ABS Portfolio Manager

Universities Superannuation Scheme (Ltd); Greater London; On-site; GBP 120,000 - 180,000; Full time

Benefits offered by this job

Annual leave

Pension

People policies

Development support

Private healthcare

Learning and development

Volunteer days

Cycle to work

Job summary

Universities Superannuation Scheme (USS) in London seeks an ABS Portfolio Manager to lead construction and management of strategies for directly investing in publicly listed ABS, CLO and SRT securities, and private ABS.

You will work with the Private Credit team, translate objectives into portfolio decisions, strengthen governance, and drive improvements in processes, data and controls while building relationships across markets.

Qualifications

• Track record in portfolio management including construction, risk allocation and outcomes.
• Experience trading ABS or structured-credit securities, including liquidity assessment and execution.
• Understanding CLO documentation, collateral structures and note performance.
• Knowledge of European ABS asset classes and regulatory framework.
• Proficiency with investment technology and analytics tools (Excel, Intex, Bloomberg).

Responsibilities

• Lead portfolio construction and implementation to maximise risk-adjusted value.
• Achieve best execution across investments.
• Support ABS analysts and refine investment views.
• Improve investment processes and ensure compliance with mandates and controls.
• Develop relationships with sell-side desks, issuers and market participants.
• Collaborate with Fixed Income, ISA and PMG teams.

Skills

Portfolio management

ABS/structured credit trading

Regulatory knowledge

Investment analysis

Leadership and collaboration

Team collaboration

Communication to stakeholders

Tools

Excel

Intex

Bloomberg

AI

Job description

Business Area: Fixed Income, Treasury and Trading

Place of Work: London

Contract Type: Permanent

When you join USS, the size and scale of our pension scheme means you will have numerous opportunities to learn, develop and progress your career. Given our size, you’ll have real autonomy and influence as you collaborate closely with a wide-ranging team of experts.

About the role

As an ABS Portfolio Manager, you will make a meaningful and valued contribution from the outset. Reporting to the Head of ABS, you will take responsibility for the construction, management and implementation of USSIM’s strategy for direct investment in publicly listed ABS, CLO and SRT securities, as well as private ABS.

You will work closely with the Private Credit team to originate and support joint opportunities and initiatives, while further strengthening collaboration between the teams.

You will translate the Scheme’s investment objectives, liquidity requirements and evolving risk appetite into portfolio strategy and investment decisions that seek to deliver attractive risk-adjusted returns and long-term value for members. You will contribute directly to the development of the ABS strategy, investment universe, governance framework and operating model.

In partnership with the wider ABS team, you will lead the continuous improvement of investment processes, data, technology and controls, ensuring that the team remains effective as markets, regulation and USS’s investment requirements evolve.

You will build influential internal and external relationships, represent USS appropriately in the market and, when required, deputise for the Head of Asset Backed Securities on investment, portfolio and technical matters.

You will also support the long-term capability and resilience of the ABS team through collaboration, coaching and the development of colleagues and, where assigned, undertake formal people-management responsibilities.

What you will be doing

As a trusted member of the Fixed Income, Treasury and Trading team, you will be responsible for:

Delivering results

• Lead portfolio construction and implementation to maximise risk-adjusted value across the eligible investment universe.
• Achieve and demonstrate best execution.
• Undertake fundamental credit analysis and work collaboratively with ABS analysts to develop, constructively challenge and refine investment views across new and existing investments. You will also provide support on material credit developments and emerging risks.
• Drive continuous improvement of the investment process and maintain a comprehensive understanding of all investment mandate constraints, controls and relevant regulations.
• Operate effectively within USS’s governance, risk and control framework.
• Resolve operational queries relating to ABS mandates and coordinate closely with Operations and Middle Office teams.

Managing resources

• Source investment opportunities and leverage external relationships for the benefit of the Scheme.
• Support the recruitment, development and mentoring of ABS team members.

Managing relationships

• Develop strong relationships with key sell-side trading desks, syndicates and research teams, securitisation issuers, CLO managers and other market participants.
• Build relationships with key peers across Fixed Income, Financial Risk, Investment Strategy & Advice (ISA) and Private Markets Group (PMG).
• Collaborate across teams and share expertise to maximise the benefit to USSIM.

Managing processes and future focus

• Contribute to the development and execution of the ABS investment strategy, including portfolio positioning, sector allocation and process enhancement.
• Drive ongoing collaboration with the Private Credit team on relevant investments and develop opportunities for closer partnership across public and private credit activities.

SM&CR

• Ensure continued compliance with the FCA’s requirements relating to Fitness and Propriety.

About you

We know that sometimes people can be put off applying for a role if they do not tick every box. If you are excited about working for us and have most of the skills or experience we are looking for, we encourage you to apply, regardless of whether you meet every requirement outlined in this profile.

To be successful in this role, you will have:

• A demonstrable track record in portfolio management, including accountability for portfolio construction, security selection, risk allocation and investment outcomes.
• Experience trading ABS or structured-credit securities, including liquidity assessment, execution strategy and best-execution requirements.
• A thorough understanding of CLO documentation, leveraged loans, CLO managers and portfolio assessment, including the interaction between collateral, structural protections and note performance.
• Deep knowledge of the structures, collateral characteristics, documentation, cash-flow dynamics and risk drivers of core European ABS asset classes.
• An understanding of the regulatory framework applicable to USS’s ABS investments, including the UK Securitisation Rules.
• Proficiency in investment technology and analytical tools, including AI, Excel, Intex and Bloomberg.
• A demonstrated ability to lead, influence and collaborate effectively within a team.
• Strong investment judgement, combined with excellent attention to detail.
• The ability to communicate complex investment and technical concepts clearly to senior stakeholders.

At USS, every individual contributes to building a secure financial future for our members and their families. We strive to create a work environment where everyone can thrive professionally while making a meaningful impact on the lives of others. We're also committed to helping you build your career by providing opportunities for development. We put a focus on recognising and supporting each individual's unique career path, driving this forward with the support of an engaged and proactive management team. Here at USS, we want you to thrive in and out of work with a friendly team, flexible culture and excellent range of benefits!

How we will reward you

• Generous annual leave package
• Access to a high quality pension scheme provided through Universities Superannuation Scheme
• Supportive people policies (including enhanced occupational sickness pay and family friendly pay)
• Financial contributions towards your personal development to help you maintain your physical and mental wellbeing
• Access to a range of health and wellbeing services i.e., private healthcare, discounted gym membership
• Learning and development opportunities to develop your skills, knowledge and talent
• Employee Volunteer Day’s to support the communities where you work and live
• Cycle to Work Scheme

Our culture and values

• Integrity

About us

Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and other higher education institutions in the UK. We work with around 330 employers to help build a secure financial future for almost 599,000 members and their families. We are one of the largest private defined benefit pension schemes in the UK, with total assets of around £84 billion (at March 2026). To find out more, please visit https://www.uss.co.uk

USSIM is proud to be an equal opportunity employer. We strive to ensure our recruitment process is as flexible and inclusive as possible so we can attract diverse candidates and recruit the best talent. We want all candidates to perform at their best during the recruitment process, so if you need any reasonable adjustments or if there is anything we can do to help support you through your recruitment journey please let us know by contacting [e-mail].