Manager Strategy, Variable Annuity Hedging
3 weeks ago
Working Arrangement
Hybrid
Job Description
The opportunity
The Variable Annuity Hedging (VAH) team, within the General Account Investment Division, is responsible for establishing and managing hedging programs at Manulife Financial. The program currently manages both the company's balance sheet equity risk through the Macro program and the market risks associated with variable annuity (VA) and indexed universal life (IUL) products.
There are two sub-groups within Variable Annuity Hedging: Strategy and Actuarial Modeling. This position is within the Strategy group. The Strategy group is responsible for the hedging assets and is specifically tasked with identifying our risk exposures and designing robust hedging strategies to mitigate market risks. The Strategy group is also responsible for the monitoring and high-level reporting on the performance of all aspects of the group's hedging programs. The nature of the work is very practical, ultimately leading to trades in the market. The work in the Strategy group is generally on the boundary of Front and Middle office roles in a traditional investment banking group.
Responsibilities
- Analyze proposals for new hedging strategies, completing due diligence work. Conduct research to compare alternative strategies to determine the overall effectiveness of a hedging strategy.
- Analyze large data sets and conduct statistical analysis using R/Python.
- Provide, or research to acquire, subject matter expertise on specific segments of capital markets (such as equities, commodities, FX, credit and/or fixed income). Particularly product details, and valuation and risk measurement methodology of the following products:
- IR swaps, equity futures, bond futures, FX futures, total return swaps, equity/index options, IR Swaptions.
- Develop new tools and metrics using Excel/VBA/Matlab/Python/etc. to evaluate hedging strategies.
- Collaborate closely with Actuarial Modeling, Equity Risk Oversight, traders, product and pricing teams on hedging programs targeting in-force and new business, as well as drive hedging improvements.
- Provide specifications to development teams and assist with interpretation from a capital markets perspective, to ensure the implementation meets business needs.
- Complete updates to production model parameters maintained by VAH, specifically fund mapping decomposition of target indices into tradable instruments.
- You obsess about customers, listen, engage and act for their benefit.
- You think big, with curiosity to discover ways to use your agile approach and enable business outcomes.
- You thrive in teams and enjoy getting things done together.
- You take ownership and build solutions, focusing on what matters.
- You do what is right, work with integrity and speak up.
- You share your humanity, helping us build a diverse and inclusive work environment for everyone.
- Have at least 5 years' experience working in finance/capital markets.
- A demonstrated quantitative aptitude, at the minimum level consistent with undergraduate mathematics/actuarial science/science, is required.
- Have a good theoretical knowledge of finance and derivatives, preferably together with practical knowledge including market conventions, specific product knowledge, and best practices of quantitative modeling in industry.
- Should have experience using VBA, SQL, EXCEL, ACCESS, MATLAB+ODBC, scripting tools, including an understanding and application of basic professional coding practices, version control, and documentation standards.
- Proficient in at least one of R/Python/C/C++ with experience analyzing large data sets.
- A demonstrated business acumen and orientation towards solving real world problems.
- Demonstrated understanding of the difference between communicating to a business audience, compared with an academic or technical audience. Specifically,
- The ability to communicate complex information and results in an effective manner;
- The ability to summarize and take or recommend action, providing details as needed.
- A strong educational background in at least one of finance, mathematics, or actuarial science.
- FRM or CFA designation (or in pursuit of) an asset.
- A competitive salary and benefits packages.
- A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.
- A focus on growing your career path with us.
- Flexible work policies and strong work-life balance.
- Professional development and leadership opportunities.
- Values-first culture
We lead with our Values every day and bring them to life together. - 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. - Delivering the promise of Diversity, Equity and Inclusion
We foster an inclusive workplace where everyone thrives. - Championing Corporate Citizenship
We build a business that benefits all stakeholders and has a positive social and environmental impact.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.
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
Salary & Benefits
The annual base salary for this role is listed below.
Primary Location
Toronto, Ontario
Salary range is expected to be between
$84,375.00 CAD - $151,875.00 CAD
If you are applying for this role outside of the primary location, please contact 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 for more information about U.S.-specific paid time off provisions.
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