Head of Structuring

Job title:

Head of Structuring

Company

Just

Job description

At Just we encourage a flexible and agile working environment for the majority of our opportunities. Get in touch with us to discuss in more detail.Who are Just?We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.Purpose
Just Group is a UK life assurer with over £25 billion of assets under management and is growing rapidly. As such we have significant investment needs and are looking at innovative ways to secure new asset types.The Head of Structuring is responsible for sourcing, securitising, and managing non-traditional credit asset classes for inclusion our liability matching portfolio. This involves transforming non-eligible assets into investment-grade credit-rated notes, optimising the capital structure, and potentially selling the equity tranche. Investments need to be aligned with our balance sheet (IFRS and Solvency UK) requirements, thereby enhancing our capital efficiency and profitability.Job Role Accountabilities
General

• Identify, evaluate and structure new asset classes, provide insights and recommendations to senior management and other relevant parties.
• Oversee the structuring process from end to end, ensuring quality, efficiency, and compliance with internal and external standards and regulations, and taking into account the balance sheet implications, solvency II capital requirements, and IFRS accounting rules of the proposed solutions.
• Collaborate with internal and external stakeholders, such as capital management, actuarial, legal, risk to understand their requirements, expectations, and challenges, and to propose and negotiate optimal solutions.

Accountable for

• Developing and implementing the structuring strategy and vision for Just, in alignment with the business goals and market opportunities, and with a special emphasis on structuring for credit transactions and restructuring ineligible assets.
• Sourcing and evaluating non-eligible asset classes suitable for securitisation.
• Leading the structuring and securitisation of various asset classes into investment-grade notes, sensitive to the business needs, investment strategy, balance sheet requirements, risk profile and market standards.
• Securing internal and regulatory approvals for securitisation projects, collaborating with internal and external stakeholders, such as capital management, actuarial, legal, risk, the regulator to understand their requirements, expectations, and challenges, and to propose and negotiate optimal solutions.
• Portfolio management of securitisation vehicles, ensuring they meet deployment, liability matching and capital efficiency goals.
• Assessing the suitability of in specie assets transferred as part of defined benefit buy ins/outs for securitisation, and setting a securitisation strategy for those assets.
• Reviewing the scope of Solvency UK, in particular concerning asset classes that do not need to be securitised because their cashflow are highly predictable.

Technology

• In our roles, it is essential to foster a culture of curiosity and embrace new ways of working to drive innovation and growth.
• We seek individuals enthusiastic about leveraging new technologies to drive innovation and efficiency. (depending on the role & need)

Outcomes to be delivered

• Successful identification and acquisition of non-traditional asset classes.
• Efficient and effective securitisation of assets into investment-grade notes.
• Optimal capital structure for each securitised asset, minimizing the equity component.
• Internal and regulatory approval for all securitised products.
• Well-managed securitisation vehicles contributing positively to the liability matching portfolio.
• Stay abreast of the latest developments and innovations in the securitisation industry and life insurance industry, and leverage best practices and new technologies to enhance the structuring capabilities and offerings at Just.

Examples of Key Activities
Sourcing Assets

• Collaborate with the Strategy team to identify and evaluate non-traditional asset classes.
• Conduct due diligence and feasibility studies on potential assets.
• Negotiate terms and secure assets for securitisation.

Structuring and Securitisation

• Lead the structuring process, including designing the capital structure of securitised products.
• Model various scenarios to assess the optimal structure and predict performance under different conditions.
• Work with legal, compliance, and regulatory teams to ensure all aspects of the securitisation meet internal and external requirements.

Approval and Compliance

• Prepare documentation and presentations for internal and regulatory approval processes.
• Engage with regulatory bodies to address any concerns and secure necessary approvals.
• Maintain thorough records and ensure all activities are compliant with Solvency UK regulations.

Portfolio Management

• Monitor the performance of securitised assets, making adjustments as necessary to ensure they continue to meet liability matching requirements.
• Report on the performance of the securitisation portfolio to senior management.
• Work with the Capital Management team to ensure the optimal allocation of capital within the portfolio.

Collaboration and Communication

• Setting up and running a steerco for each initiative making sure that all stakeholders deliver their associated outcomes
• Regularly communicate with the Strategy team to stay informed about new asset opportunities.
• Liaise with the Capital Management team to align securitisation strategies with overall capital management goals.
• Present findings, proposals, and performance reports to senior management and other stakeholders.

Skills and Knowledge
Skills:

• Excellent analytical skills, including ability to make commercial judgements in light of uncertain circumstances. Able to support judgement calls with a clear justification.
• Excellent verbal, written communication and interpersonal skills, with the ability to present investment matters in a clear and concise manner
• Understanding and experience in executing research, due diligence and investment evaluation
• Strong results focus, with ability to work efficiently and grasp concepts that are not straightforward, yet seek guidance where necessary
• Excellent team-working skills and ability to maintain relationships with internal stakeholders and develop relationships with external parties
• Demonstrate strong aptitudes in:
• Risk awareness
• Investment matters and strategies, in particular credit, with the ability and interest to develop further
• Research and getting a thorough understanding of the issues being examined
• Approaches to understanding and evaluating risks
• Investing on behalf of liability driven investors

Knowledge of:

• Long only and fundamental investing, with the ability and interest to develop further
• The issues surrounding investing on behalf of a (life) assurer (desirable, but not essential)
• Financial markets in general
• Understanding of the products and services provided by Just Group

Experience

• Demonstrable track record of relevant experience in a bank, insurance company, asset manager or consultant
• Experience managing fixed income portfolios, asset allocation and portfolio construction
• Recognising that this is a “Director of” level hire, experience in taking ownership of activity and strong people management and collaboration is essential

Why Just?We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We’ve made good progress so far and encourage our people to make small and meaningful changes in their everyday lives, so that we can protect our planet for future generations.Diversity, Equity and inclusion (DE&I) is a key priority for Just as part of our overall strategy and ensuring all of our people feel proud to work at Just. We have joined a number of initiatives including the Race at Work Charter, designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from a BAME background, those with a disability and those who identify as LGBTQ+. There are multiple employee network groups, which champion issues including race, gender, social mobility and neurodiversity.What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing and most importantly – each otherAbout UsWe’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly.How people work, save, and plan for the future is all changing. A new generation of retirees needs a new kind of retirement company. A company who will look for new ways of doing things – and will always put the customer first.That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement. And with you on our team, we’re going to make sure they get it.We’ve built our sustainability strategy around the United Nations Sustainable Development Goals (SDG) and have selected goals where we believe we can make the most difference. By aligning our activity with these global goals, we can make sure we play our part in addressing the wider issues facing the planet and leave a positive legacy to the world. You can read more about our sustainability strategy .Diversity, equity and inclusion are priorities for us. Having a diverse, talented workforce with colleagues of different backgrounds, world views and experiences is the right thing to do. It’s also the most effective way to succeed, innovate and better serve our customers now and in the future. We are committed to our targets on gender and ethnicity and run a number of successful mentoring and sponsorship programmes for our colleagues from diverse backgrounds. We have multiple active employee network groups which champion issues including gender, ethnicity, sexual orientation, disability and neurodiversity. You can read more about our DE&I strategy and commitments .What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing and most importantly – each other. We look forward to welcoming you to the team soon.

Expected salary

Location

London

Job date

Sat, 07 Sep 2024 05:42:13 GMT

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