Portfolio Manager, External Managers – Alternatives

Job Description

We are seeking an experienced Portfolio Manager to support the management of relationships with external fund managers and alternative investment partners. This role involves portfolio analysis, performance monitoring, due diligence, and strategic engagement with third‑party managers across alternative asset classes. The Portfolio Manager will work collaboratively with the Director, External Managers — Alternatives and broader investment team to support portfolio construction and optimise manager relationships.

• Monitor and evaluate external alternative managers against agreed benchmarks and KPIs
• Conduct performance analysis and provide insights on manager performance trends
• Support manager contract management, fee negotiations, and commercial discussions
• Identify and escalation performance concerns to the Director, External Managers — Alternatives
• Prepare materials for manager review meetings and strategy sessions

• Support development and maintenance of diversified portfolio of alternative investments (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
• Conduct due diligence on prospective managers and investment opportunities
• Prepare due diligence reports and recommendations for manager selection and retention decisions
• Monitor portfolio alignment with RBC Insurance investment objectives
• Track and analyse portfolio composition, positioning, and exposures

• Perform research and evaluation of new asset classes and investment strategies
• Support development of portfolio guidelines, performance measurements, and reporting frameworks
• Build expertise in insurance‑linked securities, strategies, and investment vehicles
• Stay current with insurance industry trends, regulatory changes, and market developments
• Contribute to strategic investment initiatives and thought leadership

• Build and maintain strong relationships with actuarial, finance, risk, and business teams
• Partner with external managers and advisors on portfolio analysis and optimisation
• Support external counsel on legal contract review and negotiation
• Facilitate communication between investment and operational teams
• Contribute to cross‑functional working groups and initiatives

• Support insurance investment accounting and financial reporting processes
• Analyse investment results, valuation approaches, and investment performance
• Contribute to accurate and timely financial reporting to stakeholders and regulators
• Ensure portfolio data and reporting align with accounting standards and insurance regulatory requirements

• Support primary contact relationship with key external managers
• Assist in scheduling and preparing for manager meetings, reviews, and strategy sessions
• Foster collaborative relationships with managers and external advisors
• Maintain clear communication of portfolio updates and expectations
• Develop knowledge of insurance brokers and industry specialists

• Monitor external managers for compliance with regulatory requirements and RBC policies
• Track and report on liquidity, leverage, and concentration risks
• Support risk reporting and audit trail maintenance
• Escalate compliance concerns to the Director promptly

• Support generation of performance reports and investment dashboards
• Analyse manager attribution and contribution to portfolio returns
• Prepare analysis on portfolio‑specific metrics and risk factors
• Support ad hoc analysis and reporting requests

• 5+ years in investment management or alternative experience
• Minimum 2 years in external manager oversight or portfolio management roles
• Strong knowledge of alternative asset classes (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
• Excellent analytical and quantitative skills
• Strong relationship management and communication skills
• Proficiency with financial analysis tools and investment analytics platforms

• Professional…