Treasury & Cash Management Manager

Northern LGPS; Manchester; Hybrid; GBP 90,000 - 120,000; Full time

Job summary

Northern LGPS is seeking a Manager - Treasury & Cash Management to lead the treasury and cash operations essential for liquidity and execution of investment activity. You will build a disciplined, well-controlled capability as Northern evolves its operating model, working with partner funds, boards and regulators.

Based in Manchester or other offices, you will own forecasts, bank relationships, FX and collateral management, and lead a small team to deliver timely cash and funding decisions.

Qualifications

• Experience in FCA regulated financial services firm.
• Experience with multi-entity, multi-currency cash forecasting and liquidity monitoring.
• Experience operating a payment control environment with delegated authority and dual authorisation.
• Knowledge of custodian cash operations and AIFMD obligations.

Responsibilities

• Lead treasury and cash operations with separation of investment decisions and execution.
• Own cash forecasting by fund and currency and consolidated liquidity forecast.
• Monitor liquidity against policy limits and report variances.
• Oversee cash movements, payment initiation, and dual authorisation.
• Manage bank accounts, mandates, signatories and system access.
• Oversee FX execution, collateral schedules, and margin management.
• Develop and lead the Treasury & Cash Management team (~3 reports).

Skills

FCA regulated experience

Multi-entity forecasting

Multi-currency forecasting

Payment control environment

AIFMD cash flow monitoring

Collateral and margin management

FX and hedging operations

Job description

Lead the treasury and cash management capability that ensures Northern LGPS has the liquidity, controls and operational execution needed to support its investment activity.

Northern LGPS is entering an important period of development, creating an FCA authorised investment management company and establishing the leadership, governance and operating capabilities required for the future.

As Manager - Treasury & Cash Management, you’ll lead a critical part of Northern’s Investment Operations function. Your role is to ensure that the Pool and its funds hold the right cash, in the right currency, in the right place and at the right time, with liquidity actively measured against policy and supported by robust controls.

You’ll own cash forecasting at portfolio and consolidated Pool level, lead the payment control environment and ensure the effective operational execution of cash and funding decisions made by the investment function. With a remit spanning liquidity, payments, banking, foreign exchange, collateral and private markets funding, you’ll have the opportunity to establish a disciplined and well-controlled treasury capability as Northern develops its future operating model.

About Northern LGPS

Northern LGPS is a c£70bn pooled investment partnership for the Local Government Pension Scheme, bringing together the investments of Greater Manchester Pension Fund, Merseyside Pension Fund and West Yorkshire Pension Fund.

Building on the foundations of its collaboration over several years, Northern LGPS is now entering the next phase of its development. This phase focuses on establishing an FCA authorised investment management company with a dedicated senior leadership team; strengthening governance and creating a clear operating model to support long-term investment outcomes.

For those joining at this stage, the opportunity is exceptional. These roles offer the chance to shape strategy, set standards and build leadership capability for the long term, working closely with the partner funds, who are both shareholders and clients, Boards and regulators to ensure Northern LGPS continues to evolve as a well-governed, resilient investment organisation.

Our culture

As Northern LGPS continues to evolve, we are building a collaborative, open and trusting organisation where people can do their best work.

We believe strong outcomes come from working together, sharing knowledge and supporting one another. Our flexible and hybrid working arrangements give colleagues greater flexibility in how they manage their time, while supporting collaboration and colleague wellbeing.

We are developing a supportive learning culture where people are encouraged to grow, contribute ideas and help shape how the organisation works. Our ambition is to build a resilient and sustainable organisation that delivers for its Partner Funds over the long term.

The main responsibilities of this role

Reporting to the Head of Investment Operations, you’ll lead Northern’s treasury and cash operations, maintaining a clear separation between investment decisions and instructions and the validation, execution and control provided by your function.

You will:

• Own portfolio-level cash forecasting by fund and currency, alongside Northern LGPS’s consolidated cash and liquidity forecast.
• Measure and back-test forecast accuracy, reporting variances against defined thresholds and continually strengthening the quality of cash forecasting.
• Monitor liquidity against approved policy limits, escalating utilisation and breaches where required.
• Bring together cash flow information from settlement, income, capital activity and fees to provide a clear view of current and future liquidity.
• Provide timely cash, liquidity and forecast information to the investment function to support funding and disinvestment decisions.
• Receive and validate funding, disinvestment and liquidity instructions against available liquidity, market cut-offs and settlement constraints, maintaining an auditable record throughout.
• Lead the execution and control of cash movements and transfers, including payment initiation within delegated authority, dual authorisation of outbound payments and independent callback verification for new and amended payee details.
• Oversee custodian cash instructions and settlement funding, daily cash positions, second-person sign-off, sweeping, overdraft management and payment exception resolution.
• Own Northern’s bank account structure, mandates, signatory lists and system access permissions, maintaining appropriate change controls and reviews.
• Monitor bank and counterparty cash exposures against approved limits and escalating breaches appropriately, while also reviewing bank fees and interest.
• Oversee foreign exchange execution against investment instructions, including confirmation, settlement and the operational management of hedge rolls and resets.
• Manage initial and variation margin, eligible collateral schedules, substitutions, disputes and reconciliations with counterparties and the custodian.
• Lead the operational execution of private markets funding, including capital calls, receipt and application of distributions and drawdown planning against outstanding commitments.
• Maintain robust procedures and first-line controls across Treasury & Cash Management, ensuring incidents, errors and near misses are appropriately recorded.
• Manage day-to-day banking and counterparty relationships and contribute to Northern’s wider third-party oversight and monitoring arrangements.
• Provide Treasury & Cash Management reporting to the Operating Committee and participate as a standing member.
• Lead and develop the Treasury & Cash Management team, with a target structure of three direct reports.

What we're looking for

You’ll bring strong treasury and cash operations experience, with the judgement and control mindset required to manage liquidity and payments within an investment environment.

You’ll have:

• Experience of operating within a Financial Conduct Authority (FCA) regulated financial services firm.
• Demonstrable experience of multi-entity, multi-currency cash forecasting and liquidity monitoring against policy limits.
• Experience operating a payment control environment, including delegated authority, dual authorisation and callback verification.
• Working knowledge of custodian cash operations and depositary cash flow monitoring obligations under the Alternative Investment Fund Managers Directive (AIFMD).
• Experience of collateral and margin management.
• Experience of foreign exchange and hedging operations.

Location

You can be based at any of our offices in Bradford, Manchester or Liverpool.

Hours of work

37 hours per week, Monday to Friday.

Flexible and hybrid working

Northern LGPS offers flexible and hybrid working arrangements, alongside a commitment to colleague wellbeing.

Sponsorship

We are unable to offer sponsorship for this role.

Equal opportunities

We are an equal opportunities employer and welcome applications from all suitably qualified candidates, regardless of age, disability, gender reassignment, marriage or civil partnership, pregnancy or maternity, race (including colour, nationality, and ethnic or national origin), religion or belief, sex, or sexual orientation.

We are committed to creating an inclusive environment where everyone feels valued, respected, and able to thrive. If you require any adjustments to the recruitment process to support your application, please let us know, and we will work with you to meet your needs.