Investment Analyst – Public Sector / Sovereigns

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Working Arrangement

Hybrid

Investment Analyst – Public Sector / Sovereigns

Public Sector Team

Manulife’s Public Sector Team is one of the front-office sector teams within the Global Corporate Finance Group of the General Account Investment Division. The Public Sector team supports Manulife’s modified buy-and-hold investment strategy and is responsible for credit analysis and investment underwriting for public bonds and private placement securities for governments and broader public sector entities. The $30+ billion portfolio includes sovereigns (coverage of 35+ countries outside of Asia-Pacific region), multilateral development banks (MDB), sub-sovereigns, municipalities, public hospitals, and higher education. Investments are primarily investment grade fixed income and annual investment volume is in the range of C$2.0 billion. Supporting growth in Manulife’s global insurance businesses in North America and Asia, the Team sources and underwrites new public bond deals and private debt transactions, as well as provides sovereign and country risk research to other investment teams. The Team is also responsible for ongoing surveillance of the existing fixed income portfolio of over 200 issuers, acting with other sector teams as an internal credit rating agency for the $410 billion Manulife General Account.

The Role

The successful candidate will primarily support the team’s coverage of sovereign governments and supranational institutions, which includes both developed markets and investment grade emerging markets (EM). The candidate will also likely have exposure to and some responsibility for coverage of other industry sectors including Canadian and Australian higher education.

The Investment Analyst delivers consistent performance as a productive member of an investment industry team. Incumbents lead parts of the investment surveillance and new investment evaluation process autonomously and contribute valued opinions on analysis of different aspects of the investment or counterparty/country analysis. Work can/will result in investment actions being taken by portfolio management and/or credit leadership. As needed, the Investment Analyst will assist in the development of investment, business development and marketing strategies as well as responsibilities related to investor relations and cultivation of deal sources. Also, on an as needed basis, will be required to travel to management and/or due diligence meetings, as well as occasional industry conferences.

Responsibilities

40-60% Maintain current investment view on Existing Portfolio/Coverage Universe

• Demonstrate a comprehensive knowledge of portfolio countries/entities, macroeconomic and political dynamics, risks and opportunities.
• Report on material changes in sovereign credit profiles within our portfolio and broader coverage universe (macro-fiscal developments, geopolitical events, economic shocks and other developments). Provide timely updates to our credit officers, portfolio managers, and other lending teams on credit impact.
• Author detailed annual reviews and contribute to sector-wide reviews for sovereigns/MDBs/universities, recommending an internal risk rating and limit (as applicable) for each issuer.
• Author rating change memos, assemble peer comparisons and other ad hoc analytical pieces.
• Review and analyze all information related to assigned issuers. This includes financial reports, rating agency reports, fiscal/debt outlooks, budgets, etc.
• As appropriate, recommend changes to credit ratings or outlooks based on credit performance and/or industry conditions. Present these recommendations to senior members of the team and to members of the Credit and Portfolio management teams.
• Monitor current events and news developments for potential impact on the portfolio.

25-35% New Investment Analysis

• As needed, the incumbent will be responsible for the development and/or manipulation of spreadsheet modeling, and the use of internal sovereign rating methodologies and tools/models.
• Provide material support and independent analysis to senior investment officers in evaluating the performance and prospects of new investment proposals. New investment reports include detailed information on the entity’s core credit strengths and risks, credit-relevant macroeconomic developments, and other structural considerations.
• Draw upon industry knowledge to identify the most relevant research reports and data to identify trends, considerations and/or concerns.

10-15% Other Projects / Strategic Initiatives

• Create ad-hoc presentations and reports for internal reporting purposes related to various items such as portfolio risks or team performance
• Handle time-sensitive requests from internal groups for information and/or action. For example, public bond opportunities and/or requests for information from senior management.

What we are looking for?

• Project management skills with the ability to contact and follow up with key constituent parties (legal, accounting, portfolio management) to move approvals and joint work forward.
• Undergraduate degree with high academic achievement. Master’s degree or other advanced training in Global Affairs / International Relations, Economics/Finance/Global Business, or other related discipline, and/or progress toward CFA would be considered major assets.
• Exposure to global markets/accounting/finance through previous experience or academic work. Strong quantitative and analytical skills with a demonstrated ability to think critically and understand financial statement analysis and government fiscal reporting.
• Strong proficiency in Excel and PowerPoint required. Knowledge of or proficiency in Bloomberg a plus.
• 1-3 years of relevant work experienced preferred. Will consider exceptional candidates directly from undergraduate and graduate programs.
• Well-developed understanding and interest in global affairs and the interaction between politics and financial markets, with understanding of drivers of sovereign credit risk.
• Ability to work both independently and in a team setting (including with remote/virtual colleagues) with the ability to manage multiple competing priorities.
• Superior written and oral communication skills with the ability to synthesize and summarize large volumes of information, underpinned by excellent media literacy skills.

What can we offer you?

• Professional development and leadership opportunities.
• A competitive salary and benefits packages.
• A focus on growing your career path with us.
• Flexible work policies and strong work-life balance.
• A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.

Our commitment to you

• Championing Corporate Citizenship We build a business that benefits all stakeholders and has a positive social and environmental impact.
• Boundless opportunity We create opportunities to learn and grow at every stage of your career.
• Continuous innovation We invite you to help redefine the future of financial services.
• Values-first culture We lead with our Values every day and bring them to life together.
• Delivering the promise of Diversity, Equity and Inclusion We foster an inclusive workplace where everyone thrives.

Every career at Manulife/John Hancock provides the opportunity to learn new skills and move your career forward. Ready to make an impact somewhere? What are you waiting for? Apply today.

About John Hancock And Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife globally, including Canada, Asia and Europe. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD$1.3 trillion (US$1.1 trillion) as of June 30, 2021. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com.

Manulife is an Equal Opportunity Employer

At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact [email protected].

Salary & Benefits

The annual base salary for this role is listed below.

Primary Location

Toronto, Ontario

Salary range is expected to be between

$72,000.00 CAD - $106,000.00 CAD

If you are applying for this role outside of the primary location, please contact [email protected] for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence. If you are applying for this role in the U.S., please contact [email protected] for more information about U.S.-specific paid time off provisions.