Standard Life plc
Senior Investment Grade Portfolio Manager, Public Markets
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Public Markets | Capital Markets | Retirement Solutions & Asset Management
Job Type: Permanent
Location: This role will be based in our London office with some flexibility to work between the office (min. 3 days per week) and home. We will discuss what is important to you and balancing this with business requirements during the recruitment process. You can read more about flexible working here. https://www.standardlifeplc.com/careers/flexible-working
Salary and Benefits: from £160,000+ (subject to experience), plus bonus, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more.
Who are we?
We’re Standard Life, a retirement specialist focused entirely on retirement savings and income. We champion the belief that everyone’s journey to and through retirement can be better, and for more than 200 years, we’ve been helping our customers plan and prepare for their financial futures.
Life today is increasingly complicated, uncertain and unpredictable. People move through different careers, face unexpected moments and navigate important choices. We offer our colleagues flexibility, trust and benefits that work for whatever life brings. In return we expect curiosity, connection, accountability and high standards. We make room for what matters - so you can bring your best, every day.
The Opportunity
A rare opportunity for an experienced fixed income portfolio manager to influence investment strategy, trading activity and portfolio performance at significant scale.
Standard Life is entering an exciting new phase of growth. Following the recent expansion of our Pension Risk Transfer (PRT) business through strategic partnerships with CVC, Prudential Financial, Goldman Sachs and MS&AD, supported by an initial capital commitment of up to £2 billion, we continue to invest in the long-term growth of our retirement business and investment capabilities.
We are seeking a highly experienced Senior Investment Grade Portfolio Manager to join our Public Markets team. This senior front-office role will manage a substantial annuity-backed credit portfolio, combining portfolio construction, dynamic risk management and direct transaction execution across global fixed income markets.
The successful candidate will bring extensive experience managing investment-grade credit portfolios, combined with deep expertise across fixed income markets, including financial and corporate bonds, government debt, private placements and structured credit. Equally important is a very strong understanding of insurance asset management, including the application of Solvency II, UK Matching Adjustment requirements and balance sheet optimisation within annuity portfolios.
Working closely with colleagues across Investments, ALM, Research, Strategy and PRT Origination, you will play a pivotal role in portfolio management, investment decision-making and transaction execution, helping to support the continued growth of one of the UK's leading retirement businesses.
The Public Markets Team
The Public Markets team is responsible for the management, optimisation and risk oversight of Standard Life's annuity-backed Public Credit portfolio.
Managing a globally diversified Investment Grade portfolio, the team focuses on credit portfolio construction, Solvency II optimisation, balance sheet efficiency and long-term risk-adjusted performance. The team plays a central role in supporting PRT transactions through asset pricing, portfolio construction, investment execution and ongoing portfolio management.
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Working in partnership with colleagues across Private Markets, Macro Markets, Asset Liability Management (ALM), Research, Strategy and PRT Origination, the team contributes throughout the full lifecycle of a transaction, while also maintaining key relationships with banking counterparties and external asset management partners.
Key Responsibilities:
Portfolio Management & Investment Decision Making
- Own portfolio management, investment and trading decisions within agreed mandates and governance frameworks, from idea generation and investment decision-making through to market execution.
- Manage investment-grade credit exposures across financial and corporate sectors, principally within GBP, EUR and USD markets, including specialist asset classes managed in collaboration with external asset managers, including US Municipals and Emerging Markets strategies.
- Deliver recurring trading benefits through a Solvency II balance sheet lens, generating value-accretive investment ideas and proactive credit risk management across annuity portfolios.
- Drive portfolio construction, optimisation and risk management activity across Standard Life's investment grade credit portfolios.
Pension Risk Transfer & Strategic Portfolio Construction
- Support portfolio construction and optimisation activities throughout the lifecycle of PRT transactions, incl. maintaining robust, accurate and efficient asset-pricing capabilities supporting origination.
- Work closely with colleagues across Public Markets, Private Markets, Macro Markets, ALM, Research, Strategy and PRT Origination teams from pricing and portfolio construction through to execution, private asset deployment and ongoing back-book management.
Market Execution & Partner Relationships
- Build and maintain strong relationships with bank counterparties, including syndicate, debt capital markets, sales and trading teams.
- Partner effectively with external asset managers and evaluate investment opportunities across specialist credit strategies.
Governance, Conduct & Risk
- Promote high standards of conduct, control awareness and operational discipline.
- Ensure investment and trading activity is undertaken within agreed governance frameworks, risk limits and internal protocols.
- Communicate investment views, portfolio risks and market opportunities effectively through governance forums, committees and senior stakeholder discussions.
Leadership & Team Development
- Provide leadership, coaching, development and growth support to colleagues helping create a high-performing and collaborative team environment.
- Ensure team activities deliver meaningful business outcomes while operating in line with governance standards, regulatory requirements and best market practice.
What We're Looking For
Essential Experience & Expertise
This is a highly specialised role. We are seeking an experienced front-office fixed income portfolio manager who combines deep investment-grade credit expertise with direct transaction execution and a strong understanding of insurance asset management.
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To be successful, you'll demonstrate:
- Deep, practical expertise managing portfolios across investment-grade financial and corporate bonds, government debt, structured credit, private placements, quasi-sovereigns, illiquid assets and hedging derivatives.
- Experience operating within an insurance asset management environment, with a strong understanding of Solvency II, UK Matching Adjustment requirements, balance sheet optimisation and buy-and-maintain investment strategies.
- A proven track record of managing risk, delivering performance and executing transactions directly with market counterparties across investment grade credit portfolios in GBP, EUR and USD markets.
- Strong portfolio construction, optimisation and dynamic risk management expertise combined with clear understanding of the impacts of investment and trading decisions on economic and regulatory balance sheet metrics, capital efficiency and IFRS17 outcomes.
- Strong analytical and research capabilities, with a proven ability to evaluate investment opportunities, portfolio risks and performance outcomes.
Personal Attributes
We're looking for an individual who combines deep technical expertise with sound commercial judgement and strong stakeholder influence.
You'll demonstrate:
- A highly disciplined, accountable and risk-aware approach to decision-making.
- Strong commercial judgement and market awareness.
- Excellent analytical capability and holistic portfolio thinking.
- The credibility and confidence to influence senior stakeholders and investment committees.
- The ability to communicate complex investment issues clearly and concisely.
- Exceptional relationship-building and collaboration skills.
Qualifications
- Degree qualified in Finance, Economics, Mathematics, Business or a related discipline.
- CFA Charterholder or equivalent professional qualification preferred.
- Experience of Aladdin, Python or other investment technology platforms would be advantageous.
This is an opportunity to join a business with significant momentum, long-term backing and a clear ambition for growth.
You'll manage assets at meaningful scale, help shape the future of a rapidly expanding PRT business and work alongside some of the industry's leading investment professionals. Combined with the stability, capital strength and reputation of Standard Life, this creates a compelling opportunity for an experienced portfolio manager seeking both influence and long-term career impact.
We want to hire the whole version of you.
We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you.
If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best.
We’re reviewing applications as they come in, so apply early to avoid missing out.
Find out more about working at Standard Life
- Guide for Candidates: standardlifeplc.pagetiger.com/guideforcandidates
- Find or get answers from our colleagues: www.standardlifeplc.com/careers/talk-to-us #LI-SC1
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