Portfolio Manager, External Managers – Alternatives

RBC•Toronto, ON

4d•CA$90,000 - CA$140,000•Onsite

About The Position

We are seeking an experienced Portfolio Manager to support the management of relationships with external fund managers and alternative investment partners. This role involves portfolio analysis, performance monitoring, due diligence, and strategic engagement with third-party managers across alternative asset classes. The Portfolio Manager will work collaboratively with the Director, External Managers - Alternatives and broader investment team to support portfolio construction and optimize manager relationships.

Requirements

5+ years in investment management or alternatives experience
Minimum 2 years in external manager oversight or portfolio management roles
Strong knowledge of alternative asset classes (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
Excellent analytical and quantitative skills
Strong relationship management and communication skills
Proficiency with financial analysis tools and investment analytics platforms
Professional investment or risk designation (e.g., CFA, FRM, CAIA) or equivalent institutional investment experience required

Nice To Haves

Background in insurance or insurance investment management
Experience with alternative manager due diligence frameworks and processes
Knowledge of insurance investment accounting and regulatory reporting
Experience with private markets or illiquid alternative assets
Familiarity with investment documentation and legal contracts
Additional actuarial credentials (e.g., FSA or ASA) are considered an asset

Responsibilities

Monitor and evaluate external alternative managers against agreed benchmarks and KPIs
Conduct performance analysis and provide insights on manager performance trends
Support manager contract management, fee negotiations, and commercial discussions
Identify and escalate performance concerns to the Director, External Managers - Alternatives
Prepare materials for manager review meetings and strategy sessions
Support development and maintenance of diversified portfolio of alternative investments (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
Conduct due diligence on prospective managers and investment opportunities
Prepare due diligence reports and recommendations for manager selection and retention decisions
Monitor portfolio alignment with RBC Insurance investment objectives
Track and analyze portfolio composition, positioning, and exposures
Perform research and evaluation of new asset classes and investment strategies
Support development of portfolio guidelines, performance measurements, and reporting frameworks
Build expertise in insurance-linked securities, strategies, and investment vehicles
Stay current with insurance industry trends, regulatory changes, and market developments
Contribute to strategic investment initiatives and thought leadership
Build and maintain strong relationships with actuarial, finance, risk, and business teams
Partner with external managers and advisors on portfolio analysis and optimization
Support external counsel on legal contract review and negotiation
Facilitate communication between investment and operational teams
Contribute to cross-functional working groups and initiatives
Support insurance investment accounting and financial reporting processes
Analyze investment results, valuation approaches, and investment performance
Contribute to accurate and timely financial reporting to stakeholders and regulators
Ensure portfolio data and reporting align with accounting standards and insurance regulatory requirements
Support primary contact relationship with key external managers
Assist in scheduling and preparing for manager meetings, reviews, and strategy sessions
Foster collaborative relationships with managers and external advisors
Maintain clear communication of portfolio updates and expectations
Develop knowledge of insurance brokers and industry specialists
Monitor external managers for compliance with regulatory requirements and RBC policies
Track and report on liquidity, leverage, and concentration risks
Support risk reporting and audit trail maintenance
Escalate compliance concerns to the Director promptly
Support generation of performance reports and investment dashboards
Analyze manager attribution and contribution to portfolio returns
Prepare analysis on portfolio-specific metrics and risk factors
Support ad hoc analysis and reporting requests