| Posting Period: | 13 April 2021 – 27 May 2021 |
Org. Setting and Reporting
The United Nations Secretary-General is responsible for the investment of the assets of the United Nations Joint Staff Pension Fund (UNJSPF). The Secretary-General has delegated this responsibility to the Representative of the Secretary-General for the investment of the assets of the UNJSPF (RSG). The RSG is, in turn, assisted in this function by the Office of Investment Management (OIM). OIM manages a $80+ billion multi-asset class, global investment portfolio, about 85% of which is actively managed in-house. Asset classes under management comprise global equities, fixed income, foreign exchange, private equity, real estate, infrastructure, timber and commodities. OIM’s staff are all based in New York but come from over 30 countries. For more information please visit OIM’s website at https://oim.unjspf.org/.
This position is located in the Fixed Income Team of OIM. The incumbent reports to the Director of Investments – Fixed Income.
Responsibilities
Under the overall supervision of the Director, the incumbent will perform the following duties:
1. Manages and invests the US Fixed income securitized bonds portfolio, ensuring the portfolio performance meets the Fund’s investment objectives and exceeds the specified US Securitized benchmark.
a. Implements approved investment strategies for the strategic and tactical asset allocation and portfolio rebalancing with careful review of the market environments.
b. Monitors portfolio to achieve the performance to meet the Funds investment objectives by reviewing both portfolio and benchmark performance on a regular basis.
c. Ensures that all of the investments are in compliance with OIM’s investment and policy guidelines.
d. Conducts portfolio review periodically and presents in the Portfolio Review Meeting.
e. Evaluates the performance of the brokers and the custodian of the responsible portfolios for the execution of investment transactions.
2. Conducts careful and thorough investment research.
a. Performs fundamental and quantitative fixed income structured securities analysis using prepayment models, stress testing, academic and street research, and sector related performance data.
b. Reviews investment research and discuss with strategists, economists, security analysts through brokerage community and the Advisors/Research providers.
c. Analysis of Agency MBS, ABS and CMBS structure, credit and collateral.
d. Attends investment conferences and seminars to access academia and industry experts
e. Conducts portfolio analysis using risk tools and analytical tools.
3. Makes specific investment recommendations.
a. Ensures the Fund’s four investments criteria: i.e. safety, profitability, liquidity, and convertibility.
b. Makes specific investment recommendations to achieve optimum investment performance with careful review of the portfolio’s investment objectives and risk tolerance.
c. Presents and discusses investment recommendations with the supervisor and the Fixed Income teams in terms of sector allocation, security selection and risk measurement and risk budgeting.
d. Participates in the discussions and development of investment recommendations for asset allocation for the Fund.
e. Leads the work programme of managing the US MBS portfolio (consisting of Agency MBS, CMBS & ABS) towards out-performing related index.
4. Reporting
a. Reports accurately and timely to the Representative of the Secretary-General for the Investments of the UNJSPF and Director of Investments-Fixed Income, when requested.
b. Assists the in reporting on investment and related matters to governing bodies, including the UNJSPF Pension Board, the Fifth Committee, Board of Auditors, Office of Internal Oversight Services (OIOS)
5. Maintains a high level of professional investment expertise by:
a. Participating in seminars and taking courses in investment topics.
b. Keeping abreast of rapidly changing techniques of portfolio management and exchanging view with colleagues and members of the investment community.Competencies
Professionalism: Demonstrated track record, ability and sound knowledge of investing in US Fixed Income Securitized bonds against US Securitized benchmark; Must have through understanding and professional experience in managing Agency MBS, CMBS, ABS and Treasury futures; Must have experience in managing a large investment portfolio; Have demonstrated an understanding of the intricacies of agency mortgage backed securities and market; Demonstrated ability in meeting clearly defined investment objectives and risk management of portfolio including tracking error and curve risk; Ability to conduct quantitative analysis and identify relative value opportunities; Strong written and oral communications skills. Demonstrated ability in effectively managing team of investment professionals and other staff; Ability to work under pressure accurately, efficiently and effectively; Having the highest level of integrity; Shows pride in work and in achievements; demonstrates professional competence and mastery of subject matter; is conscientious and efficient in meeting commitments, observing deadlines and achieving results; is motivated by professional rather than personal concerns; shows persistence when faced with difficult problems or challenges; remains calm in stressful situations. Takes responsibility for incorporating gender perspectives and ensuring the equal participation of women and men in all areas of work.
Accountability: Takes ownership of all responsibilities and honors commitments; Delivers outputs for which one has responsibility within prescribed time, cost and quality standards; Operates in compliance with organizational regulations and rules; Supports subordinates, provides oversight and takes responsibility for delegated assignments; Takes personal responsibility for his/her own shortcomings and those of the work unit, where applicable.
Teamwork: Works collaboratively with colleagues to achieve organizational goals; solicits input by genuinely valuing others’ ideas and expertise; is willing to learn from others; places team agenda before personal agenda; supports and acts in accordance with final group decision, even when such decisions may not entirely reflect own position; shares credit for team accomplishments and accepts joint responsibility for team shortcomings.Education
Advanced university degree (Master’s or equivalent) in Business and Administration (MBA), Finance, Economics or related field is required. A first degree level university degree in combination with two additional years of experience in investment management may be accepted in lieu of the advanced degree.Work Experience
A minimum of seven years of buy-side portfolio management experience in US fixed income securitized markets against a US securitized benchmark, specifically in Agency MBS, CMBS, ABS and Treasury futures is required.
Experience in portfolio management and trading US Agency MBS portfolio exposures at a large pension fund, investment manager or insurance company is required.
Experience in other structured credit is desirable.
Quantitative portfolio modeling experience is desirable.Languages
English and French are the working languages of the UN Secretariat. For this position, fluency in English is required. Knowledge of another UN official language is desirable.Assessment
Evaluation of qualified candidates may include an assessment exercise which may be followed by competency-based interview.Special Notice
• This position is funded by General Temporary Assistance funding for an initial period of one year. Further extensions are subject to extension of the mandate and/or the availability of the funds.
• Staff members are subject to the authority of the Secretary-General and to assignment by him or her. In this context, all staff are expected to move periodically to new functions in their careers in accordance with established rules and procedures.
• The United Nations Secretariat is committed to achieving 50/50 gender balance in its staff.
Female candidates are strongly encouraged to apply for this position.
• Appointment at the United Nations is subject to mandatory adherence to the United Nations Financial disclosure Programme. An appointment to the Office of Investment Management (OIM) of the UNJSPF additionally requires compliance with the rules and regulations pertaining to OIM’s Code of Ethics, Personal Securities, Gift and Hospitality policies.United Nations Considerations
According to article 101, paragraph 3, of the Charter of the United Nations, the paramount consideration in the employment of the staff is the necessity of securing the highest standards of efficiency, competence, and integrity. Candidates will not be considered for employment with the United Nations if they have committed violations of international human rights law, violations of international humanitarian law, sexual exploitation, sexual abuse, or sexual harassment, or if there are reasonable grounds to believe that they have been involved in the commission of any of these acts. The term “sexual exploitation” means any actual or attempted abuse of a position of vulnerability, differential power, or trust, for sexual purposes, including, but not limited to, profiting monetarily, socially or politically from the sexual exploitation of another. The term “sexual abuse” means the actual or threatened physical intrusion of a sexual nature, whether by force or under unequal or coercive conditions. The term “sexual harassment” means any unwelcome conduct of a sexual nature that might reasonably be expected or be perceived to cause offence or humiliation, when such conduct interferes with work, is made a condition of employment or creates an intimidating, hostile or offensive work environment, and when the gravity of the conduct warrants the termination of the perpetrator’s working relationship. Candidates who have committed crimes other than minor traffic offences may not be considered for employment.
Due regard will be paid to the importance of recruiting the staff on as wide a geographical basis as possible. The United Nations places no restrictions on the eligibility of men and women to participate in any capacity and under conditions of equality in its principal and subsidiary organs. The United Nations Secretariat is a non-smoking environment.
The paramount consideration in the appointment, transfer, or promotion of staff shall be the necessity of securing the highest standards of efficiency, competence, and integrity. By accepting an offer of appointment, United Nations staff members are subject to the authority of the Secretary-General and assignment by him or her to any activities or offices of the United Nations in accordance with staff regulation 1.2 (c). In this context, all internationally recruited staff members shall be required to move periodically to discharge new functions within or across duty stations under conditions established by the Secretary-General.
Applicants are urged to follow carefully all instructions available in the online recruitment platform, inspira. For more detailed guidance, applicants may refer to the Manual for the Applicant, which can be accessed by clicking on “Manuals” hyper-link on the upper right side of the inspira account-holder homepage.
The evaluation of applicants will be conducted on the basis of the information submitted in the application according to the evaluation criteria of the job opening and the applicable internal legislations of the United Nations including the Charter of the United Nations, resolutions of the General Assembly, the Staff Regulations and Rules, administrative issuances and guidelines. Applicants must provide complete and accurate information pertaining to their personal profile and qualifications according to the instructions provided in inspira to be considered for the current job opening. No amendment, addition, deletion, revision or modification shall be made to applications that have been submitted. Candidates under serious consideration for selection will be subject to reference checks to verify the information provided in the application.
Job openings advertised on the Careers Portal will be removed at 11:59 p.m. (New York time) on the deadline date.No Fee
THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.
