Retirement Plan Investments - Portfolio Manager

Job Description

Role Summary

This investment management role is part of the Retirement Plans Investments (RPI) team which is predominately focused on managing the assets/investments of the Bank of America retirement plans that include defined benefit plans, 401(k) plans and deferred comp plans.

The scale of the task of managing these asset pools is evidenced by Pensions & Investments annual ranking of the 1,000 largest U.S. retirement plans by fund sponsor. Within this listing, Bank of America’s U.S. retirement plans rank as the 36th largest pool of retirement assets (inclusive of public plans) and 10th largest for private/corporate employers. The $18 billion of pension assets and $58 billion 401(k) plan assets place these plans in the “mega” plan category.

RPI team’s role:

Manage the investment related matters of the company’s retirement plans. RPI is responsible for:Researching, analyzing, developing, recommending and implementing investment strategies for the pension plan, 401(k) plan, and assets held in trust for the NQDC plansAnalyze, evaluate, select, and monitor investment strategies and investment firms covering the major asset classesAllocate assets among asset classes and investment strategies within the guidelines of each plan’s adopted investment policyDevelop and implement efficient asset transition plansManage each plan’s trust assets in accordance with ERISA and as an ERISA plan fiduciary

Support the administration of the plans. Plan administrators manage the day-to-day operations of the plan (plan design, preparation of summary plan description, plan distributions, compliance of plan rules and regulations, compliance filing, participant accounts, day to day employee communications). As an SME, RPI supports plan administration through:

Financial reportingProvide summary and detailed reporting of the investment related matters to the fiduciary committee responsible for oversight of the plans.Plan sponsor and plan disclosure documentsFinancial forecasting – Future plan impacts under different economic environments (Plan sponsor impacts for EST, CCAR, Plan corporate forecasts).Legal/regulatory/litigation research, analysis, and executionStakeholder activities – includes working on plan communications and participant inquiriesCorporate actions and benefit obligations – provide investment expertise in plan sponsor decisions (risk transfers) through analysis of actions, determination of impacts and development of execution strategies (examples include; evaluation of annuity providers, plan terminations and meeting liquidity needs)

In performing these responsibilities, the RPI team interacts and partners with the Global Human Resources Benefits team, record-keepers (Fidelity & ML RPWS), trustees, custodians, finance, accounting, treasury, consultants (investment consultants & actuaries), legal (internal/external), audit (internal/external), regulators and external money management firms.

The RPI team is comprised of approximately 6 employees located in Charlotte, N.C.

Position Description

Position responsibilities include

Acting in the capacity of an ERISA plan fiduciaryResponsible for producing analysis used to manage and evaluate the plan assets and manager performanceSupports the quarterly and annual financial reporting for the plans. Activities include supporting the financial accounting process for the plans (asset values relative to expectations based on market returns), the corporate forecasting process (developing expected returns and liability valuation metrics under different economic scenarios) and developing performance monitoring management reporting for the pension and 401(k) plans.Developing market knowledge of asset classes and investment strategiesDeveloping knowledge of deferred compensation plans and evaluating investment strategies of trust assets. Make recommendations related asset allocation and wind down strategies.Participate and assist in conducting thorough due diligence reviews of both prospective and incumbent investment strategies/managersDevelop, monitor and assess all aspects of a limited group of investment strategies (e.g., Stable Value), including performance attribution, portfolio management team and the investment management company.Oversee assigned investment strategies and relationship with external money managersDevelop market knowledge of the different asset classesPerform research & analysis on different aspects of institutional asset management (e.g., asset class fees, trading costs, expected performance, correlations)Performing other duties/research projects as assigned

Through these responsibilities, the incumbent will interact with leading institutional investment management firms, investment consultants, actuarial services firms, finance teams and legal groups. The role offers an opportunity to develop an in-depth understanding of investment strategies, portfolio management, institutional asset management products and the responsibilities associated with investment administration of ERISA plans (defined benefit plans and defined contribution plans)

Required Knowledge, Skills & Experience

Graduation from an accredited four year college or university with a Bachelor’s degree or equivalent years of experienceKnowledge of, and experience in institutional asset management (2+ years of experience)Developing knowledge and understanding of the capital marketsKnowledge of Investment concepts, terminology, styles, asset allocation, and performance measurementInquisitive, willing to challenge the status quo and strive to improve processesEffective at working collaboratively and business partneringAbility to work with a high level of autonomy, make well-reasoned decisions and in an ethical mannerPossess analytical abilities/financial acumen/problem solving skillsStrong communication/interpersonal skillsProficient in MS Office tools (Excel – advanced user) & tableau

Desired Skills & Experience

CFA / MBA - working towards or relevant experience3+ years Institutional Asset Management experience Multi-asset class knowledge across public and private marketsDemonstrated ability to efficiently learn and apply financial conceptsAbility to establish and maintain professional relationships with portfolio managers, actuaries, trustees, auditors, etc.Principles and practices of institutional investment management and modern portfolio theoryForecast/Planning/Management Accounting/Project Management ExperienceKnowledge of ERISA Retirement Plans

Shift

1st shift (United States of America)

Hours Per Week

40