Head of Tactical Asset Allocation, Sovereigns and Portfolio Oversight

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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 division provides pension risk transfer (PRT) solutions for UK and US defined benefit (DB) schemes, and reinsurance solutions from our global hub in Bermuda. We work with companies, DB pension schemes and their advisors to help them secure and protect scheme members\’ retirement benefits.

Joining us means you\’ll support customers\’ financial security in retirement; help companies to settle their pension liabilities and focus on growing their businesses; and enable investment for the long term to back our pension promises

Job Description

Join our dynamic team as the Head of Tactical Asset Allocation (TAA), Sovereigns and Portfolio Oversight. In this senior leadership role, you will be instrumental in shaping our Tactical Asset Allocation (TAA) strategy, managing sovereign exposures, and overseeing our Institutional Retirement\’s annuity portfolio. Collaborate with a diverse team to drive our portfolio management objectives and deliver exceptional outcomes for our clients

What you\’ll be doing:

• Developing the TAA and associated portfolio management opportunities, ensuring alignment with Institutional Retirement\’s objectives and compliance with Strategic Asset Allocation and group limits
• Managing the sovereign portfolio, including oversight of Institutional Retirement Investments ALM team, ownership of relevant risk appetites, and continuous development of the investment framework for sovereigns to maximise risk-adjusted returns
• Monitoring the portfolio using bespoke tools (e.g., Beta MI, WARF monitoring) to support financial and risk management objectives, assessing relative value of investments across asset classes, and proposing optimisation opportunities
• Collaborating with Asset Management, Investment Operations, Investment Strategy, and Finance to improve portfolio analytics and availability of timely management information (MI) to support portfolio management and tactical portfolio optimisation
• Building relationships and effectively collaborating with key stakeholders internally and externally to ensure appropriate communication and consistency of approaches
• Providing leadership to ensure that people, systems, processes, and controls are in place for an effective and well-controlled investment function, prioritising customer interests and delivering good customer outcomes
• Leading and managing employees, ensuring consistent application of the Group\’s policies and procedures, including the Partnership Agreement, to maximise business performance
• Continuously developing the investment framework for sovereigns to maximise risk-adjusted returns under the framework

Qualifications

Who we\’re looking for:

• Outstanding quantitative skills with a numerate degree or equivalent experience, demonstrating strong analytical and problem-solving abilities
• Qualified actuary or CFA desirable, showcasing a high level of professional expertise and commitment to continuous learning
• Experienced people manager with a track record of building and developing high-performing teams
• Strong understanding of insurance company balance sheets, including both capital and profit reporting regimes, ensuring comprehensive financial oversight
• In-depth knowledge of the Solvency UK regulatory framework and other local regulatory frameworks, including US & Bermuda, to ensure compliance and strategic alignment
• Demonstrable understanding of asset valuation concepts and models
• Extensive capital market knowledge and understanding of all major asset classes
• Proven experience in portfolio management, particularly in fixed income and sovereign bonds

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

• The opportunity to participate in our annual, performance -related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Healthcare Plan (permanent employees only)
• At least 25 days holiday, plus public holidays, 26 days after 2 years\’ service. There\’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice (permanent employees only)
• There are the many discounts we offer – both for our own products and at a range of high street stores and online
• In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart

Additional Information

At L&G, we believe it\’s possible to generate positive returns today while helping to build a better future for all.

If you join us, you\’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time, term-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can.

It doesn\’t matter if you don\’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.

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