Senior Investment Manager - Cash, Rates & FX

Senior Investment Manager – Cash, Rates & FX

Nest Invest

London (Hybrid working)

Nest Invest is a leader on driving up standards and best practices across the industry, delivering a high-quality, low-cost pension scheme, open to all. Now at £67bn AUM and with 14 million members, Nest plays a critical role in helping people save for their retirement, many of them low to moderate earners who may be saving for the first time and moving jobs frequently.

The Nest investment team is responsible for investing members’ contributions in order to grow their retirement pots over the long-term. We’re building a capability and culture that embraces innovation, leverages technology, and harnesses the power of data to deliver exceptional outcomes for our members.

As our portfolio expands, we shall internally manage more of the investment decision making and process, whilst concurrently engaging with a broader range of external partners. As result, operational excellence becomes more critical than ever. We’re building a capability and culture that embraces innovation, leverages technology, and harnesses the power of data to deliver exceptional outcomes for our members.

The Role

Reporting to the Director of Private & Public Markets the Senior Investment Manager will evolve and own Nest Invest’s strategy across how we manage Cash, Rates and FX requirements. Currently Nest Invest outsources 100% of the management of Cash, Rates and FX to external managers. As we become more sophisticated as an Asset Manager we are looking to explore the benefits of retaining an outsourced model but with increasing internal oversight and decision making.

This role would assess the current investment landscape and operating model across Cash, Rates and FX and then evaluate future options, determining the merits of transitioning a portion of these investment activities in house, before leading on implementation activity of the chosen strategy.

• Cash inflows are approximately £600m per month & Cash forms part of the Asset Allocation process. Cash balances fluctuate and also fund capital calls for private markets. The Senior Investment Manager will lead the relationship with the 3 current external partners but look to evolve the approach to access new opportunities relevant for Nest’s growing size.
• Rates, working collaboratively with the Head of Credit, the Senior Investment Manager will support the review and evolution of how Nest manages it’s rates exposure. This is externally managed and we would like to explore the merits of managing parts of the Gilt exposure in-house.
• FX - Passive hedges are currently managed within each fund or mandate. With a new data platform Nest will have greater transparency on all positions at a total portfolio level, providing an opportunity to manage FX at the total portfolio level. The Senior Investment Manager will lead both this evolution and it’s implementation.

The role offers a high degree of autonomy but within a culture of collaboration across all asset classes that ensures best outcomes for members under the Total Portfolio Approach.

The Person

We are looking for an experienced Investment Manager with knowledge of Cash Management, Rates and/or FX that will evolve the current operating model and lead it’s implementation to realise the very best investment outcomes for our members.

To ensure success, we are looking for:

• Capability to collaboratively review and develop the approach to Cash, Rates & FX, exploring and recommending opportunities for internalisation and centralisation to the CIO, Executive Team and Investment Committee.
• Ability to lead the Implementation of both current and future investment operating model for Cash, Rates & FX (with both external and internal mandates).
• A natural team player, building strong collaboration between asset classes in support of the Total Portfolio approach and shared goals.
• Good knowledge of oversight and developing sustainable partnerships with external fund managers.

This is a genuinely rare opportunity to play a lead role on the evolution and success in what will be one of the largest asset owners globally and have a positive impact on the future prosperity of over…