Investment Manager TAA and Sovereigns

Company Description Legal & General (L&G) is a leading UK financial services group and major global investor. We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders.

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. L&G Institutional Retirement looks after around 700,000 institutional customers who have their retirement benefits secured with us.

Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer. Our Institutional Retirement business is the UK’s longest-serving active bulk annuity provider.

Who we are Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated 86.1 billion at 31 December 2023. Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us.

Job Description We’re currently recruiting for an Investment Manager - TAA and Sovereigns to join our Institutional Retirement Investments team at L&GThe Tactical Asset Allocation (TAA), Sovereigns and Portfolio Oversight team has responsibility for monitoring, steering and overseeing exposures and flows across asset classes in the matching portfolio, including cross-asset trading and associated portfolio optimisation opportunities. For sovereign bonds and related interest rate products, this responsibility extends to oversight of the investment mandate

This role has a primary responsibility of sovereigns investments oversight and is also expected to contribute to TAA activities. The role holder will develop expertise in the sovereigns investment strategy and how this contributes to the overall portfolio. They will be expected to lead oversight of the mandate, defining risk appetites and developing strategic initiatives to support Institutional Retirement’s investments in this asset class

What you'll be doing:

Leading oversight of the sovereigns mandate, defining risk appetites and objectives, assessing performance and driving initiatives to enhance the investment framework, processes, opportunity set and portfolio diversification

Contributing to the development of Tactical Asset Allocation, cross‑asset trading activities and associated portfolio management opportunities, assessing relative value across asset classes and proposing optimisation opportunities

Monitoring exposures within sovereign portfolios and providing challenge and guidance to portfolio managers based on risk appetites, market developments, portfolio changes, trade execution and liquidity considerations

Creating and maintaining key risk and performance metrics and tools to assess the sovereigns portfolio

Building relationships and collaborating with key stakeholders, including Institutional Retirement Investments ALM teams and Asset Management as investment managers for sovereign exposures and related derivatives

Drafting and presenting governance papers and engaging with stakeholders across the group to support sovereigns portfolio management and TAA activities

Collaborating with ALM, Asset Management, Investment Operations, Investment Strategy and Finance to improve portfolio analytics and availability of timely MI to support portfolio management and tactical optimisation

Operating within mandates and risk limits and embedding Conduct Risk and Consumer Duty principles to ensure strong customer outcomes

Qualifications

Who we're looking for:

Strong quantitative skills demonstrated through a quantitative degree, postgraduate qualification or equivalent experience (CFA or equivalent preferred)
Deep understanding of sovereign bonds, interest rate derivatives and risk analysis,…