skills, clear communication, and building portfolio analytics and reporting tools using Bloomberg, Excel,
Qualifications
- 5+ years of experience in fixed income, asset allocation, or a related investment role
- Strong understanding of insurance portfolio management, including liability-driven investing
- Strong understanding of interest rate and credit markets, macroeconomic analysis
- Strong analytical and quantitative skills with the ability to translate complex portfolio analysis into clear investment recommendations
- Technical skills including Excel, Bloomberg, Python, SQL, or VBA and ability to build models and improve investment reporting
- Experience preparing investment analysis, portfolio recommendations, and presentation materials for senior stakeholders
- Undergraduate or graduate degree in Finance, Economics, Mathematics, Actuarial Science, or a related discipline
Responsibilities
- Support strategic asset allocation and portfolio construction across liability and surplus portfolios
- Support bottom-up asset allocation reflecting liability needs, pricing considerations, capital requirements, surplus objectives, and market opportunities
- Research and evaluate new and existing asset classes and investment strategies across public and private markets
- Monitor portfolio exposures, risk positions, performance drivers, asset mix, and compliance
- Conduct scenario analysis and stress testing across market, credit, liquidity, capital, and earnings environments
- Partner with Product, Pricing, ALM, Actuarial, and Finance to assess new products through asset sourcing, portfolio construction, and investment assumptions
- Support asset allocation and hedge proposals for group annuity transactions, including materials for deal pricing and risk assessment
- Develop investment assumptions for product pricing, including expected returns, liquidity needs, and capital impacts
- Connect investment strategy, product design, pricing, capital, and business outcomes through clear analysis
- Develop and articulate views on credit, rates, inflation, liquidity, and relative value
- Stay current with insurance industry trends, regulatory and accounting developments, and capital frameworks
- Build, maintain, and enhance portfolio analytics, dashboards, models, and reporting tools using Bloomberg, Excel, Python, SQL, and VBA
- Prepare investment overviews and allocation recommendations for working groups and senior leadership
Skills
Education
Tools
Job description
The Associate Portfolio Manager - Asset Allocation supports asset allocation and portfolio construction across RBC Insurance's portfolios backing insurance liabilities and surplus capital.
What is the opportunity?
The Associate Portfolio Manager - Asset Allocation supports asset allocation and portfolio construction across RBC Insurance's portfolios backing insurance liabilities and surplus capital.
Reporting to the Director, Senior Portfolio Manager - Asset Allocation, this role works closely with ALM, Actuarial, Finance, Risk, Product, and Pricing to translate liability needs, pricing inputs, capital considerations, and market views into portfolio analysis and investment recommendations. It is a highly collaborative role requiring strong analytical skills, investment judgment, and clear communication across technical and non-technical audiences.
- Support strategic asset allocation and portfolio construction across liability and surplus portfolios
- Support bottom-up asset allocation reflecting liability needs, pricing considerations, capital requirements, surplus objectives, and market opportunities
- Research and evaluate new and existing asset classes and investment strategies across public and private markets, assessing each on risk-return, liability fit, capital treatment, liquidity, accounting impact, and implementation feasibility
- Monitor portfolio exposures, risk positions, performance drivers, asset mix, and compliance
- Conduct scenario analysis and stress testing across changing market, credit, liquidity, capital, and earnings environments
- Partner with Product, Pricing, ALM, Actuarial, and Finance to assess new products through asset sourcing, portfolio construction, and investment assumptions
- Support asset allocation and hedge proposals for group annuity transactions, including materials for deal pricing, portfolio implementation, and risk assessment
- Develop investment assumptions for product pricing, including expected returns, liquidity needs, and capital impacts
- Connect investment strategy, product design, pricing, capital, and business outcomes through clear analysis
- Develop and articulate views on credit, interest rates, inflation, liquidity, and relative value, connecting market views to portfolio positioning
- Stay current with insurance industry trends, regulatory and accounting developments, and capital frameworks
- Build, maintain, and enhance portfolio analytics, dashboards, models, and reporting tools using Bloomberg, Excel, Python, SQL, and VBA
- Prepare investment overviews, market commentary, and allocation recommendations for working groups, investment committees, and senior leadership
- 5+ years of experience in fixed income, asset allocation, portfolio construction, or a related investment role
- Strong understanding of insurance portfolio management, including liability-driven investing, capital efficiency, accounting considerations, and earnings risk
- Strong understanding of interest rate and credit markets, macroeconomic analysis, and portfolio risk management
- Strong analytical and quantitative skills, with the ability to translate complex portfolio analysis into clear investment recommendations
- Strong technical skills, including Excel, Bloomberg, Python, SQL, or VBA, with the ability to build models, analyze data, and improve investment reporting
- Ability to support investment assumptions for product pricing and explain how investment strategy connects to product design and business outcomes
- Experience preparing investment analysis, portfolio recommendations, and presentation materials for senior stakeholders or governance forums
- Strong communication, relationship management, problem-solving skills, and attention to detail
- Professional investment designation such as CFA or CAIA, or equivalent institutional investment experience
- Undergraduate or graduate degree in Finance, Economics, Mathematics, Actuarial Science, or a related discipline
- Actuarial credentials such as FSA(Fellow of the Society of Actuaries) or ASA(Associate of the Society of Actuaries)
- Experience with insurance capital frameworks (LICAT), investment policy governance, and accounting impacts
- Strong understanding of portfolio analytics, asset allocation modelling, risk measurement, and scenario analysis
- Experience with BQL, portfolio analytics and risk systems, or building automated investment analytics
Whether it’s developing new skills, opportunities to innovate and grow, modern and comprehensive benefits, or the flexibility to enjoy the moments that matter, at RBC you have everything you need at your fingertips to build your career and life.
- Working with an award-winning team Awards | RBC Diversity & Inclusion
- A comprehensive Total Rewards package that prioritizes your overall wellbeing, including flexible and modern benefits, competitive compensation and stock options
- Work where you belong as part of a supportive, inclusive team and company that celebrate your unique perspectives, background and experience and want you to bring your whole self to work, every day.
- Leaders who are invested in your success and provide opportunities to learn, to grow and to try new things. Develop new skills, sharpen existing ones and explore paths you never knew existed with a host of learning programs and tools designed to support you in every phase of your career.
- An opportunity to have real impact on the lives of our clients and the communities you serve.
- RBCI software tools to boost your productivity
Financial Derivatives, Investment Consulting, Investment Performance Measurement, Investment Risk Management, Investments, Investments Analysis, Long Term Planning, Portfolio Management, Product Services, Risk Control
RBC CENTRE, 155 WELLINGTON ST W:TORONTO
Toronto
Canada
37.5
Full time
INSURANCE
Regular
Salaried
2026-08-24
2026-09-08
Applications will be accepted until 11:59 PM on the day prior to the application deadline date above
The expected pay range for this position is:
$90,000.00 - $140,000.00
The pay range provided is for the primary work location referenced in the Additional Job Details section of this job posting. Pay ranges may differ based on location. If the posting lists multiple job locations, a recruiter can confirm availability of the role and the relevant pay rage for the additional locations listed. RBC supports pay transparency and we strive to ensure all pay ranges are competitive, fair, and equitable.
You have the potential to earn RBC's discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided that business meets its performance targets and you meet your individual goals.
At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.
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