Director, External Managers – Alternatives

Royal Bank of Canada•Toronto, ON

4d•CA$110,000 - CA$160,000•Onsite

About The Position

We are seeking an experienced Director to lead a team of portfolio managers overseeing relationships with external fund managers and alternative investment partners. This role is responsible for portfolio construction, performance monitoring, strategic engagement with third-party managers, and developing expertise in alternative insurance-linked strategies.

Requirements

10+ years in investment management or alternatives experience
Minimum 5 years managing external managers or portfolio management responsibilities
Strong knowledge of alternative asset classes
Proven team leadership and people management experience
Excellent relationship management and communication skills
Financial analysis and quantitative capabilities
Professional investment or risk designation (e.g., CFA, FRM, CAIA) or equivalent institutional investment experience required

Nice To Haves

Background in insurance industry
Experience with alternative manager due diligence frameworks
Track record building and scaling alternative investment platforms
Knowledge of insurance investment accounting and regulatory reporting
Additional actuarial credentials (e.g., FSA or ASA) are considered an asset

Responsibilities

Lead, mentor, and develop a team of portfolio managers
Assign portfolio responsibilities and set performance expectations
Conduct performance reviews and identify training/development needs
Foster a collaborative, high-performing team culture
Oversee monitoring and evaluation of external alternative managers against agreed benchmarks and KPIs
Conduct regular performance reviews and provide constructive feedback
Manage manager contracts, fees, and commercial negotiations
Escalate underperformance issues and develop remediation plans
Develop and maintain diversified portfolio of alternative investments (Private Debt, Infrastructure, private equity, real estate, Structured Products etc.)
Conduct due diligence on prospective managers and investment opportunities
Make recommendations on manager selection, retention, and termination
Ensure alignment between manager strategies and RBC Insurance investment objectives
Research, evaluate, and implement new asset classes and investment strategies
Develop approval recommendations and establish appropriate governance frameworks
Create portfolio guidelines, performance measurements, and reporting frameworks for new initiatives
Build and maintain deep expertise in insurance-linked securities, strategies and investment vehicles
Stay current with insurance industry trends, regulatory changes, and market developments
Build and maintain strong relationships with actuarial, finance, risk and business teams
Partner with external managers and advisors on portfolio optimization
Partner with external counsel on the completion and negotiation of legal contracts
Facilitate communication between investment and operational teams to ensure alignment
Provide subject matter expertise on insurance investment accounting and financial reporting
Review and challenge investment results, valuation approaches, and disclosures
Support accurate and timely financial reporting to stakeholders and regulators
Ensure compliance with accounting standards and insurance regulatory requirements
Serve as primary point of contact for key external managers
Schedule and lead manager meetings, reviews, and strategy sessions
Foster collaborative relationships to optimize outcomes for RBC Insurance
Communicate portfolio updates and expectations clearly
Develop relationships with insurance brokers and industry specialists as needed
Ensure managers comply with regulatory requirements and RBC policies
Monitor liquidity, leverage, and concentration risks
Prepare risk reports and maintain audit trails
Escalate compliance concerns promptly
Generate performance reports and investment dashboards for stakeholders
Analyze manager attribution and contribution to portfolio returns
Track and report on portfolio-specific metrics and risk factors