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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Boston, Massachusetts

Salary: $362K - $408K

MassMutual ranks at 100 in the 2022 Fortune 500 list of the largest United States corporations by total revenue. The company has revenues of $10.7 billion and assets under management of $312 billion (as of 2022). The company employs more than 7,000 in the United States, and a total of 10,614 internationally

Boston, Massachusetts
Investment Management
Job IDR15053

The Opportunity

The Head of Asset Allocation role is within the Fixed Income Portfolio Management (FIPM) team within Investment Management at MassMutual. The Asset Allocation (AA) function is responsible for developing the tools and insights necessary for deconstructing the macro/market narrative, informing top-down house views, proposing cross-asset trades, and setting asset allocation. AA influences all aspects of the portfolio management process and ensuring that Investment Management delivers for its MassMutual partners.

The Team

The Fixed Income Portfolio Management (FIPM) team has responsibility for asset allocation, fundamental credit underwriting and monitoring, ESG investment strategy, and macroeconomic research. FIPM works with other teams in Investment Management to manage the product segment portfolios and the approximately $250 billion General Investment Account (GIA) as a whole, pairing fundamental investment analysis and asset allocation skills with quantitative and asset/liability management expertise. This high-profile group works across all of Investment Management as well as with our other internal stakeholders including product, actuarial, treasury, accounting and risk, among others.

The Impact:

Drive and own MassMutual’s strategic and tactical asset allocation (“SAA and TAA”) for the General Investment Account (GIA); recommendations are ultimately used for Investment Management’s portfolio decisions. These decisions drive the investments in the GIA.

Collaborate cross-functionally with senior leadership across Investment Management, CFO, and Enterprise Risk Management to derive execution plans that advance the GIA asset allocation, including implementation in an execution and constraint aware manner, facilitation of cash funding, and awareness of ALM strategies. Present independently to Investment Committee of the Board of Directors as well as the Investment Oversight Committee.

Coordinate within Portfolio Managers to recommend and influence portfolio actions as market scenarios and asset class expectations evolve, continuously ensuring alignment between the view and positioning on both a short- and long-term basis.

Facilitate providing general portfolio solutions, bringing together portfolio expertise, asset class and structuring insight, and creative problem solving to ensure pro-active readiness regarding the organization’s ability to achieve long-term asset allocation aspirations while also maintaining portfolio flexibility.

Own and maintain a suite of portfolio analysis tools aimed at generating a forward-looking view of the portfolio and convey market narrative and portfolio positioning to key stakeholders including the GIA’s Internal Investment Committee, Financial Planning & Analysis, Office of the CFO, Office of the Chief Actuary.

Research, recommend, and implement enhancements to overall investment strategy as well as in response to changing market and regulatory regimes.

Coordinate with stakeholders including the actuary, external managers, internal managers, Compliance, and corporate finance to ensure alignment across the economic, accounting, and regulatory view. Interact with executive leadership (e.g. CIO, CFO, CRO, Chief Actuary).

Lead quarterly performance and risk reviews, prepare Investment Committee communications, and maintain governance documentation.

Manage asset allocation resource(s); responsible for development, engagement, and leadership of team member(s).

The Minimum Qualifications

15+ years’ experience and deep familiarity with institutional liability-aware investing (e.g. insurance and pension).

Expertise in a wide range of public and private asset classes, understanding of investment vehicles and structures with an insurance asset management lens, and experience in portfolio construction and management.

Proven ability to execute, collaborate, connect, and drive productivity in a hybrid work environment.

Proficient in MS Office (Excel, PowerPoint, Word, Teams), other investment-related software and tools (Bloomberg and Aladdin).

The Ideal Qualifications

Proven ability to get up to speed on new topics and projects and develop a deep understanding of various issues related to macroeconomics, capital markets, investing, risk, and insurance industry dynamics, regulations, and accounting principles.

Excellent interpersonal and relationship-building skills, with the ability to effectively understand, engage and build relationships with a wide range of stakeholders, executives, and team members.

Strong written and verbal communication skills, with the ability to craft clear, concise, error-free and compelling messages and to adapt to different communications styles, voices and methods.

Professional maturity and comfort with providing and receiving feedback and with advocating for a point of view while remaining open to other perspectives.

Knowledge and experience with Liability Driven Investment (LDI) and asset-liability management issues preferred.

Familiarity with National Association of Insurance Commissioners (NAIC) regulations and proficiency with issues involving optimizing risk-based capital.

Strong academic credentials that ideally include a CFA and/or an M.B.A. degree.

Experience / knowledge of object-oriented programming languages a plus (Matlab, Python, SQL).

What to Expect as Part of MassMutual and the Team

  • Regular meetings with the Investment Management team
  • Focused one-on-one meetings with your manager
  • Access to mentorship opportunities
  • Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups
  • Access to learning content on Degreed and other informational platforms
  • Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

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MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment.