Investment Manager TAA and Sovereigns

Legal And General Group; Greater London; On-site; GBP 70,000 - 90,000; Full time

Benefits offered by this job

Annual performance-related bonus

Generous pension contribution

Life assurance

Healthcare Plan

At least 25 days holiday

Electric car scheme

Discounts on products

Job summary

A leading financial services group in Greater London is seeking an experienced Investment Manager - TAA and Sovereigns to oversee sovereign investments and contribute to Tactical Asset Allocation. The ideal candidate will have strong quantitative skills, a background in sovereign bonds, and experience in managing interest rate derivatives. The role also involves collaboration with stakeholders to enhance investment strategies. This position offers competitive benefits, including a performance-related bonus and generous pension contributions.

Qualifications

• Strong quantitative skills demonstrated through a quantitative degree, postgraduate qualification or equivalent experience.
• Deep understanding of sovereign bonds, interest rate derivatives and risk analysis, ideally within an insurance ALM environment.
• Experience managing or overseeing sovereign bond investments and interest rate derivatives.

Responsibilities

• Leading oversight of the sovereigns mandate and defining risk appetites.
• Contributing to the development of Tactical Asset Allocation.
• Building relationships and collaborating with key stakeholders.

Skills

Strong quantitative skills

Deep understanding of sovereign bonds

Risk analysis

Portfolio analysis

Stakeholder-management

Education

Quantitative degree or equivalent experience

Job description

Company Description

Legal & General (L&G) is a leading UK financial services group and major global investor.

We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders.

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income.

L&G Institutional Retirement looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement business is the UK’s longest-serving active bulk annuity provider.

Who we are

Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated £86.1 billion at 31 December 2023.

Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us.

Job Description

We’re currently recruiting for an Investment Manager - TAA and Sovereigns to join our Institutional Retirement Investments team at L&G.

The Tactical Asset Allocation (TAA), Sovereigns and Portfolio Oversight team has responsibility for monitoring, steering and overseeing exposures and flows across asset classes in the matching portfolio, including cross-asset trading and associated portfolio optimisation opportunities. For sovereign bonds and related interest rate products, this responsibility extends to oversight of the investment mandate.

This role has a primary responsibility of sovereigns investments oversight and is also expected to contribute to TAA activities. The role holder will develop expertise in the sovereigns investment strategy and how this contributes to the overall portfolio. They will be expected to lead oversight of the mandate, defining risk appetites and developing strategic initiatives to support Institutional Retirement’s investments in this asset class.

What you’ll be doing:

• Leading oversight of the sovereigns mandate, defining risk appetites and objectives, assessing performance and driving initiatives to enhance the investment framework, processes, opportunity set and portfolio diversification.
• Contributing to the development of Tactical Asset Allocation, cross-asset trading activities and associated portfolio management opportunities, assessing relative value across asset classes and proposing optimisation opportunities.
• Monitoring exposures within sovereign portfolios and providing challenge and guidance to portfolio managers based on risk appetites, market developments, portfolio changes, trade execution and liquidity considerations.
• Creating and maintaining key risk and performance metrics and tools to assess the sovereigns portfolio.
• Building relationships and collaborating with key stakeholders, including Institutional Retirement Investments ALM teams and Asset Management as investment managers for sovereign exposures and related derivatives.
• Drafting and presenting governance papers and engaging with stakeholders across the group to support sovereigns portfolio management and TAA activities.
• Collaborating with ALM, Asset Management, Investment Operations, Investment Strategy and Finance to improve portfolio analytics and availability of timely MI to support portfolio management and tactical optimisation.
• Operating within mandates and risk limits and embedding Conduct Risk and Consumer Duty principles to ensure strong customer outcomes.

Qualifications

Who we’re looking for:

• Strong quantitative skills demonstrated through a quantitative degree, postgraduate qualification or equivalent experience (CFA or equivalent preferred).
• Deep understanding of sovereign bonds, interest rate derivatives and risk analysis, ideally within an insurance ALM environment.
• Knowledge of insurance balance sheet management, regulatory frameworks and capital and profit reporting regimes (desirable).
• Experience managing or overseeing sovereign bond investments and interest rate derivatives, with a track record of contributing to asset allocation or portfolio management decisions.
• Familiarity with portfolio analysis, portfolio management and asset allocation concepts.
• Experience working within an insurance or liability- driven investment context and exposure to governance and risk management processes.
• Strong communication and stakeholder-management skills with the ability to collaborate effectively across teams.
• A leadership mindset demonstrated through mentoring, knowledge sharing and supporting collaborative team development.

Benefits

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes.
• Generous pension contribution.
• Life assurance.
• Healthcare Plan (permanent employees only).
• At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday.
• Competitive family leave.
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice (permanent employees only).
• There are the many discounts we offer – both for our own products and at a range of high street stores and online.
• We’re creating net-zero carbon workplaces by 2030 by investing in our sustainable, modern offices across the UK, all designed to bring people together and elevate the in-person experience.

Additional Information

At L&G, we believe it's possible to generate positive returns today while helping to build a better future for all.

If you join us, you’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time, term-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can.

It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.