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ALM is responsible for the management of U.S. investment portfolios. Investment Vice Presidents are strongly aligned with the Business Units ("BUs") for which they provide portfolio management services. ALM seeks to achieve the objectives of our business clients by:
- Maintaining a deep understanding of product liability structures and asset/liability management needs;
- Developing strategic and tactical asset allocations, primarily utilizing Prudential's Investment Management's asset origination capabilities;
- Consistently applying a disciplined risk management framework.
- Ensuring portfolios are broadly diversified across asset classes, industry sectors, geographic regions, and issuers.
The Investment VP, Retirement is responsible for management of various U.S. Retirement investment portfolios, and primarily the portfolios that support the Pension Risk Transfer business. This position reports directly to the Investment Senior VP, Retirement. The Institutional Portfolio Team Lead and the Investment Senior VP, Retirement will jointly establish the goals and objectives and assess performance for this position.
In performing this role, the Investment VP will operate under guidelines and limits set by Prudential's Senior Asset Liability Committee (Senior ALCO), the Investment Committee of Prudential's Board of Directors, as well as the BU objectives established by the President of Prudential Retirement.
The Investment VP, Retirement is primarily responsible for:
- Developing the Strategic Asset Allocation ("SAA") recommendations for the various investment segments for BU Head sign-off;
- Developing and executing relevant Tactical Asset Allocation ("TAA") opportunities;
- Engaging in liability pricing and model development in conjunction with the BU pricing team; and,
- Demonstrating expertise in communicating the investment component of reported Business earnings (AOI, ROE and supporting measures)
- As needed, meeting with external clients and participating in pension risk transfer transactions
The Investment VP, Retirement, as an integral part of the BU Leadership Team, serves as an advocate for the BU in asset origination and allocation discussions and participates in BU planning and management meetings and attends financial review sessions.
Additional Responsibilities Include:
- Managing cash flow/duration
- Managing within credit risk limits, and complying with segment IPS and Company guidelines
- Delivering investment income results, attribution and forecasting in conjunction with ALM Finance
- Anticipating and managing around significant cash flow mismatches
- Providing investment reporting as required by the BU
- Providing input to investment assumptions that underlie successful product pricing
- Implementing of Company-Level investment / planning strategies including assessment of long-term impact on BU financial performance
- Maintaining communication and coordination with the other members of ALM
- Participating in ALM-directed projects
The ideal candidate qualifications include:
- A minimum of 10 years of relevant asset-liability management, portfolio management and experience managing a large investment portfolio.
- Strong working knowledge of varying liability structures
- Effective communicator, coordinator and thought-partner; comfortable and effective partnering with senior level executive team
- Strong presentation skills and ability to meet with external clients as needed
- A can-do, problem solving, positive attitude
- Strong project management skills
- Significant management and leadership experience
- MBA and CFA designation or equivalent work experience preferred
In recognition of the strong alignment between ALM and the BUs it supports, the Investment VP will work with members of the Retirement business on-site 2 - 3 days per week. Generally, this will mean spending time in Woodbridge, NJ, and occasionally in Hartford, CT.