Director - ISD, Spread Lending

Director – Investment Strategy

NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC
, located in Milwaukee, WI, is a registered investment adviser and wholly owned subsidiary of the Northwestern Mutual Life Insurance Company (NM) with over $300 billion in assets under management. Northwestern Mutual’s spread lending business is managed within NMIMC’s Investment Strategy Department (ISD). The business has grown to nearly $14 billion since establishment in 2020. Spread lending finances the purchase of well-matched investment grade fixed income assets across multiple funding sources, generating profitability on investment income net of financing cost.

The Director will be a key leader on ISD’s strategic asset allocation and spread lending team (SAA & SL Team).

This role will be responsible for managing Northwestern Mutual’s spread lending business, overseen by and alongside the SAA & SL Team lead. This includes developing and executing spread lending strategy, operations, and investor relations/marketing. The Director will oversee 2 direct reports.

• Develop, execute, and manage spread lending investing and financing strategy, delivering program and profitability objectives
• Manage funding agreement backed note (FABN), funding agreement backed commercial paper (FACP), and Federal Home Loan Bank (FHLB) funding programs
• Bank and investor relations – manage and enhance investment bank relationships, in-person investor marketing across US and international cities multiple times annually
• Execute primary bond market FABN issuance and enterprise coordination
• Achieve ALM and risk management objectives
• Develop and grow direct reports
• Oversee and manage team reports, trackers, weekly pricing, and business projections
• Oversee and manage team operations including daily cash management, FACP issuance, FABN maturity, and investment deployments
• Internal and external spread lending communications and reporting
• Maintain strong working relationships across the department/function/enterprise

• Bachelor’s or Master’s degree in finance, economics, actuarial science, accounting, computer science/engineering or related field (or equivalent work experience).
• A professional designation (CFA/ASA/FSA/CPA) is required with a bachelor’s degree.
• Multiple years of related and relevant work experience.
• Strong work ethic and communication skills.
• Strong understanding of fixed income assets, derivatives, ALM, and risk metrics.
• Understanding of the life insurance and annuity market, FABN market.
• Familiarity with statutory financials, life insurer regulations and risk-based capital.
• Intellectual curiosity in insurance, investments, and financial markets.
• Thinks with an enterprise mindset.

• MS Office, Excel, Power BI
• Bloomberg, Aladdin
• Snowflake
• Actuarial or ALM Modeling Software (MG-ALFA, Prophet, GGY Axis, etc.)

Holds self and their direct reports accountable for measurable, high-quality, timely, and cost-effective results, delivery, and execution. Determines objectives, sets priorities, delegates work to direct reports, and accepts responsibility for mistakes.

Constructs diversified public fixed income portfolios aligning with the goals, risk tolerances, financial objectives, and investment horizon of the client by allocating across multiple asset classes, sectors, sub-sectors, and, for structured products, deal types, subject to internally and externally imposed investment constraints.

Facilitates collaboration, communication, coordination, and planning with individuals and teams from different functions within the organization, and who have different areas of expertise, to achieve common goals.

Makes timely, data-driven decisions by understanding the probability of success, identifying risks, gathering business requirements, and developing value statements.

Consistently tracks and analyzes financial market data and news, evaluates trends and events that may impact investment portfolios or financial decisions, and makes informed decisions based on this…