Insurance Portfolio Manager

Company:Mercer

Description:

US Insurance – Senior Portfolio Manager

What can you expect:

Mercer is hiring a Senior Portfolio Manager to join the office of the Chief Investment Officer, focused on the Insurance segment. They will have responsibility for managing total portfolios for insurance investors based on their stated objectives, which will require a strong understanding of multi-asset with particular emphasis on fixed income and alternatives. The role requires deep insurance expertise to ensure portfolios are designed and managed in accordance with insurance specific requirements.

The candidate will benefit from the scale and reach of an existing insurance client. They will be a part of a high-performing portfolio management team with a proven track record of bringing innovative solutions to the market and delivering strong outcomes for clients. Working closely with specialist teams across the firm, the candidate will have unparalleled access to some of the leading investment research across the industry. The role will offer the ability to implement these ideas on behalf of our insurance investors across the region.

The ideal candidate should have a strong experience of working with Insurance clients of all liabilities types (life, health, P&C, and captives), deep multi-asset, fixed income and private markets expertise as well as a background covering manager selection and portfolio construction with an ambition to grow their career to focus on this specialized area. Experience working in third-party systems such as Clearwater is crucial.

We will rely on you to:

• Integrate into a high performing multi-segment, multi-asset class portfolio management team that is collectively responsible for overseeing Assets under Management in the U.S. region across a range of solutions spanning the full risk and return spectrum.
• Collaborate with Mercer’s US insurance segment leadership and consultants, support prospecting efforts and client conversations, including innovative client solutions as well as general marketing efforts.
• Serve as voting member on Mercer’s U.S. Insurance Investment Committee, responsible for overseeing the design of investment solutions that align with the client’s risk, income, capital and regulatory objectives, expressed through their IPS and Mercer’s guidelines.
• Lead the day-to-day management of investment solutions for Insurance clients with clear adherence to Mercer’s governance framework, investment philosophy and process, and operating protocols while collaborating with multiple different teams across the business. This will include liaising with the insurance investment strategy teams as well as back and middle office functions to ensure effective implementation of investment decision making. This will also include supporting a strong partnership with Compliance.
• Contribute to investment philosophy, portfolio construction and manager selection for our insurance client portfolios.
• Help design, diligence and implement new and complex investment solutions while supporting business development and client management initiatives.
• Represent the portfolio management team internally and externally (including at C-Suite levels).
• Demonstrate a deep understanding of all asset classes relevant for insurance allocators, to include the intersection of capital, regulatory, tax and accounting considerations when considering a strategy, implementation and/or vehicle.
• Pro-actively identify and manage value-added ad hoc projects, both internally and for clients.
• In partnership with Asset Class and Insurance Strategy Specialists who conduct manager research, oversee selection, guidelines and ongoing discussions with asset managers who are executing specific mandates on behalf of Mercer insurance clients.
• Present to clients, including Management and Investment Committees, on markets, portfolios and performance with clarity and confidence, backed up by a detailed understanding of the subject matter.
• Collaborate with other Marsh entities in the execution and delivery of joint services.
• Be a subject matter expert across Insurance clients.
• Participate in all portfolio management team meetings, group projects, town halls and team activities.
• Train and mentor junior colleagues.
• Help create and drive insurance thought leadership via Mercer’s Intellectual Capital Teams.
• Help develop pitchbooks and training materials, as needed.

What you need to have:

• Strong understanding of Insurance investor requirements, grounded in liability-driven investment principles. This includes regulatory requirements, insurance constraints (i.e., regulatory capital, gain / loss realization, asset-liability matching), investment objectives (i.e., total return vs book yield), capital efficiency (multiple frameworks), rating agency considerations, GAAP vs. STAT accounting, tax optimizations, etc.
• Demonstrated ability to construct portfolios that align asset duration, credit risk, and cash flows with client liability profiles while maintaining book yield/total return targets and managing spread duration and reinvestment risk.
• Deep markets and investment expertise, with an emphasis on private markets and the full spectrum of fixed income investing.
• Critical thinking, natural curiosity and problem solving capabilities, with a-get-involved attitude.
• Proficiency with an analytical mind-set, including bespoke insurance-related analytics that may be required to effectively construct insurance portfolios.
• Excellent communication skills with the ability to effectively present complex topics to clients, prospects, market participants and the media.
• Proven leadership with the ability to influence and challenge.
• Ability to work effectively at all levels of an organization and build strong internal and external relationships.
• Ability to work flexibly, independently and collaboratively as part of a team. Mercer supports a hybrid work schedule requiring three in days a week.

What makes you stand out:

• Ideally CFA/CAIA/ FSAI/FIA qualified (or similar).
• Ideally 15+ years investment experience, with 10+ years in insurance portfolio management.
• Working knowledge of National Association of Insurance Commissioners (NAIC) structure and initiatives, statutory accounting rules, and state level regulatory oversight.
• Experience designing, evaluating, recommending insurance specific vehicles.
• Strong relationships across the asset manager and GP community
• Experience across a full range of insurance entity types, including health, P&C, re-insurance, captives, traditional and annuity-based life insurance.
• Organized with a strong attention to detail and the ability to meet tight deadlines.
• A strong communicator, both internally and externally, and have an ability to navigate across the various teams across Mercer and Marsh globally.

Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of over $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit marsh.com, or follow us on LinkedIn and X.

Marsh is committed to embracing a diverse, inclusive and flexible work environment. We aim to attract and retain the best people and embrace diversity of age background, disability, ethnic origin, family duties, gender orientation or expression, marital status, nationality, parental status, personal or social status, political affiliation, race, religion and beliefs, sex/gender, sexual orientation or expression, skin color, veteran status (including protected veterans), or any other characteristic protected by applicable law. If you have a need that requires accommodation, please let us know by contacting [email protected].

Marsh is committed to hybrid work, which includes the flexibility of working remotely and the collaboration, connections and professional development benefits of working together in the office. All Marsh colleagues are expected to be in their local office or working onsite with clients at least three days per week. Office-based teams will identify at least one “anchor day” per week on which their full team will be together in person.

The applicable base salary range for this role is $155,000 to $309,500.

The base pay offered will be determined on factors such as experience, skills, training, location, certifications, education, and any applicable minimum wage requirements. Decisions will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives.

We are excited to offer a competitive total rewards package which includes health and welfare benefits, tuition assistance, 401K savings and other retirement programs as well as employee assistance programs.