Portfolio Manager - Public Markets

Job Description:

Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

The Vice President, Portfolio Manager, Public Markets, Equities is a senior role, directly reporting to the Executive Vice President (EVP), Chief Investment Officer (CIO), FM. Under the leadership of the CIO, this individual will play a key role in helping the CIO and team build further and manage the respective components of the Investments portfolio, which over the recent decade has more than doubled to over $40Bil.. FM is a leading global commercial property insurance company, with a stable capital pool over market cycles. The job responsibilities will also include the public markets investments assets for the open Defined Benefit pension assets portfolio, with total portfolio assets in excess of $3Bil.. Established nearly two centuries ago, FM’s capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection. The CIO has established a culture and framework, which is enterprise-wide based, and laser focused on investments portfolio and FM results, achieved with a collaborative mindset, respectfully.

This senior role reporting directly to the Chief Investment Officer (CIO) will also work in collaboration, with other senior portfolio management, and investments leaders and will collaborate as relevant with other senior Investments leaders and staff, across asset classes, portfolio construction, asset allocation, risk analytics and investment operations. This individual will play an important role in the public equities area and will also collaborate with the VP Core fixed income investments, for the external investment management asset pool and asset allocation across various asset classes. This individual role’s scope will have an impact for an asset pool of over $5Bil. This role will work closely with Public and Private Markets PM’s, the Asset Allocation, Strategy group, and Investment Operations, VP, Senior Portfolio Manager, External Investments, and the Chief Investment Officer. This key role will also collaborate in helping manage broad and/or specific aspects of portfolio construction related to the external mandates in public equities and core fixed income. Responsibilities will also include leading and enabling, and where relevant collaboration on risk and performance analytics across public equities and core fixed income – US, International and Global. The incumbent will also be leading periodic investments; economic and financial markets-related projects and initiatives related to asset allocation activities, and strategy reviews.

The role will have a small staff group of generalists and/or specialists, as needed, and also will have the opportunity to work with other team leaders within Investments, to onboard top talent, including summer interns and rotation hires. The role’s focus will primarily be public markets investments in equities that are managed by external investment management firms. The role will have people management responsibilities, with junior and/or mid-level direct reports for different equities buckets as necessary and will rely on the Investment analytics team and staff and external services, covering equities managers’ diligence and related activities.

The externally managed public equities and core fixed income portfolios have investments across a very wide range of geographies, styles and strategies. The role is expected to be very proficient with concepts including but not limited to factor exposures and equity investment styles. Some level of baseline knowledge, experience regarding broader public markets and effective use of investment vehicles is preferred. A good understanding of multi asset investing principles would be helpful to succeed in this role. 

This role requires extensive expertise and experience in constructing portfolios with public equity investment products with a strong understanding of the objectives of the overall investment process. This role will also serve as an important interface contact for the investment team with the external investment managers and will manage some of the key existing and new relationships of top investment firms. This includes researching new investments, new and existing manager diligence and underwriting, allocation or reallocation decisions, and communication to and from managers, and periodically updating and collaborating with the CIO. The role will also inculcate best practices, understanding of the macro-economic and market outlook to the broader portfolio. The role will closely work with investment operations, legal, tax and other support functions to ensure a seamless collaborative approach.

• Work closely with, and update the CIO periodically on the public markets, equities portfolio activities and developments
• Work with Asset Allocation to collaborate and define focus areas for strategy selection and manager diligence from an optimal portfolio construction lens.
• Monitor current portfolio and strategies to determine if they are designed optimally.
• Develop strong understanding on sources of excess return.
• Leading External Manager diligence, underwriting and monitoring
• Build and maintain results oriented and strategic relationships with existing and new investment management partners
• Have periodical portfolio review meetings, calls to stay updated on performance and its drivers, risk, views and positioning
• Explain drivers of performance to investment leadership and collaborate to recommend portfolio actions, manage performance analytics for better return and attribution reporting, and work with risk and quantitative analyses steam for risk and exposure monitoring.
• This incumbent will collaborate on portfolio construction, investments monitoring, and risk management as relevant for the respective bucket across asset classes within the overall total portfolio construction framework.
• Share insights with leadership that would be relevant from a total portfolio lens.
• Work closely with the senior PM’s and CIO, and other senior investments leads, senior directors and managers on periodic, ad-hoc, and special research projects.

Qualifications:

• BA or BS required; MBA, CFA, CAIA or other advanced degree related to investments, economics, finance, or quantitative analysis strongly preferred
• 15+ years and ideally 20+ years of relevant experience in investments, financial markets and/or financial risk management as well as 15+ years of global financial market experience across asset classes
• 10+ years of investments leadership experience
• Global financial markets, investments, risk management and economics related experience across asset classes, and risk and quantitative analysis
• Broad knowledge in the financial markets and investments across asset classes
• Strong inter-personal, communication, presentation, analytical and collaboration skills
• Experience collaborating with other internal stakeholders and partners – investment accounting, legal, tax and other departments
• Ability to operate as an effective tactical as well as strategic thinker with flexibility to adapt to and positively influence new processes/infrastructure
• Strong mentoring and coaching experience with excellent judgement and creative problem-solving skills including negotiation and conflict resolution skills
• Fast learner with a strong teamwork-based mindset, and passion for financial markets, corporate finance and investment risk management
• Collaborative mindset, people management skills and leadership experience required
• Expert knowledge in using Bloomberg, and FactSet, similar investments systems, as well as experience to be able to apply expertise to any new investment risk management and accounting related, and order entry systems

The final salary offer will vary based on geographic location, individual education, skills, and experience. The position is eligible to participate in FM’s comprehensive Total Rewards program that includes an incentive plan, medical, dental and vision insurance, life and disability insurance, well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, and time off, including vacation and sick time.

FM is an Equal Opportunity Employer and is committed to attracting, developing and retaining a diverse workforce.