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.

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

Responsibilities

• Integrate into a high-performing multi-segment, multi-asset class portfolio management team overseeing over $264bn in 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, 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.
• 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 regulatory constraints, 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 book yield/total return targets.
• Deep expertise in multi-asset investing, with emphasis on private markets and fixed income.
• Critical thinking, problem-solving skills, and a proactive attitude.
• Proficiency in bespoke insurance-related analytics for portfolio construction.
• Excellent communication skills for presenting complex topics to clients, prospects, and the media.
• Proven leadership with the ability to influence and challenge.
• 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 a full range of 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 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 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. Office-based teams will identify at least one “anchor day” per week for in-person collaboration.