Portfolio Manager - Asset Allocation

RBC•Toronto, ON

1d•CA$90,000 - CA$140,000•Onsite

About The Position

The Portfolio Manager - Asset Allocation supports asset allocation and portfolio construction across RBC Insurance's portfolios backing insurance liabilities and surplus capital. This role works closely with ALM, Actuarial, Finance, Risk, Product, and Pricing to translate liability needs, pricing inputs, capital considerations, and market views into portfolio analysis and investment recommendations. It is a highly collaborative role requiring strong analytical skills, investment judgment, and clear communication across technical and non-technical audiences.

Requirements

5+ years of experience in fixed income, asset allocation, portfolio construction, or a related investment role
Strong understanding of insurance portfolio management, including liability-driven investing, capital efficiency, accounting considerations, and earnings risk
Strong understanding of interest rate and credit markets, macroeconomic analysis, and portfolio risk management
Strong analytical and quantitative skills, with the ability to translate complex portfolio analysis into clear investment recommendations
Strong technical skills, including Excel, Bloomberg, Python, SQL, or VBA, with the ability to build models, analyze data, and improve investment reporting
Ability to support investment assumptions for product pricing and explain how investment strategy connects to product design and business outcomes
Experience preparing investment analysis, portfolio recommendations, and presentation materials for senior stakeholders or governance forums
Strong communication, relationship management, problem-solving skills, and attention to detail
Professional investment designation such as CFA or CAIA, or equivalent institutional investment experience
Undergraduate or graduate degree in Finance, Economics, Mathematics, Actuarial Science, or a related discipline

Nice To Haves

Actuarial credentials such as FSA(Fellow of the Society of Actuaries) or ASA(Associate of the Society of Actuaries)
Experience with insurance capital frameworks (LICAT), investment policy governance, and accounting impacts
Strong understanding of portfolio analytics, asset allocation modelling, risk measurement, and scenario analysis
Experience with BQL, portfolio analytics and risk systems, or building automated investment analytics

Responsibilities

Support strategic asset allocation and portfolio construction across liability and surplus portfolios
Support bottom-up asset allocation reflecting liability needs, pricing considerations, capital requirements, surplus objectives, and market opportunities
Research and evaluate new and existing asset classes and investment strategies across public and private markets, assessing each on risk-return, liability fit, capital treatment, liquidity, accounting impact, and implementation feasibility
Monitor portfolio exposures, risk positions, performance drivers, asset mix, and compliance
Conduct scenario analysis and stress testing across changing market, credit, liquidity, capital, and earnings environments
Partner with Product, Pricing, ALM, Actuarial, and Finance to assess new products through asset sourcing, portfolio construction, and investment assumptions
Support asset allocation and hedge proposals for group annuity transactions, including materials for deal pricing, portfolio implementation, and risk assessment
Develop investment assumptions for product pricing, including expected returns, liquidity needs, and capital impacts
Connect investment strategy, product design, pricing, capital, and business outcomes through clear analysis
Develop and articulate views on credit, interest rates, inflation, liquidity, and relative value, connecting market views to portfolio positioning
Stay current with insurance industry trends, regulatory and accounting developments, and capital frameworks
Build, maintain, and enhance portfolio analytics, dashboards, models, and reporting tools using Bloomberg, Excel, Python, SQL, and VBA
Prepare investment overviews, market commentary, and allocation recommendations for working groups, investment committees, and senior leadership