TfL Pension Fund (the “Fund”) is a final salary scheme with net assets in excess of £13.5 billion and over 85,000 members. The Fund continues to be open to new members. It runs a highly sophisticated and diversified investment strategy and risk management systems. Its strategic allocation targets are 40% in equities, 35% in alternatives and the rest in bonds. There is also an overlay hedging programme covering rates, inflation, FX, and equities. The Fund invests globally, including in emerging market assets. Alternatives portfolio is quite extensive with allocations to hedge funds, private equity and credit, infrastructure, real estate and commodities. The Fund endeavours to continuously improve, build and innovate to deliver market leading initiatives and tools around portfolio construction, performance analysis, reporting, risk management and ESG. It recently announced very ambitious Net Zero Targets.

As a public fund, there is significant emphasis on transparency and disclosure. For more information on the Fund please use the link

https://tfl.gov.uk/pensions/

The purpose and scope of the role is quite broad offering excellent opportunities for continuous professional development. The Analyst is expected to support the Chief Investment Officer of the Fund in developing and delivering the strategic investment objectives for the Fund and in the management and control of the documentation, reporting, monitoring, due diligence, governance, compliance and regulatory aspects of the Fund’s investment activities.

The role holder will demonstrate the TfL Behaviours (‘be accountable’, ‘get the right things done efficiently’ and ‘work with others to do it, directly, fairly and consistently’) to carry out the role successfully. There is strong emphasis on team collaboration and outcomes in that context, as well as work life balance and continuous learning.

We welcome applications from candidates who have international working experience.

Key Accountabilities

Build, maintain and improve a range of complex in-house and external models to capture the performance and risk of individual investments, liabilities and overall portfolio to enhance investment strategy decision-making and risk management.

Undertaking research and due diligence activities for new investment opportunities in equities, fixed income and alternatives space and presenting results and recommendations to support strategic and tactical investment decisions.

Monitoring and analysis of information from investment managers, custodian and independent performance monitor to ensure its accuracy, consistency, timeliness and meeting Trustee and Fund reporting requirements.

Support the Fund’s Environmental, Social and Governance (“ESG”) initiatives in its investments, reporting, engagement and compliance area.

Draft Trustee meeting papers and be able to communicate effectively with a range of stakeholders.

Developing effective relationships with the external and internal service providers of the Fund’s investment related and associated accounting activities.

Ensuring the regulatory, compliance and governance aspects of investment acquisition, holding and disposal are complete, documented and undertaken on a timely basis.

Skills, knowledge and Experience

Skills

Ability to quickly review and analyse disconnected pieces of financial information, facts, figures and reports and turn it into a coherent piece of action for the Trustees (essential)

Very advanced Excel modelling skills and experience of pricing and testing complex investment structures. (essential)

Strong communication skills and ability to present complex financial ideas and structures in an easy-to-understand fashion. (essential)

Ability to think in a multi-asset framework, synthesising risks and returns on both relative and absolute basis and defending recommendations in large meetings. (essential)

Ability to prioritise and innovate to deliver results on time and budget (essential)

Self-motivated, ready to constructively challenge assumptions/strong team player with ability to work collaboratively with internal and external stakeholders. (essential)

Ability to demonstrate high integrity, initiative and commitment to continual improvement and promotion of principle of equality (essential)

Knowledge

Educated to minimum post graduate level, with specialisation in Finance,  Economics or MBA; or recognised investment qualification such as CFA (charter holder/candidate) or similar qualification. Preference for CFA qualified ideally or those on track. (essential)

Knowledge of investment portfolio theory, financial markets, valuation tools, derivatives and risk management frameworks and mitigation techniques. (essential)

Knowledge of advanced financial and economic statistics (essential)

Understanding of private market investments and evaluation methodology (essential)

Knowledge of Corporate Responsibility and Sustainable Development Agenda Framework (essential)

Experience

Process of investment due diligence (essential)

Exposure to investment manager selection process (essential)

Multi-Asset portfolio performance reporting and attribution process (essential)

Investment process within the context of pension fund liabilities framework (essential)

Managing regulatory and governance requirements for a multi-asset portfolio (essential)

Equality and Diversity

We are committed to equality, diversity and inclusion. We want to represent the city we serve, which will help us become a more innovative and efficient organisation. Our goal is to make our recruitment as inclusive as possible. We are a disability confident employer who guarantee an interview to any disabled candidate who meets all of the essential criteria. We also use anonymising software that removes identifying information from CVs and cover letters to make the process fair.

Application Process

To apply, please attach your CV (word format preferred), as well as a covering letter which should be no longer than one side of A4.

Think carefully about the skills, knowledge and experience in the advert and cover this in your CV and cover letter.

The closing date for applications is Monday 3rd January 2022 at 23:59

Benefits

In return for your commitment and expertise, you will enjoy excellent benefits and scope to grow. Rewards vary according to the business area but include:

• Final salary pension scheme

• Free travel for you on the TfL network

• A 75% discount on National Rail Season Ticket and interest free loan

• 30 days annual leave plus public and bank holidays

• Private healthcare discounted scheme (optional)

• Tax-efficient childcare payments

• Tax-efficient cycle-to-work programme

• Retail, health, leisure and travel offers

• Discounted Eurostar travel

We may close this advert early if we receive a high volume of suitable applications.