Director - Retirement Plan Investments, Portfolio Manager

Bank of America - Charlotte, NC

Full-time - Senior

Charlotte, NC

Credit Intermediation and Related Activities

About the position

This investment management role is part of the Retirement Plans Investments (RPI) team, which is primarily focused on managing the assets and investments of the Bank of America retirement plans, including defined benefit plans, 401(k) plans, and deferred compensation plans. The scale of managing these asset pools is significant, as evidenced by Pensions & Investments' annual ranking of the 1,000 largest U.S. retirement plans by fund sponsor. Bank of America's U.S. retirement plans rank as the 36th largest pool of retirement assets, including public plans, and the 9th largest for private/corporate employers. With $18 billion in pension assets and $60 billion in 401(k) plan assets, these plans fall into the “mega” plan category. The RPI team's responsibilities include managing all investment-related matters of the company's retirement plans. This involves researching, analyzing, developing, recommending, and implementing investment strategies for the pension plan, 401(k) plan, and assets held in trust for the non-qualified deferred compensation (NQDC) plans. The team is tasked with analyzing, evaluating, selecting, and monitoring investment strategies and firms across major asset classes, allocating assets among these classes within the guidelines of each plan's adopted investment policy, and developing efficient asset transition plans. Additionally, the RPI team manages each plan's trust assets in accordance with ERISA and acts as an ERISA plan fiduciary. The role also supports the administration of the plans, which includes managing day-to-day operations such as plan design, compliance with regulations, and participant communications. As a Subject Matter Expert (SME), the RPI team provides financial reporting, legal and regulatory research, and stakeholder activities, including plan communications and participant inquiries. The incumbent will interact with various stakeholders, including the Global Human Resources Benefits team, record-keepers, trustees, custodians, finance, accounting, treasury, consultants, legal, audit, regulators, and external money management firms. This position offers an opportunity to develop a deep understanding of investment strategies, portfolio management, and the responsibilities associated with the investment administration of ERISA plans.

Responsibilities

• Acting in the capacity of an ERISA plan fiduciary.
• Research, develop, evaluate, recommend and implement investment strategies primarily covering alternatives (hedge funds) with input on other asset classes, including equities, fixed income, stable value and real estate.
• Conduct thorough due diligence reviews of both prospective and incumbent investment strategies/managers.
• Monitor and assess all aspects of an investment strategy, including performance attribution, portfolio management team and the investment management company.
• Oversee assigned investment strategies and relationships with external money managers.
• Develop and monitor portfolio transition strategies.
• Maintain current market knowledge of assigned asset classes.
• Perform research & analysis on different aspects of institutional asset management (e.g., asset class fees, trading costs, expected performance, correlations).
• Serve as Subject Matter Expert (SME) on investment strategies, including developing investment strategy descriptions and maintaining disclosure documentation.
• Forecast the behaviors of pension assets and liabilities under various economic scenarios.
• Perform other duties/research projects as assigned.

Requirements

• Graduation from an accredited four-year college or university with a Bachelor's degree or equivalent years of experience.
• Knowledge of, and experience in institutional asset management (7+ years of experience).
• Broad understanding of the capital markets.
• Knowledge of investment concepts, terminology, styles, asset allocation, and performance measurement.
• Demonstrated ability to efficiently learn and apply financial concepts.
• Inquisitive, willing to challenge the status quo and strive to improve processes.
• Effective at working collaboratively and business partnering.
• Ability to work with a high level of autonomy, make well-reasoned decisions and in an ethical manner.
• Ability to establish and maintain professional relationships with portfolio managers, actuaries, trustees, auditors, etc.
• Possess analytical abilities/financial acumen/problem-solving skills.
• Strong communication/interpersonal skills.
• Proficient in MS Office tools (Excel - advanced user).

Nice-to-haves

• CFA / MBA - or working towards or relevant experience.
• 10+ years of Institutional Asset Management experience.
• Multi-asset class knowledge across public and private markets.
• Principles and practices of institutional investment management and modern portfolio theory.
• Forecast/Planning/Management Accounting/Project Management Experience.
• Knowledge of ERISA Retirement Plans.

Benefits

• 401(k)