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Annuity Asset Origination Manager - Aviva(1 Post)
We are recruiting for a Annuity Asset Origination Manager to join The Annuity Asset Origination Team (AAO) within Aviva.
The Annuity Asset Origination Team (AAO) was set up in Q4 2018 to support Aviva's growth in its annuity businesses, primarily bulk purchase annuities. Growth in the liability business requires a sustainable flow of long-duration, high-quality (credit) and commercially attractive assets.
The team works collaboratively with Aviva Investors and other asset managers, the CIO Team, Finance and Risk to develop analysis, insights, strategies, plans and action to generate a sustainable flow of annuity assets. Given the long-term nature of the annuity business and a low-volume of high-value transactions, originating new assets and asset classes is necessarily complex requiring detailed research and risk assessment.
The team typically originates £4-5 billion p.a. across several new and existing asset classes and geographies to meet annuity liability requirements, Aviva investment, ESG goals and risk appetite and stretching financial hurdles while developing capability for future years.
This role is a 6-month fixed term contract.
Duties & Responsibilities:
Leads the development and ongoing management of the detailed annuity asset origination financial plan, co-ordinating and aligned detailed asset volumes, assumptions and forecasts with Pricing and Finance teams.
Leads the quarterly review and update of asset assumptions for pricing, co-ordinating activity with Pricing and Finance teams.
Supports senior members of the team in ad-hoc asset origination activities, such as optimising investments in equity release mortgages.
Leads AAO's management of risk in accordance with Aviva's IMMMR risk management framework, ensuring the team understand their risks and have appropriate controls in place to manage them within tolerance.
Represents team in Deal Governance Committee and Finance Forums, as well as writing papers and presenting to Cost Governance Committee, Investment and Credit Committee, ALCO and Board Investment Committee on relevant matters.
Leads quality assurance of AAO controls ensuring they are fit-for-purpose.
Leads/maintains AAO's relationship with 2nd Line Risk and 3rd Line Internal Audit, ensuring AAO proactively manages issues and concerns and is aware of emerging regulatory changes.
Skills & Experience required:
Knowledge of annuity pricing, asset assumption-setting, business planning and finance decision-making.
Excellent knowledge of investment markets, in particular the liability-driven investment market.
Excellent knowledge of the life insurance industry, in particular pensions and annuities and matching-adjustment portfolio regulations.
Excellent knowledge of the bulk purchase annuity market and trends and a good understanding of scheme trustees' de-risking strategies and solutions.
Excellent knowledge of asset liability management including hedging strategies.
Good knowledge of investment tools and techniques to optimise performance.
What will you get for this role?
Salary of up to £90,000 depending on skills, experience, and qualifications.
Generous defined contribution pension scheme.
Annual performance related bonus and pay review.
Holiday allowance of 29 days plus bank holidays and the option to buy/sell up to 5 additional days.
Up to 40% discount for some Aviva products through "My Aviva Extras" plus discounts for Friends and Family. (Some exclusions apply).
Excellent range of flexible benefits to include a matching share save scheme.