Pensions 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. Asset allocation is a key part of the philosophy in terms of structuring allocations to reflect the how cheap/expensive assets are. We have created our own "valuation framework" to do this and it is central to the asset allocation setting process. The role is primarily responsible for setting asset allocation.
The major focus of the role will revolve around the improvement of existing processes to determine whether an investment is good/bad value. There are several aspects to the ongoing work required for this:
- Update assessment on good/bad value for the agreed universe of possible investments for quarterly meetings
- Evolve the existing framework for making such assessments by carrying out research. This research will come through the appraisal of academic research and findings from meetings with asset managers, economists and investment banks
- Develop quantitative models to support the valuation framework
- Expand the framework to cover the investment styles of our equity and bond managers
- Make written cases as to the reasons for evolving the valuation framework in the way that is chosen
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
- Some experience in researching 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 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 on the financial industry
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 Pensions Investment Research Manager R9916223 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.