Senior Portfolio Manager - Hedge Fund (Hybrid)

About the position Plays a critical role within Northwell’s Investment Office, working closely with the Investment Committee and external consultants. This position leads investment strategies for a specific asset class, overseeing governance, due diligence, portfolio construction, monitoring, and performance reporting. This role includes presenting fund recommendations to Trustees and senior management, ensuring Northwell’s portfolios meet or exceed policy benchmarks, and cultivating strong relationships with internal and external stakeholders.

Responsibilities

• Lead and define annual investment strategies, acting as the primary portfolio manager for a specific asset class.
• Conduct comprehensive manager due diligence, providing recommendations on fund changes and presenting fund and co-investment proposals to Trustees and senior management.
• Monitor portfolio exposures and risks, staying current with specific asset class markets.
• Present detailed quarterly performance results to the Investment Office and Committee, and annual investment strategies to the Sub-Committee.
• Negotiate complex investment management agreements, guidelines, amendments, and fee structures to optimize portfolio performance.
• Establish credibility and foster effective working relationships with the asset class Sub-Committee, colleagues, and external managers.
• Develop and mentor in-house talent.
• Performs related duties as required. All responsibilities noted here are considered essential functions of the job under the Americans with Disabilities Act. Duties not mentioned here, but considered related are not essential functions.

Requirements

• Master of Business Administration (MBA) in Finance, Economic, Business Administration, or a related field, or equivalent combination of education and related experience required.
• 10 or more years of progressive experience in large fund investment management, with a focus on reviewing investments for specific asset classes. Has existing working relationships with strong performing funds.
• Deep knowledge of modern portfolio strategy, risk management, performance attribution, valuation, critical success factors for asset class managers, and macro drivers influencing the asset class.
• Strong analytical skills & attention to detail, including proficiency with advanced Excel or other financial analysis tools.
• Strong verbal and written communication skills, with demonstrated boardroom presence. Proficient in active listening, with ability to cultivate collaborative partnerships.
• Strong quantitative skills and detailed understanding of derivatives required.
• Each candidate should be able to concisely describe the mechanics of each hedge fund strategy: Macro/Relative Value, Long/Short, Activist, Quant, Convertible Arb, Distressed, Merger Arbitrage, Trend Following, Tail-risk hedging.
• Ability to describe the manager’s investment process from trade idea to execution.
• For a total portfolio, the portfolio manager can decompose hedge fund returns and generate attribution of results.
• Describe risks to hedge funds such as downside risk, leverage and illiquidity.
• Complete understanding of diligence from investment and operational perspectives.
• Provide examples of fraud and failures, and whether those could have been avoided/prevented through diligence.
• Historical knowledge of hedge fund industry evolution over the past three decades in terms of changes in performance, fees, capacity constraints, strategies and liquidity.
• Forward-looking understanding of market and trading conditions in which certain sub-strategies perform well and perform poorly.
• Articulate hedge fund investment strategy as well as the role of hedge funds within a larger portfolio.
• Personal relationships and ability to obtain access to selective managers.

Nice-to-haves

• Chartered Financial Analyst (CFA) designation preferred.
• Healthcare, endowment or foundation experience preferred.
• 7 or more years leadership/management experience preferred.
• Thorough knowledge of academic research on trading and hedge fund strategies a plus.
• Thoughtful perspectives on sub-asset class allocation among hedge fund styles and a solid understanding of the mechanics of each investing style.
• Knowledge of newer hedge fund strategies, such as insurance linked securities.

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