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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Boston, Massachusetts

Salary: $367K - $402K

Fidelity is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is one of the largest asset managers in the world with $4.3 trillion in assets under management, and, as of December 2022, their assets under administration amount to $10.3 trillion. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance. Details below.

Job Description:

The Team

With more than $800 billion in assets under management as of December 31, 2023, Fidelity’s Strategic Advisers, LLC (SAI) is a leading provider of asset allocation solutions for retail, institutional, and high net worth clients. The range of investment solutions include managed accounts, financial planning frameworks and custom solutions.

Strategic Advisers is a registered investment adviser and a Fidelity Investments Company. SAI serves as the investment manager to all Fidelity managed accounts offered by Fidelity’s Portfolio Advisory Services and through Fidelity’s Wealth Management Advisory Services. We construct and manage asset allocation portfolios for more than three million clients. The majority of our assets are fully discretionary and centrally managed from the home office.

The Role

We are seeking an experienced Portfolio Manager (PM), Private Credit. Located in Boston, this new role reports to SAI’s Chief Investment Officer of Alternatives and will be instrumental in the build out of SAI’s private asset offering to Fidelity Wealth clients, a critical initiative of the firm. SAI’s aspiration is to democratize access to private markets across our mass affluent and high-net worth clients via a series of multi-GP private asset funds. This individual will collaborate with SAI’s Product, Labs (innovation team), and Private Asset Research Teams to develop the private credit investment philosophy and process and to design and launch an open architecture multi-GP evergreen fund. SAI is a dynamic and innovative group currently extending our deep expertise in managing over $300 billion in public market multi-manager funds to develop the infrastructure for managing private asset funds. As such, a component of this role is to participate in all facets of the build out of this new capability in conjunction with our team of subject matter experts in research, portfolio engineering, risk management, legal, compliance and technology. Responsibilities, team and product offering will grow over time with the evolution and maturation of our private asset business.

The ideal candidate will possess a deep understanding of credit markets, risk management, and financial analysis, demonstrate a proven track record of managing private credit portfolios, exhibit a strong due diligence process including selecting and managing relationships with private credit/direct lending managers and have experience in building out co-investment capabilities and underwriting processes.

The Value You Deliver

  • Portfolio Construction. Develop and implement the investment process and create a diversified portfolio across strategies, GPs, vintages, sectors and companies ensuring a balanced and resilient portfolio.
  • Fund and Deal Sourcing/Evaluation. Collaborate with external partners and SAI’s internal Private Asset Research Team to identify and underwrite investments in private credit via primary and secondary funds and co-investments from GP partners, evaluating creditworthiness and fit within the portfolio.
  • Risk Management. Develop and implement a robust risk management process to monitor and mitigate portfolio risks in partnership with SAI’s Risk, Data and Technology teammates.
  • Liquidity management. Collaborate with SAI’s Portfolio Engineering team to model and manage shareholder cash flows, distributions and commitment strategy, ensuring appropriate liquidity for an intermittent liquidity vehicle.
  • Communication and Reporting. Provide clear and concise communication to stakeholders, including senior management and fund board of directors, regarding portfolio performance, positioning, market update and investment outlook. There are no sales/business development components to this role.
  • Relationship Management. Cultivate and maintain relationships with external partners, GPs, and other collaborators. Engage with research teammates to effectively negotiate terms and agreements for potential investments in conjunction with teammates.
  • Team Collaboration. Work in partnership with cross-functional teams, fostering a supportive and collaborative atmosphere. Encourage diverse viewpoints and a culture of creativity and problem-solving within the team. .
  • Continuous Learning. Stay abreast of industry trends, regulatory changes, and emerging opportunities, cultivating a culture of continuous learning and professional growth, and contributing to the team’s collective knowledge.

The Expertise and Skills You Bring

Skills/Knowledge

  • Experience evaluating and investing in private credit with a proven track record of managing private credit portfolios. Interval fund or tender offer fund management a plus.
  • A well-developed network of GP relationships in private assets.
  • Creative, flexible, strategic problem solver with a demonstrated combination of academic knowledge, market experience, curiosity and intellect when investing in private credit in a fund-of-funds and co-investment structure.
  • Strong leadership skills.
  • Willingness and ability to engage with all facets of the organization to build out the private asset infrastructure.
  • Experience navigating the complexities of a large, heavily matrixed organization.
  • Success working in a highly collaborative team-oriented investment environment.

Education

  • Advanced degree or equivalent in finance, economics or business preferred.

 

Certifications:

 

Company Overview

Fidelity Investments is a privately held company with a mission to strengthen the financial well-being of our clients. We help people invest and plan for their future. We assist companies and non-profit organizations in delivering benefits to their employees. And we provide institutions and independent advisors with investment and technology solutions to help invest their own clients’ money.

Join Us

At Fidelity, you’ll find endless opportunities to build a meaningful career that positively impacts peoples’ lives, including yours. You can take advantage of flexible benefits that support you through every stage of your career, empowering you to thrive at work and at home. Honored with a Glassdoor Employees’ Choice Award, we have been recognized by our employees as a top 10 Best Place to Work in 2024. And you don’t need a finance background to succeed at Fidelity—we offer a range of opportunities for learning so you can build the career you’ve always imagined.

At Fidelity, our goal is for most people to work flexibly in a way that balances both personal and business needs with time onsite and offsite through what we’re calling “Dynamic Working”. Most associates will have a hybrid schedule with a requirement to work onsite at a Fidelity work location for at least one week, 5 consecutive days, every four weeks. These requirements are subject to change.

At Fidelity, we value honesty, integrity, and the safety of our associates and customers within a heavily regulated industry. Certain roles may require candidates to go through a preliminary credit check during the screening process. Candidates who are presented with a Fidelity offer will need to go through a background investigation, detailed in this document, and may be asked to provide additional documentation as requested. This investigation includes but is not limited to a criminal, civil litigations and regulatory review, employment, education, and credit review (role dependent). These investigations will account for 7 years or more of history, depending on the role. Where permitted by federal or state law, Fidelity will also conduct a pre-employment drug screen, which will review for the following substances: Amphetamines, THC (marijuana), cocaine, opiates, phencyclidine.

We invite you to Find Your Fidelity at fidelitycareers.com.

Fidelity Investments is an equal opportunity employer. We believe that the most effective way to attract, develop and retain a diverse workforce is to build an enduring culture of inclusion and belonging.

Fidelity will reasonably accommodate applicants with disabilities who need adjustments to participate in the application or interview process. To initiate a request for an accommodation, contact the HR Accommodation Team by sending an email to accommodations@fmr.com, or by calling 800-835-5099, prompt 2, option 3.

Benefits With You in Mind

Benefits for your whole life – that’s what you’ll find at Fidelity.

You’ll find everything from perks that makes your daily life better to those big-picture, life-changing resources to support you at all stages of your life. We have an amazing package of benefits and programs designed to help you thrive – both in and outside of work.

Family Programs

  • Adoption assistance
  • Backup dependent care
  • Maternity & parental leave (Up to 16 weeks of paid maternity leave and 12 weeks of paid parental leave)
  • Dependent care flexible spending account (FSA)

Wellness Programs

  • On-site health & wellness centers
  • Fitness reimbursement program
  • Nutritional counseling
  • Healthy dining program

Retirement Planning

  • 401(k) Retirement Savings Plan: Eligible associates can make pre-tax and/or Roth after-tax contributions, and Fidelity will match you contributions dollar-for-dollar up to 7% of your eligible compensation.
  • For eligible associates, Fidelity may make an annual Profit Sharing contribution of up to 10% of your eligible compensation.*

Health & Insurance

  • Medical coverage
  • Dental & vision coverage
  • Disability Insurance
  • Fidelity Health Savings Accounts (HSA) and Health Flexible Spending Accounts (FSA)

Education Benefits

  • Student loan assistance – helping you pay down your loans so you can save on interest, with up to $15K in contributions
  • Tuition reimbursement program

* Albuquerque-based regular employees, excluding individuals employed in a retail branch location, are not eligible to receive the Profit Sharing contribution.