Private Investment Research Manager
The Centrica UK pension schemes have over £7.5bn of assets under management through a Combined Investment Fund. The Pension Investment team reports to an Investment Committee that is responsibility for the assets for Centrica's pension arrangements. The Investment Committee meets quarterly, and it is the job of the Pension Investment team to source suitable investment ideas and changes to allocation for the Investment Committee to consider. Over recent years, the Investment Committee has increased the reliance it intends to place on the returns being extracted from private markets. The target allocation to such assets is c. 22.5%, with c. 50% of the excess return target being sought through these investments. Given this increased importance of such assets, we have created a new role to provide dedicated focus in this area.
The major focus of the role will revolve around the population and monitoring of the private investments portfolio. There are several aspects to the ongoing work required for this:
- In conjunction with our advisor, creating a framework for mapping the agreed universe of possible investments
- Establishing views on the most relevant managers from that mapping process. This includes meetings, and creating a database of our findings.
- Evolve the existing strategy for allocating to private investments. This will be a function of utilising the existing fund managers with whom we already have money, integrating new ideas
- Develop quantitative models to support the analysis of the returns of funds in which we invest and potential investments
- Attend the various advisory boards, where we have seats, for our private investments
There will be other responsibilities given the small nature of the team
- Asset class research for areas, such as alternative investments, not currently used within the CCCIF
- Manager selection and monitoring in the new asset classes identified, and any subsequent implementation required
- Ad-hoc projects identified by the Investment Committee
- Extensive experience in researching private assets investment managers within their previous role is required
- The individual must be passionate as to why one is able to identify good/bad value in investments at different moments in the market cycle, and the improvement to asset returns that can be obtained if one maintains a strong valuation discipline.
- While, the CIO and rest of team will provide significant support through on the job training and guidance, it is critical that the individual is a self-starter, who can work well on progressing projects by themselves.
- It important to be able to generate ideas for further consideration themselves, and to proactively engage with asset managers and investment consultants who can provide valuable intellectual capital to assist with their role.
- The investment team is small, and therefore it is important that the individual can readily work in a small team and ready to pitch in where necessary. Clearly, being a team player, rather than an individual, is critical for this hire given the small team size.
- The hire will need to articulate the conclusions of their research both to the investment team, but also the Investment Committee.
The role will require a reasonable degree of mathematic usage and therefore, we would expect a mathematics A-level.
- We would expect any hire to be IT literate with strong Excel skills, and any Bloomberg experience would be desirable.
Over 5 years relevant work experience in the financial industry focused predominantly in the private assets space.
Strong written and presentational skills are required, and we would seek previous examples where such skills have been used.
Centrica plc, a FTSE 100 company, has operations in UK, North America and Europe. With 30+ million customer-product relationships, Centrica's vision is to become the leading integrated supplier of energy and related services for its chosen markets and maximise value to shareholders. Centrica's brand names include British Gas, Direct Energy (North America). At Centrica, our purpose is to help people today and secure energy for tomorrow.
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To request an update on this role, or if you have any problems uploading your CV please email Matthew.Sutton1@centrica.com typing Private Investment Research Manager R9916219 in the subject title.
Agencies: Centrica operate a preferred supplier arrangement, however if you wish to be considered at the next review session please submit a brief overview of your capability to PSL@centrica.com.