Buy & Maintain Portfolio Manager
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-£100,000 base + 60%-70% (not capped but could be more)
-Mid-Senior
-Lucy Zhou - 6 years to 7 years experience - started to a be a PM 1.5 years ago, there could potentially be someone:
-Lucy - Was good, worked at Insight, had a salary package that was quite low for her experience (£75k fixed + £20k bonus). Had 4.5 years` experience. Was a portfolio analyst, however doing all the day to day job, managing all the portfolios, she wanted to move (as was not promoted), however wanted to step up and have people to manage. On paper, was perfect, given she knew the business, knew how to manage portfolios, had credit skills
-If person waits until March or April, they would do a buy-out for commitment
-Would be best if person has one more notice period (to do a buyout they need proof of previous bonus)
-Must haves: Credit Analysis experience, junior, can be seen as someone much more senior, must have ability to run a fund and do what senior people wanted her to do
-Good firms - Insight (Buy & Maintain team, Strategy, Presenting, Looking to analysts on how to implement the strategies). Lucy was putting in place strategies. Being able to implement strategies without knowing what the clients wanted.
-Lionel`s team: There is an investment process, team work, flexibility to bring what they want. People can bring their own trade ideas. PM will have full responsibility on performance, client relationships.
-This will allow someone who wants to step up and to have a lot of responsibility. This person would get to select or choose the funds that
-Books, Cashflow-driven investments, Buy & Maintain portfolios, Coupon payments, some funds that are run more actively (performance is important - a bit more flexibility)
-Funds are global (not only GBP), someone with $ or EUR Credit skills are absolutely better than GBP credit.
-Someone with 6-7 years could be good if they are strong.
-For AXA (the team), Lionel Manages funds himself. There is also Rob Price, who is the Head of LDI Solutions UK. He is the derivatives expert.
-There is a buy named Sebastian Proffit (CDI Solutions Strategist). Paris has 4 very experienced PMs
-The new hire will be the most junior PM - Portfolio Manager will join the team. It`s called Fixed Income Investment Solutions.
-Book of business is very much GBP focused (70%) and GBP/EUR (30%). Going forward, this might move a bit more to $ and EUR. Going forward, they are working a lot on ESG and Climate solutions. This will be a big part of what is managed going forward. 1 year duration to 15 years+ duration. All types of portfolios across the curve.
-They are developing solutions with secured finance (mix of investment grade and alternatives - like 10%-15% secured finance - this makes it very interesting)
-Most money managed is external/3rd party. £17.5bn EUR of 3rd party money, mostly for pension funds. Going forward, they might do more on the insurance side - 3rd party.
-What person must have: Credit Skills, Have started managing a book or some portfolios. Credit skills, portfolio management. Derivatives is a huge plus, however they already have some on the team.
-They want to also develop al Asset Allocation: EM, HY, Secured, Investment Grade. There is room to develop other areas of expertise as well. This person will also be exposed to other asset classes, will get to work very closely with the solutions guys.
-Culture: Very collegial culture, people get along well, very friendly, great place to learn. Culture speaks for itself really.
-Flexibility: 2 days a week in the office, 3 days from home if they can, which is great.
-New building - 22 Bishopsgate (brand new office)
-Very successful platform, one of the best in the industry. Very senior person and is head of fixed income - Lionel reports directly to her.
