Portfolio Manager, External Managers Alternatives

Job Description

What is the opportunity?

We are seeking an experienced Portfolio Manager to support the management of relationships with external fund managers and alternative investment partners. This role involves portfolio analysis, performance monitoring, due diligence, and strategic engagement with third-party managers across alternative asset classes. The Portfolio Manager will work collaboratively with the Director, External Managers - Alternatives and broader investment team to support portfolio construction and optimize manager relationships.

What will you do?

Manager Oversight & Performance

• Monitor and evaluate external alternative managers against agreed benchmarks and KPIs
• Conduct performance analysis and provide insights on manager performance trends
• Support manager contract management, fee negotiations, and commercial discussions
• Identify and escalate performance concerns to the Director, External Managers - Alternatives
• Prepare materials for manager review meetings and strategy sessions

Portfolio Management – General Alternatives

• Support development and maintenance of diversified portfolio of alternative investments (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
• Conduct due diligence on prospective managers and investment opportunities
• Prepare due diligence reports and recommendations for manager selection and retention decisions
• Monitor portfolio alignment with RBC Insurance investment objectives
• Track and analyze portfolio composition, positioning, and exposures

Strategic Investment Support

• Perform research and evaluation of new asset classes and investment strategies
• Support development of portfolio guidelines, performance measurements, and reporting frameworks
• Build expertise in insurance-linked securities, strategies, and investment vehicles
• Stay current with insurance industry trends, regulatory changes, and market developments
• Contribute to strategic investment initiatives and thought leadership

Cross-Functional Collaboration

• Build and maintain strong relationships with actuarial, finance, risk, and business teams
• Partner with external managers and advisors on portfolio analysis and optimization
• Support external counsel on legal contract review and negotiation
• Facilitate communication between investment and operational teams
• Contribute to cross-functional working groups and initiatives

Investment Accounting & Financial Reporting

• Support insurance investment accounting and financial reporting processes
• Analyze investment results, valuation approaches, and investment performance
• Contribute to accurate and timely financial reporting to stakeholders and regulators
• Ensure portfolio data and reporting align with accounting standards and insurance regulatory requirements

Relationship Management

• Support primary contact relationship with key external managers
• Assist in scheduling and preparing for manager meetings, reviews, and strategy sessions
• Foster collaborative relationships with managers and external advisors
• Maintain clear communication of portfolio updates and expectations
• Develop knowledge of insurance brokers and industry specialists

Risk & Compliance

• Monitor external managers for compliance with regulatory requirements and RBC policies
• Track and report on liquidity, leverage, and concentration risks
• Support risk reporting and audit trail maintenance
• Escalate compliance concerns to the Director promptly

Reporting & Analytics

• Support generation of performance reports and investment dashboards
• Analyze manager attribution and contribution to portfolio returns
• Prepare analysis on portfolio-specific metrics and risk factors
• Support ad hoc analysis and reporting requests

What do you need to succeed?

Must-have

• 5+ years in investment management or alternatives experience
• Minimum 2 years in external manager oversight or portfolio management roles
• Strong knowledge of alternative asset classes (Private Debt, Infrastructure, Private Equity, Real Estate, Structured Products, etc.)
• Excellent analytical and quantitative skills
• Strong relationship management and communication skills
• Proficiency with financial analysis tools and investment analytics platforms

Educational Requirements and Accreditations

• Professional investment or risk designation (e.g., CFA, FRM, CAIA) or equivalent institutional investment experience required
• Additional actuarial credentials (e.g., FSA or ASA) are considered an asset

Nice-to-have

• Background in insurance or insurance investment management
• Experience with alternative manager due diligence frameworks and processes
• Knowledge of insurance investment accounting and regulatory reporting
• Experience with private markets or illiquid alternative assets
• Familiarity with investment documentation and legal contracts

What’s in it for you? 

Whether it’s developing new skills, opportunities to innovate and grow, modern and comprehensive benefits, or the flexibility to enjoy the moments that matter, at RBC you have everything you need at your fingertips to build your career and life.

• Working with an award-winning team Awards | RBC Diversity & Inclusion
• A comprehensive Total Rewards package that prioritizes your overall wellbeing, including flexible and modern benefits, competitive compensation and stock options
• Work where you belong as part of a supportive, inclusive team and company that celebrate your unique perspectives, background and experience and want you to bring your whole self to work, every day.
• Leaders who are invested in your success and provide opportunities to learn, to grow and to try new things. Develop new skills, sharpen existing ones and explore paths you never knew existed with a host of learning programs and tools designed to support you in every phase of your career.
• An opportunity to have real impact on the lives of our clients and the communities you serve.
• RBCI software tools to boost your productivity 

Job Skills

Additional Job Details

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Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Compensation for this position (including salary and discretionary/variable payments) will be determined by factors, including but not limited to candidate's experience, skills, registration status, performance, individual goals, market conditions, and business needs.

Pay Range

The expected pay range for this position is:

The pay range provided is for the primary work location referenced in the Additional Job Details section of this job posting. Pay ranges may differ based on location. If the posting lists multiple job locations, a recruiter can confirm availability of the role and the relevant pay rage for the additional locations listed. RBC supports pay transparency and we strive to ensure all pay ranges are competitive, fair, and equitable.

You have the potential to earn RBC's discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided that business meets its performance targets and you meet your individual goals.

Our Employment Opportunities

At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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RBC is presently inviting candidates to apply for this existing vacancy. Applying to this posting allows you to express your interest in this current career opportunity at RBC. Qualified applicants may be contacted to review their resume in more detail.