World Bank: Senior Portfolio Manager, Hedge Funds – Washington

Do you want to build a career that is truly worthwhile? The World Bank Group is a unique global partnership of five institutions driven by a bold vision to create a world free of poverty on a livable planet. As one of the largest sources of funding and knowledge for developing countries, we help solve the world’s greatest development challenges. When you join the World Bank Group, you become part of a dynamic, diverse organization with 189 member countries and more than 130 offices worldwide. We work with public and private sector partners, invest in groundbreaking projects, and use data, research, and technology to bring tangible and transformative changes around the globe. For more information, visit www.worldbank.org. The World Bank Group (WBG) Treasury WBG Treasury is the Vice Presidency (VPU), reporting to the Managing Director and World Bank Group Chief Financial Officer, performing treasury functions for the IBRD, IDA and IFC and, to varying degrees, other members of the World Bank Group and other public and private sector entities. Its activities are organized and grouped into the following divisions: Capital Markets; Asset Management; Client Solutions & Structuring; Treasury Operations; Treasury Partnerships & Advisory; and Treasury Risk, Compliance & Controls. Treasury has been a large and significant participant in the international financial markets for over eighty years and has achieved a global reputation as a prudent and innovative borrower, investor, and risk manager. Treasury is responsible for: (i) managing approximately $300 billion in assets for the World Bank Group and other official sector investors; (ii) leading IBRD”s, IDA”s and IFC’s triple-A rated financing programs in international and domestic bond and derivative markets; (iii) conducting asset and liability management for IBRD”s, IDA’s and IFC”s balance sheets; (iv) overseeing the development and outreach related to the financing and hedging products the WBG provides for its developing-country clients; and (v) collaborating with the World Bank member countries to help build their financial markets related capacity through advisory services. Staff in Treasury regularly interact and work with other Departments across the Bank and IFC finance, operations, investment teams. The Pension Department (PEN), responsible for the management of the post-retirement benefit Plans of the World Bank Group, is also part of the WBG Treasury Vice-Presidency, reporting to the VP and WBG Treasurer. PEN fulfills its fiduciary mandate under a strong governance framework established by the World Bank Group, under the oversight of the Pension Finance Committee, chaired by the MDCFO. The Pension Investments (PENIN) team is responsible for the investment management of the Plan assets. The key responsibilities include developing the investment strategy, outlined in the policy framework and strategic asset allocation and approved by the PFC, and executing the investment strategy through external fund management, ensuring the integration of Environmental, Social, and Governance (ESG) factors. PENIN manages approximately US$ 50 billion across various asset classes such as fixed income, public equities, private equity, real assets, private credit, and absolute return strategies. Staff in PENIN are allocated to a particular team upon entry. They may be reassigned to other PENIN teams at the discretion of the Manager of PENIN in response to business priorities. This Senior Portfolio Manager position is intended for PENIN’s Absolute Returns team. The Absolute Returns portfolio is constructed as a collection of market-neutral liquid hedge funds aimed at delivering returns with limited correlation to traditional risk factors (equity, interest rates, and credit markets), limited volatility, and strong downside protection. The Absolute Return portfolio is expected to act as a diversifier at the Plan level and outperform a specified return target over a market cycle. The Senior Portfolio Manager will co-lead the team’s portfolio construction, participate in the investment due diligence, assisting in the identification of new managers or investment ideas, in addition to presenting to the Investment Committee. He/She will also be jointly responsible for monitoring the performance and risk of different funds in the Absolute Returns Portfolio. Roles & Responsibility: 1. Lead the portfolio construction process and enhancements to the portfolio: • Formulate and identify new investment ideas/themes and approaches to portfolio construction, and take initiative in researching new managers to manage and monitor the risk and return drivers in the portfolio. • Enhance the necessary quantitative and qualitative analysis in support of investment decisions and recommend new techniques for analysis, refining existing ones, and improve implementation of such techniques. • Demonstrate full understanding of analytical and other resources and systems applicable to Hedge Funds investing, manager analytics, valuation, and performance reporting; and enhance the investment process as appropriate. 2. Portfolio management and strategy implementation: • Oversee the day-to-day operations of the portfolio, ensuring alignment with the portfolio construction principle as a collection of market-neutral liquid hedge funds aimed at delivering returns with limited correlation to traditional risk factors (equity, interest rates, and credit markets), limited volatility, and strong downside protection. • Oversee the management of relationships with external hedge fund managers. • Monitor the performance and risk characteristics of current funds in the Absolute Return portfolio and keep track of recent trends and developments in the hedge fund industry. • Ensure all investment activities comply with internal policies, regulatory requirements, and industry best practice. • Have a comprehensive understanding of the risk and return patterns across the asset class and across a broad set of strategies and managers. Formulate ideas and approaches to portfolio construction to improve the team’s understanding of risk and return drivers in the portfolio. • Enhance quantitative and qualitative analysis in support of investment decisions. Participate with other members of the team in monitoring the quantitative approaches and tools used by the team as well as participating in manager calls and meetings. • Demonstrate full understanding of analytical and other resources and systems applicable to respective strategies and enhance processes and resources Recommend new techniques for analysis, refining existing ones and improve implementation of such techniques. • Maintain a forward-looking view on risk and return across a broad set of hedge fund investment strategies and market cycles. • Manage the risk of the portfolio as appropriate. • Effect changes to the asset class portfolio as appropriate, including engaging with the PENIN Manager. • Propose and implement changes to investment processes. 3. Market monitoring, identification of new managers and investment due diligence: • Keep abreast of market developments affecting the asset class including market trends, economic developments, and regulatory changes that may impact the portfolio. Identify investment opportunities and implications for existing portfolios under management. • Independently manage the due diligence process of external managers across the asset class aligned with established due diligence best practices. • Fully understand the legal, business, operational, and regulatory risks across a broad set of hedge funds and managers. • Take initiative in researching new managers. Independently and effectively negotiate with investment managers. 4. Lead engagement with senior management and active participation in Investment Committee (IC) decision making process: • Work with the asset class team in building investment presentations. • Prepare and present investment recommendations and risk assessments to inform IC decisions. Actively participate in presenting portfolio actions to the Public Markets Investment Committee for approval. • Document key IC deliberations, decision rationales, and follow-up actions. • For other asset classes, actively participate in IC meetings, contributing well-researched insights, challenging assumptions constructively and supporting robust debate to improve decision quality and resilience of investment outcomes. • Prepare and present regular investment performance reports to senior management and relevant committees. 5. People management, collaboration and mentorship: • Promote a culture of high performance, inclusion, and continuous learning; set clear expectations and link individual objectives to team and organizational strategy. • Drive proactive performance management for staff in the team, setting SMART goals, conducting regular check-ins, mid-year and year-end reviews, and maintaining career development plans. • Mentor and guide junior-level team members. • Contribute to additional projects as needed within the department.

• Advanced degree (Masters preferred) in a relevant field, preferably finance, business, economics • Professional Certification such as a CFA and/or CAIA is a plus. • At least 10 years of investment work experience preferably investing in Absolute Returns strategies including but not limited to market-neutral, quantitative and trading-oriented approaches. • Proven quantitative and qualitative analytical and problem-solving skills, including competency in implementing quantitative and statistical techniques in assessing hedge fund managers and portfolio construction. • Experience in having led investment due diligence across multiple hedge fund strategies with experience in leading due diligence meetings with hedge funds managers. • Proven abilities to engage with multiple, diverse stakeholders in determining strategic positioning of the Absolute Returns portfolio intended to meet organizational objectives and to convey complex ideas clearly. • Experience working with legal teams, understanding investment and legal review processes, and coordinating with middle-office and legal functions. • Demonstrated track record contributing to investment committees (IC) or equivalent governance bodies, with evidence of high-quality decision-making under uncertainty. • Demonstrated people leadership experience including coaching, feedback, talent development skills and managing junior investment professionals. Experience building high-performing, inclusive teams. • Creative thinker and quick learner with initiative, drive, and attention to detail. Ability to think beyond dimensions of standard portfolio management theory and quickly understand framework and method behind construction of the portfolio. • Ability to collaborate across multidisciplinary teams to foster strategic business partnerships. • Excellent team player with strong interpersonal, communication and facilitation skills (both verbal and written skills), and commitment to work in a team-oriented, multi-cultural environment. • Highest ethical standards.

WBG Culture Attributes:

1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders. 2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact. 3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC including our values and inspiring stories.