About PIC

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilience, Adaptable, and Loyal. Role purpose

Role purpose

• This role sits within the Debt Origination Team. The Debt Origination team is part of PIC Capital, PIC’s wider private asset origination business that operates across various private markets.
• The Debt Origination Team contributes to the overall success of the business by sourcing, structuring and investing in off-benchmark investment grade debt. The key rationale for us to directly invest is to a) source returns that are in excess of where public bonds are trading, b) to obtain cash flows not available elsewhere and c) to provide diversification of access to credit markets. The Debt Origination team has invested more than £10 billion over a decade in areas like structured finance, social housing, infrastructure, renewable energy, financials, fund finance and other public sectors.
• This role will support the origination and execution of investment opportunities, with a specific focus on structured finance, including fund finance and asset backed securities (ABS).
• The role requires the ability to effectively collaborate with stakeholders across the business including Legal, Risk, Credit Research, Responsible Investing, and Finance, to ensure they are included in any new deal and that investments are well understood
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Debt Origination Manager within the Debt Origination team:

• Responsible for sourcing, pricing, and structuring investment opportunities across a broad range of sectors that are suitable for an insurance company to match long-dated liabilities, with a particular focus on structured finance opportunities (including ABS), real estate, fund finance and financials.
• To actively participate in PIC’s credit and investment committees to appropriately challenge, debate and agree existing and potential future assets.
• To effectively collaborate with stakeholders across the business including Legal, Risk, Credit Research, Responsible Investing, and Finance, to ensure they are included in any new deal and that investments are well understood.
• To review and scrutinise all relevant due diligence documentation to ensure the risks of the transaction are documented and understood.
• Takes ownership for their own learning and development in both technical and non-technical skills of private debt origination
• Keeps informed of industry trends, market developments, regulatory changes in the private debt space and structured finance sector, by attending industry seminars, reading and sharing relevant published articles.

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

Requirements

Knowledge

• Good technical knowledge of credit, pricing, structure and ratings for Structured Finance debt
• Knowledge and experience in investing in ABS will be an advantage
• Detailed knowledge of modelling complex cashflows for individual assets including inflation, foreign currency assets and derivatives with credit exposure
• Familiar with private debt markets
• An understanding of the Solvency UK regulatory framework for insurers

Skills

• Strong organisational skills
• Strong communication skills
• Ability to persuade and influence both directly and indirectly
• Ability to organize work to meet deadlines
• Ability to work within defined procedures as recommended by functional teams
• Commercial judgement
• Good working knowledge of MS Excel, Bloomberg, MS PowerPoint, MS Word

Experience

• CFA or similar professional qualification
• Front office experience working in an insurer/ asset manager/ pension fund/ bank/ law firm or advisory firm on structured finance products.
• Experience presenting investment opportunities to relevant committees.
• Experience in reviewing loan/ bond documentation for structured finance assets.
• Experience in managing external relationships such as banks, arrangers, lawyers and borrowers.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.