Senior Associate, External Portfolio Management (Macro Strategies)

Company Description

Make an impact at a global and dynamic investment organization

When you join CPP Investments, you are joining one of the world’s most admired and respected institutional investors. As a professional investment management organization, CPP Investments invests the funds of the Canada Pension Plan (CPP) to help ensure its financial sustainability for generations of working and retired Canadians.

CPP Investments invests across regions and asset classes to build a globally diversified portfolio. It holds assets in public equity, private equity, real estate, infrastructure, and fixed income, and the CPP Fund is projected to reach $3.6 trillion in assets by 2050. The organization is headquartered in Toronto with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo, and Sydney.

CPP Investments successfully attracts, selects, and retains talented individuals from top-tier institutions worldwide. Join our team for access to:

• Stimulating work in a fast-paced and intellectually challenging environment
• Accelerated exposure and responsibility
• Global career development opportunities
• Diverse and inspiring colleagues and approachable leaders
• A hybrid-flexible work environment with an emphasis on in-person collaboration
• A culture rooted in principles of integrity, partnership, and high performance
• An organization with an important social purpose that positively impacts lives

If you have a passion for performance, value a collegial and collaborative culture, and approach work with the highest integrity, invest your career here. 

Job Description

The Capital Markets and Factor Investing Department (“CMF”) invests assets globally in public equities, fixed income securities, currencies, commodities, and derivatives, and manages the engagement of investment managers and co-investments in public market securities. We are currently recruiting for a Senior Associate within the External Portfolio Management (“EPM”) team. The role is based in Toronto.

EPM is a group within CMF responsible for allocating capital to external managers in public markets across all trading styles, asset classes, and geographies. EPM oversees a portfolio of externally managed funds and separate accounts and has relationships with over 60 of the world’s top hedge fund managers. EPM forms long term partnerships, irrespective of whether the underlying fund strategy is short- or long-term in nature. The group also makes co-investments alongside external managers.

Reporting to the Managing Director, the Senior Associate will play a critical role in researching, monitoring, and managing EPM’s hedge fund partnerships within Macro Strategies. The Senior Associate will also support EPM’s co-investment activities by leading investment due diligence and ongoing monitoring of the existing portfolio. The Senior Associate will be responsible for preparing investment recommendation materials for new opportunities and proactively tracking developments within the portfolio, ensuring the team is informed of major changes and emerging trends. As part of the broader EPM team, the role will also contribute to assessing and monitoring the hedge fund manager landscape, including reviewing investment proposals across a wide range of strategies and styles.

Accountabilities:

A) Lead monitoring and management of the existing hedge fund and co-investment portfolio within Macro Strategies

• Partner with Portfolio Managers and Managing Directors to support the day-to-day monitoring of existing investments, including leading regular update calls, preparing portfolio review materials, and tracking relevant market developments.
• Maintain and enhance tracking tools and processes to ensure robust, efficient, and accurate portfolio monitoring, capturing relevant data and safeguarding data integrity.
• Collaborate with Portfolio Managers and EPM’s Portfolio Construction & Risk colleagues to proactively communicate real-time updates on performance, exposures, and risk metrics to stakeholders.

B) Analyse new investment opportunities and support the preparation of investment recommendations

• Maintain a structured peer group monitoring process to ensure a deep understanding of the Macro hedge fund universe, identifying the highest-quality managers and opportunities.
• Analyse hedge fund and co-investment opportunities alongside Portfolio Managers; develop independent views and lead due diligence on prospective investments.
• Draft clear, well-structured investment recommendation materials with input from Portfolio Managers.
• Work with Portfolio Construction & Risk colleagues to share all relevant information on potential investments.
• Support execution of the investment approval and implementation process, liaising with internal stakeholders (e.g., Legal, Tax, Operations).
• Proactively research global macro market themes; contribute to idea generation discussions and formulate independent investment views.

C) Build and manage relationships with leading external fund managers

• Participate in meetings and calls with current and prospective external partners; prepare agendas and share meeting notes.
• Liaise with external managers to gather information required for both assessing new opportunities and monitoring existing investments.
• Effectively distill and communicate key insights to Portfolio Managers and the broader EPM team.

D) Actively contribute to EPM investment and portfolio discussions

• Engage in Investment Committee discussions on funds, co-investments, and emerging managers across strategies and the broader hedge fund portfolio.
• Contribute to quarterly portfolio review processes for the EPM portfolio.
• Participate in broader EPM initiatives, training programs, and cross-team activities.

Qualifications

• Undergraduate and/or Master’s degree in a finance-oriented discipline (e.g., Business, Economics, Mathematical Finance, Financial Engineering).
• 5–10 years of relevant experience in FICC research or trading at a bank or asset manager; prior experience in hedge funds or fund-of-funds is an asset.
• Comprehensive understanding of rates, FX and derivatives markets and their key value drivers.
• Proven experience leading all aspects of investment due diligence, including trade construction, legal negotiations, and operational execution.
• Strong ability to manage multiple priorities and work effectively with internal and external stakeholders.
• Exceptional attention to detail, with the ability to produce high-quality written work and quantitative analysis.
• Strong communication and presentation skills, with the ability to draft clear, well-structured memos and convey ideas effectively both verbally and in writing.
• Team player who enjoys a high-performance collaborative culture and develops junior team members.
• Positive attitude with a continuous learning mindset.
• Proficiency in MS Office (Word, Excel, Outlook, PowerPoint) and Bloomberg. Experience with Tableau, Python, or other programming languages is an asset, though not required.
• Embodies CPP Investments’ Guiding Principles: Integrity, Partnership, and High Performance.

Additional Information

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At CPP Investments, we are committed to diversity and equitable access to employment opportunities based on ability.

We thank all applicants for their interest but will only contact candidates selected to advance in the hiring process. 

Our Commitment to Inclusion and Diversity:

In addition to being dedicated to building a workforce that reflects diverse talent, we are committed to fostering an inclusive and accessible experience. If you require an accommodation for any part of the recruitment process (including alternate formats of materials, accessible meeting rooms, etc.), please let us know and we will work with you to meet your needs.

Disclaimer:

CPP Investments does not accept resumes from employment placement agencies, head-hunters or recruitment suppliers that are not in a formal contractual arrangement with us. Our recruitment supplier arrangements are restricted to specific hiring needs and do not include this or other web-site job postings. Any resume or other information received from a supplier not approved by CPP Investments to provide resumes to this posting or web-site will be considered unsolicited and will not be considered.  CPP Investments will not pay any referral, placement or other fee for the supply of such unsolicited resumes or information.