Senior Associate, Hedge Fund Manager Research

The Capital Markets and Factor Investing Department (“CMF”) invests assets globally in public equities, fixed income securities, currencies, commodities, and derivatives, and manages the engagement of investment managers and co-investments in public market securities. We are currently recruiting for a Senior Associate within the External Portfolio Management (“EPM”) team. The role is based in Toronto.

EPM is a group within CMF responsible for allocating capital to external managers in public markets across all trading styles, asset classes, and geographies. EPM oversees a portfolio of externally managed funds and separate accounts and has relationships with over 60 of the world’s top hedge fund managers. EPM forms long term partnerships, irrespective of whether the underlying fund strategy is short- or long-term in nature.

The group also makes co-investments alongside external managers.

Reporting to the Managing Director, the Senior Associate will play a critical role in researching, monitoring, and managing EPM’s hedge fund partnerships within Fundamental Strategies (Equities and Credit). The Senior Associate will also support EPM’s co-investment activities by leading investment due diligence and ongoing monitoring of the existing portfolio. The Senior Associate will be responsible for preparing investment recommendation materials for new opportunities and proactively tracking developments within the portfolio, ensuring the team is informed of major changes and emerging trends.

As part of the broader EPM team, the role will also contribute to assessing and monitoring the hedge fund manager landscape, including reviewing investment proposals across a wide range of strategies and styles.

Accountabilities:

A) Lead monitoring and management of the existing hedge fund and co-investment portfolio within Fundamental Strategies

• Partner with Portfolio Managers and Managing Directors to support the day-to-day monitoring of existing investments, including leading regular update calls, preparing portfolio review materials, and tracking relevant market developments.
• Maintain and enhance tracking tools and processes to ensure robust, efficient, and accurate portfolio monitoring, capturing relevant data and safeguarding data integrity.
• Collaborate with Portfolio Managers and EPM’s Portfolio Construction & Risk colleagues to proactively communicate real-time updates on performance, exposures, and risk metrics to stakeholders.

B) Analyse new investment opportunities and support the preparation of investment recommendations

• Maintain a structured peer group monitoring process to ensure a deep understanding of the Equity and Credit hedge fund universe, identifying the highest-quality managers and opportunities.
• Analyse hedge fund and co-investment opportunities alongside Portfolio Managers; develop independent views and lead due diligence on prospective investments.
• Draft clear, well-structured investment recommendation materials with input from Portfolio Managers.
• Work with Portfolio Construction & Risk colleagues to share all relevant information on potential investments.
• Support execution of the investment approval and implementation process, liaising with internal stakeholders (e.g., Legal, Tax, Operations).
• Proactively research global equity and credit market themes; contribute to idea generation discussions and formulate independent investment views.

C) Build and manage relationships with leading external fund managers

• Participate in meetings and calls with current and prospective external partners; prepare agendas and share meeting notes.
• Liaise with external managers to gather information required for both assessing new opportunities and monitoring existing investments.
• Effectively distill and communicate key insights to Portfolio Managers and the broader EPM team.

D) Actively contribute to EPM investment and portfolio discussions

• Engage in Investment Committee discussions on funds, co-investments, and emerging managers across strategies and the broader hedge fund portfolio.
• Contribute to quarterly portfolio review processes for the EPM portfolio.
• Participate in broader EPM initiatives, training programs,…