Investment Manager - Structured Credit and Mortgages

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.

Join our Structured Credit & Mortgages team within Institutional Retirement – Investments, where you’ll play a key role in shaping our expanding portfolio of Structured Credit and Mortgage assets. You’ll work collaboratively across teams to identify opportunities, strengthen our investment framework and help deliver long‑term, sustainable value for our customers. We welcome people who bring balanced judgement, curiosity, and a proactive approach, and who value an inclusive environment where diverse perspectives improve decision‑making.

• Supporting the expansion of Structured Credit investment opportunities to help optimise and diversify the Institutional Retirement portfolio
• Managing the structured credit portfolio including identifying key market risks and creating appropriate risk metrics and appetites
• Overseeing asset manager performance and ensuring portfolio activity aligns with agreed mandates and risk appetite
• Developing and enhancing the structured credit and mortgage investment framework to maximise risk‑adjusted returns
• Leading strategic transaction execution and engaging with internal and external stakeholders to ensure effective implementation and monitoring
• Collaborating with wider Investments teams and Asset Management colleagues to strengthen relationships and support high‑quality delivery
• Operating within mandates and risk limits while embedding Conduct Risk and Consumer Duty considerations into everyday activity
• Contributing to strategic initiatives that broaden Institutional Retirement’s presence across structured credit and securitised asset classes

• A degree in a quantitative, finance or management‑related subject (or equivalent experience), with CFA progress an advantage
• Experience investing in or executing transactions across Fund Finance, Consumer, Residential, Data Centres or SME asset classes
• Demonstrable knowledge of structuring, modelling, legal processes and rating agency considerations linked to structured credit
• Understanding of insurance balance sheet mechanics, portfolio construction and relative value assessment
• Buy‑side or sell‑side experience in relevant asset classes, ideally gained within an investment bank or asset manager
• Ability to build and use complex financial models to support underwriting and investment decisions
• Strong interpersonal and communication skills, with a collaborative, adaptable and solutions‑focused mindset
• Proficiency in Excel with working knowledge of C++ beneficial, and confidence operating in a dynamic environment while delivering high‑quality results on time

• The…