Portfolio Manager, Global Emerging Markets
Public Markets DEpartment
The Public Markets Group manages a portfolio of fixed income, equity and absolute return investments representing approximately $123 billion utilizing both index and active management strategies. The Group invests in Canada, the U.S. and Internationally in both the developed and emerging markets. Assets are managed using both internal management and external managers. The Group uses a diverse mix of financial instruments including bonds, equities, and derivatives. In addition, the Group is a leader in Responsible Investing actively integrating environmental, social and governance factors into our investment analysis and decision-making.
Until now, BCI's exposure to Global Emerging Market (GEM) Equities was outsourced to external portfolio managers. After having successfully launched a significant number of internally managed portfolios, the time has come to set up an internal, actively managed GEM portfolio. It is therefore a unique opportunity to be part of a team which will be responsible for building from scratch such a portfolio, which is expected to reach approximately 2 billion dollars within 2 years.
The GEM portfolio will be long only with approx. 65 stocks. The objective is to capture Emerging Markets' growth over the long term and add value over the benchmark (through stock picking, country and sector selection). Although style-agnostic, the stock selection process should favour a combination of growth and quality and therefore tilt the portfolio towards those styles over a whole investment cycle, which is expected to be 3 to 5 years.
The main pillars of the investment framework are as follows:
Reporting to the Senior Portfolio Manager (SPM), the Portfolio Manager (PM) is a key member of the team and instrumental to the successful deployment and management of a multi-billion-dollar GEM portfolio over time. The PM can work seamlessly in an environment which combines bottom-up and top-down approaches.
Bottom-up approach: the PM is autonomous, can identify potential investment opportunities, conduct relevant research (including investment thesis and valuation) and in fine generate investment ideas. Identifying investment opportunities can take various forms from screening many stocks with filters (e.g. quality and growth angles) to reading interesting research from various sources or attending relevant conferences. The PM is also responsible for establishing relationships and contacts with management of companies in the portfolio and potential investment companies.
Top down approach: The PM has a solid understanding of macroeconomics, geopolitics, flows and other drivers which are important for EM equities in a global context. The PM has a deep understanding of what the key metrics are in order to compare countries and sectors in terms of valuation, flows, risk levels (including ESG and geopolitical risks), can teach more junior members of the team how to use those and drive them to build dashboards which will be used by the team in order to make well-informed investment decisions.
Collaborative dimension: The PM works well with others in a dynamic team environment. actively collaborate with their colleagues to maximize the overall performance of the portfolio through actively debating and challenging ideas, sharing knowledge and resources, and embracing an openness to new ideas and perspectives from all team members. The PM also mentors and helps train less experienced team members as opportunities arise.
Leadership: The PM is the person in charge when the SPM is not available and will be instrumental in setting up goals for the team and for individual team members. The PM will play a key role in the evaluation process of more junior members and in the hiring process of new team members, and will be fully involved in other decisions (selection of brokers, independent research providers, training requirements). In essence, the PM will be a strong number 2, able to deputize for the SPM on a regular basis.
QUALIFICATIONS and requirements
Once the main tasks and targets are agreed upon with the Senior Portfolio Manager, the Portfolio Manager will have a large degree of autonomy and be a key member of the team.
When the team expands, the PM will also:
When the portfolio and the team reach cruise speed, the PM will get additional responsibilities:
KEY SKILLS AND COMPETENCIES
Being a PM on the Global Emerging Market team requires core qualities such as:
Beyond those qualities, the PM will have proven to be:
Finally, the PM has a passion for Emerging Markets and more generally for stock markets, as well as the willingness to deliver outperformance are key.
For this permanent full-time position, BCI offers a professional and fast-paced work environment located at 750 Pandora Avenue, Victoria, BC V8W 0E4, Canada.
This position offers a starting annual base salary of $155,700; a performance incentive plan; employer funded health and welfare plans; a defined benefit pension plan; and four weeks vacation.