Quantitative Portfolio Manager

PIC; London; On-site; GBP 55,000 - 85,000; Full time

Job summary

Pension Insurance Corporation (PIC) is seeking a Quantitative Portfolio Manager to join their ALM Securities & Derivatives department. This pivotal role involves developing key models and collaborating with various teams to enhance PIC’s investment strategies and manage risks effectively. Ideal candidates will have a degree in a quantitative field and strong experience in financial modelling.

Benefits

Private medical insurance

28 days' annual leave, excluding bank holidays

Generous pension scheme

Performance-related bonus plan

Qualifications

• Strong experience delivering complex modelling tasks.
• Good understanding of fixed income products and derivatives.
• Familiarity with API usage and integration.

Responsibilities

• Design and maintain quantitative models for asset and liability management.
• Lead enhancement of pricing and implementation optimisation models.
• Collaborate with investment teams to improve portfolio outcomes.

Skills

Python

MATLAB

Problem-solving

Education

Degree in quantitative discipline

PhD, FIA, or CFA

Tools

SQL

Job description

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

PIC has a fantastic opportunity for a Quantitative Portfolio Manager to join its ALM Securities & Derivatives department. In this role, you will be responsiblefor designing, developing and maintaining key models within the ALM Team which inform asset selection.The role will further involve working closely with other teams across the ALM Securities & Derivatives department to risk manage the business, drive transactions and identify market opportunities. It will also involve applying knowledge and insights concerning the Asset Liability Management of the Investment Portfolio and how this impacts our policyholders.

The ALM Securities & Derivatives department is at the core of PIC’s business and generates value through the management and optimisation of assets versus liabilities. Seeking to optimise PIC’s investment strategy in line with the firm’s risk appetite, it is comprised of individuals with varied investment backgrounds (Portfolio Managers, Quants and Actuaries).

Specific accountabilities assigned to the role of Quantitative Portfolio Manager:

• Responsible for the design, enhancement and maintenance of advanced quantitative models and systems to support the generation of value through management and optimisation of assets and liabilities.
• Lead the enhancement of bulk annuity pricing and implementation optimisation models, improving functionality and algorithms to support efficient portfolio construction and maximise implementation performance.
• Take ownership of key modelling initiatives, working independently and guiding junior team members in the development of tools and methodologies for portfolio construction, asset selection and risk monitoring.
• Collaborate actively with the ALM team and wider investment team, contributing to strategic analysis and identifying opportunities to improve balance sheet metrics and portfolio outcomes.
• Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills across the Investments Team.
• Keeps informed of industry trends, market developments and regulatory changes in the public and private sectors, as well as best practices related to SII by attending industry seminars, reading and sharing relevant published articles.

Experience:

• Qualification: Degree in a quantitative discipline such as mathematics, physics, engineering. Advanced qualifications such as a PhD, FIA, or CFA are advantageous but not essential.
• Quant Experience: Strong experience independently delivering complex modelling and analytical tasks with clear business impact.
• Front-Office Experience: Proven ability to operate in a fast-paced investment environment, translating quantitative insights into actionable decisions and meet tight deadlines.

Knowledge:

• Financial Product Knowledge: Good understanding of fixed income products, derivatives, and familiarity with LDI strategies.
• Strong Financial modelling: Derivative modelling, especially LPI
• Regulatory Insight: Solid understanding of Defined Benefit pension schemes and Solvency II.
• Technical Awareness: Familiarity with API usage, SQL, and integration with modelling infrastructure.

Skills:

• Proficiency in Python and/or MATLAB, with experience developing and maintaining quantitative models.
• Solid problem-solving skills and the ability to work with complex financial datasets.
• Ability to conceptualise complex problems, influence stakeholders, and clearly convey ideas across technical and non-technical teams.
• Ability to prioritise effectively, coordinate tasks, and ensure timely delivery of high-quality results.

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills using consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.
• Collaborative Working Style

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.