Senior Analyst – Alternative Strategies

This job has now expired
Westminster, London
Permanent
SW1P 3AZ

The Church Commissioners are the 2nd largest charitable endowment in the UK and manage a multi-asset portfolio valued at £8.3bn.

The role of the Church Commissioners is to manage the Church’s historic assets, today invested in a broad range of assets including public equities, property and alternative strategies, to produce money to support the Church’s ministry. This currently meets around 16% of the Church’s total running costs.

The two main responsibilities are:

  • To obtain the best long-term return from a diversified portfolio so that the Commissioners can meet their Church's pension commitments and provide sustainable funding to support the work of bishops, cathedrals and parish ministries;
  • Administer the legal framework for pastoral reorganisation and settle the future of redundant churches.

The Commissioners are accountable to the General Synod and to Parliament. The fund is managed, adopting an ethical investment policy, on a total return basis as a perpetual endowment with no new moneys invested. It is governed on the principle of intergenerational equity (equal regard is to be had to today’s and tomorrow’s beneficiaries) and uses a smoothed distribution policy to help ensure commitments can be met in all market conditions.

The fund is broadly diversified across UK and global equities; credit; private equity; alternatives; commercial, residential, and rural property; and timber. The fund invests directly where it believes it has a competitive advantage or in assets classes where it does not believe in active management. In other asset classes the fund seeks to partner with the strongest external managers.

The internal investment team, supported in some asset classes by specialist external advisors, make recommendations to the investment committee and sub-groups. The investment mandate has an ethical component and therefore does not invest in arms, pornography, gambling, alcohol, tobacco, predatory lending, coal, oil sands, etc.

The Senior Analyst – Alternative Strategies will support the investment team’s processes in allocating to and monitoring managers and investments in hedge funds ex-long/short equities, credit strategies and illiquid investments.

First stage interviews will be held in the second half of November to December 2019.

In return we offer a unique environment with opportunities for continuous learning, generous annual leave for work life balance, season ticket loans and a range of benefits including discounted entry to attractions and what we feel is a market leading package when it comes to our pension scheme.

The Role:

  • To research, analyse and generate new investment ideas in absolute return, tradable credit, private credit, and other alternative asset classes, which at present account for circa 17% of the portfolio;
  • To develop and maintain relationships with hedge fund, tradable credit, private credit, and other alternative asset managers;
  • To monitor and review all existing allocations in absolute return and credit strategies, including for adherence to the Commissioners’ ethical policy;
  • To conduct rigorous fundamental research and present all new ideas to the investment committee or sub-groups;
  • To meet and interview senior management and staff of potential new investments;
  • To work with and leverage off the endowment’s current relationships as appropriate;
  • To work with the Commissioners’ ethical investment team to identify and due diligence investments which generate social impact; and
  • To assist in the sourcing, execution and monitoring of co-investment opportunities.

The Requirements:

  • Educated to university degree standard (or equivalent);
  • Experience of manager research in hedge funds, credit or alternative investments;
  • Strong relationships with investment managers and other counterparties within hedge funds, credit or alternative investments;
  • Strong quantitative and analytical skills;
  • Intellectually curious;
  • Able to compare relative value between asset classes;
  • Excellent written and verbal communication skills; need to be able to present succinctly and at the level of the audience in communicating with trustees and other stakeholders;
  • Detail-oriented and organised;
  • Driven, disciplined with a strong sense of urgency and proven ability to get things done;
  • Proactive in looking ahead to what needs to be done, in addressing current issues, and in assisting other members of the team;
  • Ability to work independently and as part of a team;
  • Excellent Microsoft Office skills; Bloomberg preferred;
  • Ability to travel for two to four weeks annually; and
  • A sympathy with the ethos of the Church and the Church Commissioners’ objectives and mindful of their reputation.

Further Details:

You will need to know and be able to independently execute on the regular processes for sourcing manager ideas, conducting due diligence, delivering investment proposals to the investment committee, and monitoring investments on an ongoing basis.

You should have developed your own network of business relationships in this process which can be additive to the existing team. This investment knowledge can either be in more liquid hedge fund and/or credit strategies or in less liquid private-credit or private-equity-related strategies, but you should know and understand the strengths and pitfalls of the strategies covered, e.g. sources of returns for strategies, which instances or environments would cause the strategies to underperform, when and how to conduct due diligence to extract key pieces of information, etc. It would be desirable to have experience negotiating terms for investments.

We in the National Church Institutions support the mission and ministries of the Church all over England. We work with parishes, dioceses (regional offices), schools, other ministries and our partners at a national and international level.

Excellence, Respect, Integrity

We follow these three values in everything we do, whether we are of Christian faith, another faith or no faith. To learn more about working for National Church Institutions and our benefits, please click here

As we are a member of the Armed Forces Covenant, we welcome all applications from those you have served in our Armed Forces and their families

We are committed to building a culturally diverse workforce. As part of this commitment, we welcome applications from people, regardless of their background. As a Disability Confident committed employer, it is important to note that there may be occasions where it is not practical or appropriate to interview all disabled applicants who meet the minimum criteria* due to high volume. We limit the amount of interviews conducted to five applicants per open post we advertise.

*Where applicable depending on post requirements.