Managing Director of Portfolio Construction

Overview

Old National Bank has been serving clients and communities since 1834. With over $70 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving. 

We continually seek highly motivated and talented individuals as our people are critical to our success. In return, we offer competitive compensation with our salary and incentive program, in addition to medical, dental, and vision insurance.  401K, continuing education opportunities and an employee assistance program are also included in our benefit suite. Old National also offers a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization.  We offer a unique opportunity to join a growing, community and client-focused company that is firmly rooted in its core values.

Responsibilities

Job Summary 

The Managing Director of Portfolio Construction is a key leadership role within the investment team. This senior investment leader collaborates closely with the Chief Investment Officer while leading a team of analysts to develop, manage, and deliver 1834’s investment platform.  

The scope of this role’s responsibilities related to 1834’s investment platform includes (1) maintaining due diligence coverage on third-party managed products, (2) managing allocation models, where our guidance across asset allocation, manager selection, and proprietary security selection becomes cohesive portfolio guidance for our portfolio managers, (3) overseeing third-party platforms (including those related to alternative investments and equity UMAs), and (4) providing custom analytics and portfolio strategies for 1834’s largest and most complex client portfolios. 

Good candidates for this role will possess: 

• Deep technical understanding of financial markets and portfolio theory 

• The strong quantitative skillset required to develop and maintain reliable and rigorous processes for managing portfolio risk while competing with benchmark returns across a broad spectrum of investor constraints 

• Exceptional skill in communicating investment decisions, rationale, and results to a variety of audiences, internal and external to the firm 

• Affinity toward coaching, mentoring, and developing talent within a team of investment analysts 

Salary Range

The salary range for this position is $130,500/Yr. - $263,800/Yr.. The base salary indicated for this position reflects the compensation range applicable to all levels of the role across the United States. Actual salary offers within this range may vary based on a number of factors, including the specific responsibilities of the position, the candidate’s relevant skills and professional experience, educational qualifications, and geographic location.

Key Accountabilities  

Asset Allocation 

• Develop and maintain strategic asset allocation guidance across client risk and constraint profiles 

• Own the capital market assumption and SAA optimization process with input from CIO and senior research colleagues 

• Coordinate and manage implementation of tactical asset allocation guidance, with support and input from CIO and senior investment colleagues 

• Develop and communicate guidelines for prudent use of alternative investments as a part of a long-term investment strategy for suitable clients 

Model Portfolio Guidance 

• Manage a range of allocation models toward strong, long-term, risk-adjusted returns  

• Oversee the manager selection and due diligence process to (1) maintain a high standard of integrity and excellence across third party asset managers with whom we entrust client capital, and (2) ensure cohesion and diversification within client portfolios across both proprietary and third-party solutions utilized 

Risk Management 

• Continuously monitor risk levels across allocation models, including benchmark-relative tracking error, factor exposures, concentrations, and drift.  

• Produce and present performance attribution on a regular basis to oversight committees and to colleagues and other internal stakeholders 

• Set and maintain rebalancing policy for centrally managed portfolios, coordinating with investment operations group to ensure efficient and effective trading toward updated investment guidance at large scale 

Governance and Compliance 

• Consistently document portfolio construction methodology, model changes, and investment decision-making 

• Ensure that the investment platform offers solutions for all clients, in terms of meeting fiduciary, suitability, and bank regulatory requirements 

• Provide support and education to client-facing portfolio managers to ensure that suitability guidelines are observed and enforced with regard to alternative investments and/or other applicable investment strategies 

• Collaborate with compliance, risk, and legal teams on maintaining proper policies and procedures, and in preparation for audits and/or regulatory exams 

Support of Client-Facing Advisors and Portfolio Managers 

• Communicate in a timely and thorough fashion (via internal meetings, email, intranet sites, etc.) allocation and model changes to client-facing portfolio managers, advisors, bankers, planners, etc., including the supporting rationale 

• Provide custom portfolio analytics support to client-facing portfolio managers and advisors for large and/or complex client and/or prospect allocations, including investment strategy proposals 

• Contribute to 1834 Research Institute publications on an ad-hoc basis and as directed by CIO 

Leadership 

• Hire, develop, and manage the portfolio construction team and its related functions (manager research, asset allocation) while fostering our client-first culture within everything the team does 

• Lead discussions within investment team meetings as a subject matter expert on a variety of topics 

• Coordinate with client portfolio management, trading, operations, IT, sales, and other functions to enhance the client experience and investment outcomes on an ongoing basis 

• Participate in efforts to grow our business through public speaking engagements, opportunities to demonstrate thought leadership, and attendance at a limited number of high-value client/prospect meetings 

Key Measures of Success/Key Deliverables: 

• Achieving good risk-adjusted investment performance across assigned strategies within prudent absolute and relative risk management parameters 

• Maintaining a high level of rigor within the investment process that will ensure sound risk management while maximizing the rate at which our clients’ asset compound, within applicable constraints and net of all relevant factors, including taxes, fees, and transaction costs 

• Supporting investment team efforts in maintaining client retention of 98% 

• Maintaining low employee turnover among direct and indirect reports 

Candidate Qualifications and Preferred Attributes: 

Qualified candidates will possess: 

• A bachelor’s degree in business, finance, economics, mathematics, or other applicable field of study 

• 10+ years of investment industry experience, including significant experience in an investment decision-making capacity with respect to institutional and/or high net worth portfolio management 

• A deep, demonstrable understanding of and experience with not only traditional assets (public equities, fixed income) but also alternative investments (i.e., private markets, real assets, hedge funds, etc.) 

Preferred candidates will possess: 

• Experience with relevant analytical platforms/tools such as Bloomberg Terminal, Morningstar Direct, FactSet, and/or others  

• CFA designation, or other advanced designations such as CAIA, FRM, etc. 

• A graduate degree such as MBA, MSF, MMF, or other related fields  

Old National is proud to be an equal opportunity employer focused on fostering an inclusive workplace and committed to hiring a workforce comprised of diverse backgrounds, cultures and thinking styles. 

As such, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, protected veteran status, status as a qualified individual with disability, sexual orientation, gender identity or any other characteristic protected by law. 

We do not accept resumes from external staffing agencies or independent recruiters for any of our openings unless we have an agreement signed by the Director of Talent Acquisition, SVP, to fill a specific position.

Our culture is firmly rooted in our core values.

We are optimistic. We are collaborative. We are inclusive. We are agile. We are ethical.

We are Old National Bank.  Join our team!