Insurance Portfolio Manager

Mercer is hiring a Senior Portfolio Manager to join the office of the Chief Investment Officer, focused on the Insurance segment. The role involves managing total portfolios for insurance investors based on their stated objectives, requiring a strong understanding of multi-asset strategies with particular emphasis on fixed income and alternatives. The position is available in Boston, New York, or Chicago.

About the role

The candidate will benefit from Mercer’s scale and reach, managing portfolios for an existing insurance client base of over $215bn Assets under Advisement in the U.S. region (as of December 31, 2025). They will join a high-performing portfolio management team with a proven track record of delivering innovative solutions and strong client outcomes. The role offers unparalleled access to leading investment research and the ability to implement these ideas for insurance investors across the region.

Responsibilities

• Integrate into a high-performing multi-segment, multi-asset class portfolio management team overseeing over $264bn Assets under Management in the U.S. (as of March 31, 2026).
• Collaborate with Mercer’s U.S. insurance segment leadership and consultants to support prospecting, client conversations, and marketing efforts.
• Serve as a voting member on Mercer’s U.S. Insurance Investment Committee, overseeing the design of investment solutions aligned with clients’ risk, income, capital, and regulatory objectives.
• Lead the day-to-day management of investment solutions for insurance clients, adhering to Mercer’s governance framework, investment philosophy, and operating protocols.
• Liaise with insurance investment strategy teams and back/middle office functions to ensure effective implementation of investment decisions, including compliance partnerships.
• Contribute to investment philosophy, portfolio construction, and manager selection for insurance client portfolios.
• Design, diligence, and implement new and complex investment solutions while supporting business development and client management initiatives.
• Represent the portfolio management team internally and externally, including at C-suite levels.
• Demonstrate a deep understanding of asset classes relevant to insurance allocators, including capital, regulatory, tax, and accounting considerations.
• Proactively identify and manage value-added ad hoc projects for clients and internally.
• Oversee manager selection, guidelines, and ongoing discussions with asset managers executing mandates for Mercer insurance clients.
• Present to clients, including management and investment committees, on markets, portfolios, and performance with clarity and confidence.
• Collaborate with other Marsh entities in delivering joint services.
• Serve as a subject matter expert for insurance clients.
• Participate in portfolio management team meetings, group projects, town halls, and team activities.
• Train and mentor junior colleagues.
• Contribute to insurance thought leadership via Mercer’s Intellectual Capital Teams.
• Develop pitchbooks and training materials as needed.

Requirements

• Strong understanding of insurance investor requirements, including liability-driven investment principles, regulatory requirements, and constraints (e.g., regulatory capital, gain/loss realization, asset-liability matching).
• Ability to construct portfolios aligning asset duration, credit risk, and cash flows with client liability profiles while managing book yield, total return targets, spread duration, and reinvestment risk.
• Deep expertise in multi-asset investing, with emphasis on private markets and the full spectrum of fixed income.
• Critical thinking, problem-solving capabilities, and a proactive attitude.
• Analytical mindset, including proficiency with bespoke insurance-related analytics.
• Excellent communication skills for presenting complex topics to clients, prospects, and the media.
• Proven leadership with the ability to influence and challenge stakeholders.
• Ability to work effectively at all organizational levels and build strong internal/external relationships.
• Flexibility to work independently and collaboratively in a hybrid environment (three in-office days per week).

Qualifications

• Ideally CFA, CAIA, FSAI, FIA, or similar qualification.
• 15+ years of investment experience, with 10+ years in insurance portfolio management.
• Working knowledge of NAIC structure, statutory accounting rules, and state-level regulatory oversight.
• Experience designing, evaluating, and recommending insurance-specific vehicles.
• Strong relationships across the asset manager and GP community.
• Experience across insurance entity types, including health, P&C, reinsurance, captives, and life insurance.
• Strong attention to detail and ability to meet tight deadlines.
• Excellent communication skills for navigating global teams within Mercer and Marsh.

Pay

The applicable base salary range for this role is $155,000 to $309,500, determined by factors such as experience, skills, training, location, certifications, and education. The position may also be eligible for performance-based incentives.

Benefits

• Health and welfare benefits.
• Tuition assistance.
• 401K savings and other retirement programs.
• Employee assistance programs.