Senior Director, Portfolio Manager

Overview

Legal & General is a leader in Pension Risk Transfer with over 35 years of experience globally, servicing over a million annuitants. Building on our global success, we established our Pension Risk Transfer platform in the US in 2015. The business has grown steadily and in 2023 we wrote $1.9 billion in new business premium.

At Legal & General Retirement America, we aim to make a positive difference in the lives of our customers, partners, colleagues, and the communities in which they live. We are passionate about what we do and how we do it. This means working with pace and energy to reach our goals and challenging ourselves to achieve more. We strive to create a unique environment where balance between work and life is possible, and we’re proud to say in 2023, we were awarded a Great Place to Work for the second year in a row.

Purpose and Objective

The Portfolio Manager will assist the Chief Investment Officer in this newly created position and be the lead individual person responsible for the asset liability management of LGA’s life insurance and PRT Pension Risk Transfer businesses. This person role will assist in managing the investment portfolios of Legal & General America’s Insurance and Pension Risk Transfer businesses. These portfolios are managed to a set of aggregate targets – including target allocation percentages and durations by asset class – with assets spanning multiple legal entities, each of which have unique portfolio constraints, and capital and liquidity requirements.

LGA’s Investments Team is responsible for investment strategy formulation and implementation, and aggregate portfolio management by working with various functions within Legal & General in the US and London. Daily asset management is handled by our internal and external asset managers. This role will work closely with various teams in the Stamford, Frederick and Chicago, offices as well as in the London headquarters.

Role and Responsibilities

Portfolio positioning management

• Managing and monitoring the portfolios in line with its Strategic Asset Allocation (SAA), and proposing action where necessary to address any variances.
• Working with our traded credit and private credit asset managers to generate value and improve relative risk/ return positioning of the portfolio.
• Chairing the newly formed Investment Committee responsible for asset-level decisions on private assets originated through non-discretionary mandates.
• Collaborating with Finance to ensure alignment between future-looking portfolio plans / projections and future-looking financial projections, e.g., investment income, capital requirements, liquidity.
• Partnering closely with investment managers to (i) ensure portfolio mandates are fulfilled and (ii) understand future opportunities and risks (e.g., credit downgrades). The role will work especially closely with Legal & General Investment Management America (LGIMA), which serves formally as LGA’s investment manager for several asset classes and as the duration completion manager for the Protection portfolio, and less formally as a strategic advisor on the Protection portfolio generally.

Asset liability management

• Responsible for instructing hedging positions for the portfolio for managing rates exposure.
• Developing use of appropriate derivative instruments for hedging risks, and for adding value to portfolio with relative value trades.
• Leading the development of asset liability framework, management and reporting framework, focusing on the asset aspects.  

 Auxiliary responsibilities

• Leading or participating in various projects as needed, such as investment risk management, new asset manager / asset class due diligence, and liquidity management.

Requirements

• A bachelor’s degree required in a related field, e.g. finance, actuarial, economics and business. A master’s degree/ MBA in a related field is helpful.

• At least 7 years of experience in investment management, investment risk management and/ or asset liability management.
• Strong fixed income knowledge.
• Life Insurance industry experience or other liability driven investment experience is strongly preferred.
• A CFA charter holder is helpful.
• Excellent research, analytical and interpersonal skills.
• Strong sense of ownership and entrepreneurial spirit.
• Data visualization, forecasting experience.
• Technical programming language experience (VBA, Python, R) useful.

Benefits

• 10 - 25 vacation days depending on experience level and years of service
• 4 floating holidays & 2 personal days
• 10 - 15 sick days, depending on years of service
• 2 paid volunteering days
• Health benefits, including medical, dental, and vision coverage
• Supplemental health benefits and life insurance
• 6 weeks of paid parental and maternal leave
• Immediate vesting into a 401k savings plan with up to 6% company match
• 100% employer-contributed Pension Plan - Cash Balance Plan after 1 year of service
• Flexible Workspace and Arrangements
• Tuition and Certification reimbursements
• Infertility and domestic partner benefits

The expected hiring compensation range for this position is $220,000- $240,000 USD annually. Base pay offered may vary depending on multiple individualized factors, including market location, job-related knowledge, skills, and experience. The current bonus target for the position is 30% of the base salary with a stretch to twice the target, modified for corporate and individual performance.

**This role is to be filled outside of the state of Colorado**

We are an equal-opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.