Haere Mai!

We are the Kaitiaki / Guardians of New Zealand Superannuation. We are proud of our Te Whāinga / Our purpose: Sustainable investment delivering strong returns for all New Zealanders. We invest government contributions to the NZ Super Fund, a global investment fund helping to ensure the country can pay for the growing cost of universal superannuation (New Zealand Superannuation) in the future. We also oversee the Elevate Fund, which invests in small, fast-growing New Zealand companies.

At the Guardians there’s an energy, passion and a shared commitment to excellence: in 2022 the NZ Super Fund was named the world’s best-performing sovereign wealth fund. The work is complex, innovative and intellectually stimulating. Sustainable finance, including a commitment to being net zero by 2050, is core to our Mātāpono / way of working.

Team purpose

The Portfolio Investments team forms part of the Guardians’ Portfolio Completion unit. They are primarily responsible for the management of the Guardians’ Tactical Credit Opportunities Mandate and other active mandates as agreed by the Investment Committee.  This is a broad global mandate that spans public and private markets investment opportunities.

The Tactical Credit Opportunities seeks to generate active returns through fixed income investments. Those investments include among others bank capital instruments, public and private securitisations, private credit, and risk transfer solutions. In addition, the mandate utilises risk hedge overlays to manage currency, rates and credit risks. 

Given the nature of the team’s work, they work closely with Legal, Sustainable Investments, Investment Operations, Finance and the broader Portfolio Completion business unit.
 

About the position

The appointed Portfolio Manager will be responsible for: 

• Trading and managing credit risk positions in financial markets.
• Where applicable, the origination and structuring of credit investments operated under Portfolio Investments’ active return strategies. 
• Maximising excess returns over defined benchmarks in the active return strategies operated by Portfolio Investments.
• Origination, analysis and execution of new and existing investment opportunities.
• Hedging positions’ underlying risks using derivative instruments (e.g. FX, rates and credit derivatives). 
• Liaising with Legal, Sustainable Investment, Finance and Operations teams in the execution of new transactions.

Specifically, the Portfolio Manager’s key tasks include:

• Contribution to the research, origination and management of the active mandates operated by Portfolio Investments, including executing direct opportunities. 
• Periodic reporting on mandates managed by Portfolio Investments. 
• Monitoring the performance of implemented strategies and their related investments. 
• Working closely with Portfolio Completion to maintain appropriate levels of liquidity at all times. 
• Ensuring active mandates are operated within internal investment mandates and the Guardians’ relevant policies. 
• Implementing risk management strategies to optimise returns without undue risk. 
• Maintaining and leveraging contact with counterparties to generate trade ideas. 
• Providing input into the annual review of relevant counterparties. 
• Providing input and trade execution support to the Portfolio Completion team. 
• Ad-hoc support on broader Guardians’ activities as required. 

About you

We are seeking candidates who demonstrate deep experience in trading and managing risk in debt capital markets, specifically credit.  This may have been gained in a fund or banking environment. Candidates will need to be comfortable with exposure to a wide range of alternatives in fixed income markets and be able to identify relative value opportunities across that spectrum.  They will possess a robust comprehension of traded derivative instruments.  Whilst not essential, prior exposure to securitised credit investment products will be advantageous, as is credit structuring experience.   

In addition, candidates will be comfortable taking informed and well considered risks.  They will demonstrate a high level of curiosity and a hunger to learn, resilience and intellectual humility.  They will be collegial, facilitate others' growth and development and demonstrate the level of patience and measure required as an investor at the Fund.      

Specific qualities and experience sought:

• Experience managing credit and, ideally, rates portfolios, assessing and taking both structured and unstructured risk positions.
• Have held and exercised discretionary trading authority and demonstrate an excellent performance track record. 
• The ability to originate investable opportunities for the team.     
• Highly numerate, with well developed capital markets experience, coupled with strong analytical abilities. 
• Demonstratable problem solving and communication skills and the ability to summarise analysis in a concise and clear form.
• The ability to work collaboratively and operate with autonomy to manage the execution of transactions from end to end. 
• Collegial, constructive approach, including the ability to foster both internal and external relationships. 

What we offer  

Beyond the diversity of the Fund’s investment universe and resulting global connectivity, not matched in New Zealand, we offer:

• A dynamic, exciting place to work with a team united by our common purpose of sustainable investment delivering strong returns for all New Zealanders.
• Competitive remuneration package including base salary, discretionary bonus programme, and up to 8% KiwiSaver matching.
• World class professional development, career pathways and job rotation opportunities.
• Comprehensive leave and benefits programme including strong parental leave package and insurance cover.
• Flexible and accessible work environment that reflects our commitment to equity and an inclusive team.

How to apply:
We encourage and welcome applications from people with diverse experience, including applicants interested in discussing flexible work options and those with specific disability needs. As a proudly committed equal opportunity employer, we challenge discrimination and actively work to eliminate bias in our hiring practices.  Diversity of experience and diversity of background help us to solve complex problems and deliver on our purpose.

We recognise the importance of Te Tiriti o Waitangi and invest in partnership with a range of Iwi/Māori organisations. We warmly welcome and value Mana Whenua who wish to work with us.  We are committed to understanding Te Ao Māori and integrating it into our workplace culture, for the benefit of all future generations in Aotearoa.

Alexander Hyndman – Convergence, is partnering with the Guardians to recruit this position. Should you have questions, you are able to contact him on +64 275 222 447, or apply directly on [email protected]. Any applicants received directly will be forwarded to Convergence partners.