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Portfolio Manager, Global Emerging Markets

May 10 2021
Industries Bank, Insurance, Financial services , Consulting services
Categories Accounting, Finance, Project Management, Business Analysis, Management, Consulting, Bank, Insurance, Financial services, Consulting, Bank, Insurance, Financial Services, Accounting, Finance, Banking, Economics, Functional Business Analyst
Victoria, BC

Portfolio Manager, Global Emerging Markets

Public Markets DEpartment

DEPARTMENT DESCRIPTION

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.

PORTFOLIO DESCRIPTION

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:

  • Fundamental research (stock / sector / country analysis)
  • Top down approach (macroeconomics, geopolitics, flows, country and sector valuations)
  • ESG-embedded (i.e. throughout the investment process)
  • Themes which will drive Emerging Markets over the long term.

Position DESCRIPTION

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

Must have:

  • Minimum of 10 years of experience in Financial Markets (buy-side or sell-side)
  • Relevant undergraduate or graduate degree
  • Strong knowledge of Global Emerging Markets or at least several countries / sectors related to Emerging Markets.
  • Being familiar not only with investment processes, but also being creative and able to upgrade and design new ones.
  • Strong research, financial modelling, analytical and valuation skills.
  • Expertise in a couple of sectors and / or countries.
  • ESG aware – in a GEM context.
  • Excellent communication skills, both written and verbal.
  • Good interpersonal skills and a history of working successfully in team environments.
  • Eager, strong work ethic, and desire to learn.
  • High ethical standards and a positive attitude

Preferred:

  • Having lived in an Emerging Market or at least having spent a significant amount of time in Emerging Markets.
  • Another language related to Emerging Markets (e.g. Mandarin, Portuguese, Korean).
  • CFA designation.

PRIMARY RESPONSIBILITIES

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.

Main tasks:

  • Understanding, building and implementing solid processes alongside the SPM (mainly related to stock selection, top down tools, filters, stock selection tools and risk management).
  • Taking over the coverage of various sectors, countries and stocks in order to identify investment opportunities (and investments which should be avoided) across Emerging Markets. This includes traveling to the relevant countries and meeting up with a large number of companies and market participants in order to collect useful information and generate investment ideas.
  • Work closely with the SPM to build a "dummy portfolio" whilst liaising with the relevant teams (risk management, operations, trading, legal, etc.). In particular, the PM would take the lead on a couple of key tasks (e.g. back testing) on behalf of the team.
  • Be trained on BCI's systems and be ready to deploy capital. Once the fund is up and running, the SPM and PM will be the only two team members able to trade on the portfolio – this is therefore a key responsibility.
  • Co-manage the portfolio with the SPM and the rest of the team in a collaborative manner.
  • Build with the SPM the portfolio's investment strategy documents.

When the team expands, the PM will also:

  • Help the SPM train and guide more junior team members it includes identifying potential weaknesses and how to fix those in order to boost the team's efficiency).
  • Make sure that the processes are followed by the team.
  • Be part of the hiring process.
  • Be part of the team members' evaluation process.

When the portfolio and the team reach cruise speed, the PM will get additional responsibilities:

  • The SPM will deputize some important tasks such as a review / improvement of investment processes.
  • Helping the SPM to organize yearly offsites (team building)
  • Organizing a brokers' selection process and defining how to best use various resources (trainings, external research, etc.)
  • Any additional responsibility which could help generate additional performance and strengthen investment processes.

KEY SKILLS AND COMPETENCIES

Being a PM on the Global Emerging Market team requires core qualities such as:

  • Strong analytical skills (such as paying attention to details or having fundamental valuation skills)
  • The ability to synthesize complex ideas (identify what are the key points to analyse when dealing with a new country, sector or stock, be able to put pieces together and come to a conclusion)
  • The ability to communicate their views effectively
  • The ability to work fast and efficiently

Beyond those qualities, the PM will have proven to be:

  • An autonomous and proactive team member, a proposal force to be reckoned with.
  • Collaborative (within the EM team and with other teams at BCI).
  • Able to prioritize tasks and get things done (ability to execute).
  • One that has strong knowledge of at least one key sector (e.g. Financials, Consumer Discretionary or Technology) and a couple of key countries (e.g. China, Taiwan, Korea, India, Brazil) will be considered as a great advantage.

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.

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