Managing Director, Head of External Management & Strategic Solutions (Hybrid)

TruStage; Madison (WI); Hybrid; USD 250,000 - 420,000; Full time

Benefits offered by this job

Medical, dental, vision

401k and retirement plans

Tuition reimbursement

Hybrid work environment

Job summary

TruStage seeks a senior leader to guide Investment Management’s external or sub-advisory program, expanding assets and partnerships for the general account. You will chair committees and drive strategic initiatives while mentoring investment professionals.

You will collaborate with ALM, Risk and Planning, shaping asset allocation and governance to deliver risk-adjusted, net investment income outcomes.

Qualifications

• 15+ years progressively responsible investment experience across multiple asset classes.
• Experience building or scaling external management or sub-advisory programs.
• Proven track record selecting and overseeing external managers or sub-advisors.

Responsibilities

• Build, grow and lead TSIM external management and sub-advisory program.
• Drive strategic partnerships and CIO initiatives.
• Lead assigned team with a culture of collaboration and inclusion.

Skills

External management

Investment leadership

Strategic partnerships

CFA

Education

Graduate degree in Business/Finance/Economics

Tools

Bloomberg

MS Office

Job description

At TruStage, we’re on a mission to make a brighter financial future accessible to everyone. We put people first, and work hand in hand with employees and customers to create a diverse and inclusive environment. Passionate about building insurance and financial services solutions, we push the boundaries of what’s possible. We need you to help us shape what’s next. You’ll be encouraged to share your experiences, ideas and skills to help others take control of their financial future.

Join a team that has received numerous awards for being a top place to work: TruStage awards and recognition

Job Purpose:

This position reports to the Chief Investment Officer and leads TruStage Investment Management’s (“TSIM”) external management program and a portfolio of strategic initiatives that expand the investment capabilities of the general account. A central mandate of the role is to build, scale and expand TSIM’s external management platform. This includes significantly growing externally managed assets over time and establishing the capabilities, governance and partnerships needed to make external management a core lever for portfolio growth, diversification and net investment income.

The Managing Director owns the sub-advisory program, chairs the Sub-Advisory Investment Committee and is a key decision maker in assets managed externally or through partnership. This role will lead new asset class entry, strategic partnerships with asset managers and CIO strategic initiatives. The Managing Director may also directly or indirectly lead a team of investment professionals.

Job Responsibilities:

• Build, Grow and Lead the External Management and Sub-Advisory Program:
  • Build and scale TSIM’s external management platform, expanding externally managed assets and establishing external management as a key lever for the general account portfolio strategy.
  • Own the sub-advisory program end to end, including manager searches, investment and operational due diligence, fee negotiation and investment management agreements (IMAs).
  • Develop and execute a multi-year plan to grow externally managed assets in line with the Strategic Asset Allocation while adhering to investment policy limits.
  • Design and evolve the governance framework, processes, manager research capabilities, monitoring tools and reporting needed to scale the program.
  • Expand the external manager roster across new and existing asset classes, building a strong pipeline of high-quality mandates.
  • Chair the Sub-Advisory Investment Committee (SAIC), overseeing manager monitoring, performance ratings, watch list status and recommendations.
  • Ensure external mandates deliver attractive risk adjusted, net-of-fee results relative to internal alternatives and comply with investment guidelines, policies and the Delegation of Authority process and limits.
  • Deliver the annual external manager update to the Investment and Capital Committee and maintain the sub-advisory policies and procedures.
  • undefined
• Drive Partner Decisions and New Asset Class Entry:
  • Develop business cases for entry into new sectors and asset classes with an external manager and lead execution once approved.
  • Provide objective analysis of capability, scalability, cost, capital efficiency, risk and net investment income impact to support investment strategy decisions.
  • Partner with ALM, Investment Risk and Investment Planning to assess fit with liabilities, capital, liquidity and the annual Strategic Asset Allocation.
• Lead Strategic Partnerships and CIO Strategic Initiatives:
  • Lead strategic relationships with asset managers beyond individual mandates, such as programmatic deal flow and other arrangements.
  • Negotiate and structure partnership terms with Legal, Compliance and Investment Operations, and track results against defined metrics.
  • Lead an annual portfolio of CIO strategic initiatives with defined objectives and success metrics.
  • Authority to sign-off for investments pursuant to the Delegation of Authority process.
• Lead the Assigned Team:
  • Recruit, train, develop, mentor and retain members of assigned teams.
  • Motivate the team with positive energy and constructive feedback. Delegate effectively.
  • Promote a culture of "safe to speak up", open dialogue, respect, inclusion, informal communication, and collaboration. Drive the "One Team" concept.

The above statement of duties is not intended to be all inclusive and other duties will be assigned from time to time.

Job Requirements:

• Graduate Degree in Business, Finance, Economics or a related field.
• 15+ years progressively responsible investment experience, including portfolio management across multiple asset classes.
• CFA strongly preferred.
• Demonstrated success building or significantly scaling an external management or sub-advisory program, including meaningful growth in externally managed assets and number of mandates.
• Proven track record selecting, negotiating with and overseeing external managers or sub-advisors, including due diligence, IMAs and fee structures.
• Experience designing governance frameworks, policies and manager selection and monitoring processes for a new or expanding external management platform.
• An entrepreneurial, builder mindset, with a track record of launching and growing new capabilities within an established investment organization.
• Experience managing constrained institutional or insurance general account portfolios with a focus on principal preservation, net investment income generation and loss mitigation.
• Solid understanding of insurance investment considerations, including asset-liability management, risk-based capital, statutory and GAAP accounting and NAIC requirements.
• Proven ability to select, lead, motivate, develop and retain a group of highly motivated professionals.
• Proven ability to build effective relationships at all levels with co-workers, external managers, asset sourcing channels and internal/external clients. Proven skill in negotiating, influencing and making objective recommendations across competing priorities.
• Ability to clearly communicate in a range of methods (written, verbal, formal presentation), including senior leadership and board committees.
• Demonstrated knowledge of Bloomberg and other investment management systems as well as MS Office suite (or similar).
• Ability to travel 25% - 40%.

At TruStage, we believe a sound, inclusive benefits program is of vital importance, along with a flexible workplace that allows for work-life balance, career growth and retirement assistance. In addition to your base pay, your position may be eligible for an annual incentive (bonus) plan. Additional benefits available to eligible employees include medical, dental, vision, employee assistance program, life insurance, disability plans, parental leave, paid time off, 401k, and tuition reimbursement, just to name a few. Beyond pay and benefits, we also recognize that flexibility, including working in a place you prefer, is essential to caring for our employees. We will continue to strive to offer flexibility and invest in technology and other tools that will make hybrid working normal rather than an exception, so that when "life happens," you can focus on what’s most important.

Accommodation request

TruStage is a place where everyone can bring their best self and thrive. If you need application or interview process accommodations, please contact the accessibility department.