Director, Fixed Income

Contract

This is a D-1 contract. This kind of contract is known as Professional and Director staff. It is normally internationally recruited only. It's a staff contract. It usually requires 15 years of experience, depending on education.

Salary

The salary for this job should be between 242,484 USD and 305,990 USD.

Please keep in mind that the salary displayed here is an estimation by UN Talent based on the location and the type of contract. It may vary depending on the organization. The recruiter should be able to inform you about the exact salary range. In case the job description contains another salary information, please refer to this one.

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 heads the Office of Investment Management (OIM), which manages a $80+ billion multi-asset class, global investment portfolio, about 85% of which is actively managed in-house. Asset classes under management comprise of global equities, fixed income, foreign exchange, private equity, real estate, infrastructure, timber, and commodities. OIM’s staff are all based in New York and come from over 30 countries. For more information, please visit OIM's website at https://oim.unjspf.org/.

This position leads in the Fixed Income Section of the Office of Investment Management (OIM) of the United Nations Joint Staff Pension Fund (UNJSPF). The incumbent will report to the Chief Investment Officer, who reports directly to the RSG.

Responsibilities Within delegated authority and under the supervision of the CIO, the Director will be responsible for the following duties:

1. Leads the work programme of the fixed income section of OIM by:

(a) Implementing strategic and tactical asset allocation strategies for Fixed Income based on the investment policy and strategy set by the Representative of the Secretary-General and Chief of Investment Officer (CIO), in consultation with the Investments Committee and the suggestions of the Pension Board.;

(b) Managing the Fixed Income Section in seeking superior investment performance of the fixed income and investment cash portfolios over the respective benchmarks without undue risks by ensuring sufficient resources, proper investment and hedging strategies, including the use of external managers when appropriate, and fostering an adequate working environment. Currently the core fixed income portfolio is composed of US Treasuries, US Securitized, Government-related Securities, and US Investment Grade Corporates. The non-core fixed income portfolio is Local Currency Emerging Market Debt.

(c) Managing the Treasury Cash ad Foreign Exchange for the operational support for the entire OIM.

(d) Supporting the CIO in recommending investment policy and strategy to the Representative of the Secretary-General.

(e) Evaluating the investment advisor’s investment performance and the quality of services and recommend the portfolio composition in terms of the mixture of internal management and external management and appropriate strategies and risk levels.

(f) Evaluating advice and recommendations of the investment advisors, industry experts and staff of the Section.

(g) Leading the implementation of the Sustainable Investment policy for the Fixed Income.

(h) Assessing investment performance by portfolio for Fixed Income and Investment Cash.

(i) Recommending guidelines for asset allocation ranges, currency holdings, and market weightings, and for strategic and tactical short-term allocations.

(j) Supporting programs for staff training and development to maintain and further develop the expertise of the Unit's personnel.

2. Assists the Representative of the Secretary-General for the Investments of the UNJSPF and the CIO to report on related matters to the Investments Committee, Pension Board, ACABQ and the Fifth Committee by:

(a) Preparing and supervising the preparation of reports on investment performances, structure of the portfolio, investment policies and strategies, global economic and market conditions, the investment outlook and requirements for the financing of the Fixed Income operations.

(b) Presenting and defending proposals on the financing and staffing of the Fixed Income to the Pension Board, ACABQ and Fifth Committee and providing answers along with explanations to the questions raised by Governing Bodies.

3. Supports the CIO in negotiating contracts with the investment advisors and external managers of the Fund along with and overseeing the said performance.

4. Represents the Office of Investment Management in internal and external fora.

5. Performs other duties as required such as participating in OIM wide projects including Asset Liability Management Studies and Benchmark Studies along with overseeing the Fixed Income portfolio.

6. Ensures that a high level of professional investment expertise and knowledge is maintained by exploring published economic and investment material provided by investment brokers, banks, government sources and analysts; leading regular meetings/discussions with industry experts and other sources of information; participating in seminars on investment topics; planning and conducting meetings with industry experts; exchanging views and providing advice and guidance to colleagues within OIM; supervising and training staff to improve skills and expand experience in order to increase motivation and promote superior performance; recruiting staff for the Fixed Income Section, taking due account of geographical and gender balance and other institutional values.

Competencies Competencies:

• Professionalism: Demonstrated ability and knowledge of investment management of global fixed income portfolio in seeking superior returns against the benchmarks; ability to take charge of management initiatives in the area of fixed income and currency investment performance/risk analysis; ability to manage a large investment team from a budgetary, financial and administrative perspective. 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.

• 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.

• Communication: Speaks and writes clearly and effectively; listens to others, correctly interprets messages from others and responds appropriately; asks questions to clarify, and exhibits interest in having two-way communication; tailors language, tone, style and format to match audience; demonstrates openness in sharing information and keeping people informed.

Managerial Competencies:

• Leadership: Serves as a role model that other people want to follow; empowers others to translate vision into results; is proactive in developing strategies to accomplish objectives; establishes and maintains relationships with a broad range of people to understand needs and to gain support; anticipates and resolves conflicts by pursuing mutually agreeable solutions; strives for change and improvement; does not accept the status quo; shows the courage to take unpopular stands. Provides leadership and takes responsibility for incorporating gender perspectives and ensuring the equal participation of women and men in all areas of work; demonstrates knowledge of strategies and commitment to the goal of gender balance in staffing.

• Judgement/Decision-making: Identifies the key issues in a complex situation, often with limited or imperfect data in a changing investment environment, and comes to the source of the problem quickly; gathers relevant information before making a decision; considers positive and negative impacts of decisions prior to making them; takes decisions with an eye toward the impact on others, the Fund, and on the Organization; proposes a course of investment actions or makes recommendations based on all available information; checks assumptions against facts; determines the actions proposed will satisfy the expressed and underlying needs for the decision; makes tough decisions when necessary.

  Education Advanced university degree (Master's degree or equivalent degree) in business management, economics, finance, banking or portfolio investment management or related field is required. A first level university degree in combination with an additional two years of qualifying experience may be accepted in lieu of the advanced university degree.

  Work Experience A minimum of 15 years of progressively responsible experience in fixed income investment management through security selection in multiple sub-sectors, such as US Treasury, US Securitized, Investment Grade Credit and Local Currency Emerging Markets Debt, is required.

  A minimum of 10 years of experience leading an internally managed fixed income portfolio through security selection in multiple sub-sectors, such as US Treasury, US Securitized, Investment Grade Credit and Local Currency Emerging Markets Debt, with over USD 1 billion assets as institutional investors, is required.

  A minimum of 5 years of experience in sub-asset allocation strategy within a Fixed Income portfolio is required.

  A minimum of 5 years of experience in the management of a large multi-sector fixed income team as institutional investors, is required.

  Experience in fixed income investments, cash and foreign exchange transactions and currency markets is required.

  Experience in conducting selection and monitoring of external managers as institutional investors 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 - 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.

•For this position, applicants from the following Member States, which are unrepresented or underrepresented in the UN Secretariat as of 31 March 2022, are strongly encouraged to apply: Afghanistan, Andorra, Angola, Antigua and Barbuda, Bahrain, Belize, Brunei Darussalam, Cabo Verde, China, Comoros, Cuba, Cyprus, Democratic People's Republic of Korea, Djibouti, Dominica, Equatorial Guinea, Gabon, Grenada, Guinea-Bissau, Haiti, Israel, Japan, Kiribati, Kuwait, Lao People's Democratic Republic, Lesotho, Liberia, Libya, Liechtenstein, Luxembourg, Marshall Islands, Federated States of Micronesia, Monaco, Mozambique, Namibia, Nauru, Norway, Oman, Palau, Papua New Guinea, Paraguay, Qatar, Republic of Korea, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Solomon Islands, Somalia, South Sudan, Thailand, Timor-Leste, Turkmenistan, Tuvalu, United Arab Emirates, United States of America, Vanuatu.

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.