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 is based in Boston, New York, or Chicago and involves managing total portfolios for insurance investors, requiring a strong understanding of multi-asset strategies with emphasis on fixed income and alternatives. The candidate will benefit from Mercer’s scale, with over $215bn Assets under Advisement in the U.S. region as of December 31, 2025, and will collaborate with a high-performing team delivering innovative solutions.

Responsibilities

• Integrate into a high-performing multi-segment, multi-asset class portfolio management team overseeing over $264bn Assets under Management in the U.S. region (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, designing investment solutions aligned with clients’ risk, income, capital, and regulatory objectives.
• Lead 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, back and middle office functions, and Compliance to ensure effective implementation of investment decisions.
• 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 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.
• Act 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 regulatory constraints, asset-liability matching, capital efficiency, rating agency considerations, GAAP vs. STAT accounting, and tax optimizations.
• Demonstrated ability to construct portfolios aligning asset duration, credit risk, and cash flows with client liability profiles while managing spread duration and reinvestment risk.
• Deep expertise in multi-asset investing, with emphasis on private markets and fixed income.
• Critical thinking, problem-solving capabilities, and a proactive attitude.
• Analytical mindset, including proficiency in bespoke insurance-related analytics.
• Excellent communication skills for presenting complex topics to clients, prospects, and media.
• Proven leadership with the ability to influence and challenge across all organizational levels.
• Ability to work flexibly, independently, and collaboratively in a hybrid environment (three in-office days per week).
• Proficiency with third-party systems such as Clearwater.

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 a full range of insurance entity types, including health, P&C, reinsurance, captives, and life insurance.
• Organized with strong attention to detail and ability to meet tight deadlines.
• Strong communication skills and ability to navigate 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.

Schedule

Mercer supports a hybrid work schedule requiring three in-office days per week.