Current jobs related to Investment Director - Ireland - National Treasury Management Agency

Requisition ID 5230 - Posted - Investment Banking - Permanent

Division : Ireland Strategic Investment Fund

Reports to: Deputy Director – Head of Portfolio Management

Job Family: Investment, Asset & Liability Management

Job Type: Permanent

** Closing Date for Applications: Friday 9th August 2024**

Summary of the Business

The National Treasury Management Agency (NTMA) provides asset and liability management services to the Irish Government. It has evolved from a single function agency managing the National Debt to a manager of a complex portfolio of public assets and liabilities.

Businesses managed by the NTMA include borrowing for the Exchequer and the management of the National Debt, the State Claims Agency, the New Economy and Recovery Authority (New ERA), the Ireland Strategic Investment Fund (ISIF), and the National Development Finance Agency. The NTMA also assigns staff to the National Asset Management Agency (NAMA), the Strategic Banking Corporation of Ireland (SBCI) and Home Building Finance Ireland (HBFI).

The Ireland Strategic Investment Fund (ISIF) sources and completes investments on a commercial basis in a manner designed to support economic activity and employment in Ireland. ISIF’s strategy focuses on long-term transformational investments addressing key strategic challenges facing the country. These include climate action, housing and enabling infrastructure, scaling indigenous businesses, and food and agriculture. In addition, ISIF has flexibility to invest in national and compelling investments in response to future events. See for more detail.

Role Summary

This is an exceptional opportunity for a talented and motivated individual to lead a team tasked with the management of the ISIF’s Risk Management. The role offered provides an ideal and unique leadership opportunity for a high-calibre candidate with at least 10 years of relevant experience to gain exposure to and influence the high standards of investment and risk management within a leading sovereign development fund.

The Risk Management team sits within the Portfolio Management division of ISIF, the division which is also responsible for ESG and economic impact implementation, data, MI and analytics and the monitoring of Irish Portfolio investments.

A key part of the role will be working to bring the Risk Management team to the next level in terms of risk assessment of both public and private investments as well as managing ISIF’s exposure to key Fund level risks. The Investment Director’s role is to lead the Risk Management team and work collaboratively with the wider ISIF team of investment professionals in the active management of the portfolio across risk, performance and asset allocation. This role will also serve as the key point of contact with the NTMA Agency level risk function.

All members of the ISIF team are required to remain flexible to respond to the dynamic nature of the ISIF mandate – this may require team members to apply their skills to other types of investment, outside of their core areas of responsibility, from time to time.

Principal Accountabilities

The principal accountabilities for the Investment Director are:

• Responsible for all areas of investment risk management and risk modelling in ISIF;
• Measure, monitor and manage FX risk, liquidity risk, market risk and credit risk of ISIF, both via a bottom-up assessment at an individual investment level, as well as top down Fund or portfolio level (both Irish Portfolio and Global Portfolio). Specifically:
  • FX risk
    • Responsible for designing an appropriate FX hedging policy for ISIF and reviewing as appropriate
    • Implement the FX hedging policy and manage on an ongoing basis
  • Liquidity risk
    • Responsible for measuring, monitoring and managing appropriate short- and long-term liquidity needs for the Fund and / or individual portfolios
  • Market risk
    • Lead discussions on an appropriate risk appetite for ISIF and / or individual portfolios
    • Ensure the level of risk is aligned with the risk appetite at Fund and the relevant portfolio level
    • Build appropriate risk lenses to assess market risk for liquid and illiquid investments, both bottom up and top down
    • Challenge individual investment proposals from an individual investment risk and portfolio investment risk perspective for both Irish and Global Portfolios. Assess and document the risk assessment undertaken for each investment. Present views at relevant Committees as needed.
• Build a high-performance risk modelling expertise for the Fund’s top down risk and wider portfolio management. Specifically:
• Responsible for construction and ongoing monitoring of the Fund’s legislative benchmark as well as portfolio benchmarks
• Responsible for reviewing and challenging Global Portfolio asset allocation
• Responsible for monitoring the total fund’s asset allocation / portfolio construction and recommending any changes as maybe needed
• Responsible for measuring ISIF’s investment capacity and managing as needed.
• Maintain pulse on market dynamics, investment and economic trends and consider their implications for ISIF.
• Support and develop a team of high-performance individuals. Build the team’s reputation internally and externally.
• Work with the team to build efficiencies and clarity in day-to-day risk management of the Fund.
• Build and maintain good relationships with other teams within ISIF, as well as with the wider NTMA, in particular NTMA Risk (2nd line risk management).
• Own and maintain relevant first line risk management documentation (policies and procedures) for ISIF’s investments. Assist NTMA Risk in their risk management responsibilities.
• Report to and attend various committees as needed including representing ISIF at MLRC (Market and Liquidity Risk Committee), CCRC (Counterparty Credit Risk Committee), and other committees as may be required.
• Contribute to other risk management areas including operational risks, reputational risks, ESG risks and Economic Impact risks.
• Support the Head of Portfolio Management in leading the Portfolio Management division and help to create a high performing team and culture.
• Directed Portfolio – responsible for management for ISIF’s directed portfolio, the assets of the ISIF which are under the direction of the Minister of Finance.
• Participate as required in ISIF-wide or NTMA-wide initiatives and projects.

Knowledge/Experience

The ideal candidate will have:

• 10+ years’ experience in risk management, investment management, private equity, venture capital, corporate finance, commercial/corporate banking, accountancy or portfolio construction
• Experience in risk management of both public and private investments
• Experience leading a sizeable team (s)
• Have a relevant third level qualification
• CFA qualified or accountancy qualification required
• Demonstrate a keen and well-informed interest in investment
• Experience of relationship management

Skills

• An independent operator and thinker, with strong self-leadership
• Team and situational leadership skills
• Strong proven commercial acumen and a high level of accuracy and attention to detail
• A strong communicator, both in writing and verbally
• High level problem solving and financial analytical skills