Managing Director, Derivatives & Hedging

About Us

NLG Capital, the investment management company of National Life Group (NLG), manages approximately $40+ billion in AUM. Our purpose is to allow NLG to keep its promises through an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, adhering to guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, and Relentless Pursuit of Excellence. These principles govern our interactions, investment decisions, and culture, fostering curiosity and growth in a flat, collaborative environment where the best ideas are continually expressed and rewarded.

About the Role

Reporting directly to the Chief Investment Officer, the Managing Director, Derivatives & Hedging is a senior executive leader responsible for the strategy, design, execution, and oversight of NLG’s enterprise-wide derivatives and hedging program across all asset classes and product types. This role sits at the intersection of investments, risk management, actuarial strategy, and product development, serving as a key voice within the senior investment leadership team. The Managing Director will architect and lead a scalable hedging platform that protects and enhances NLG’s financial performance, supports new product innovation, and optimizes capital and collateral efficiency.

Responsibilities

• Strategy & Program Leadership
  • Set the enterprise vision and strategic direction for NLG’s derivatives and hedging program across all asset classes, insurance products, and reinsurance arrangements.
  • Develop, implement, and continuously refine a scalable hedging framework—evolving from static hedging programs toward dynamic overlays as business and asset volumes increase.
  • Proactively recommend and execute derivative strategies that enhance NLG’s financial performance and advance the firm’s broader investment and risk objectives.
  • Serve as a member of the senior investment leadership team, contributing to portfolio strategy, capital allocation, and enterprise risk discussions led by the CIO.
• Risk Management & Execution
  • Oversee day-to-day hedging operations, including trade execution, monitoring, and lifecycle management across market, interest rate, equity, FX, and optionality risks.
  • Design and maintain a framework that provides an informed, real-time view on risk exposures, hedge effectiveness, and capital impacts.
  • Monitor and report on hedge performance using metrics such as value-at-risk, hedge P&L attribution, basis risk, and statutory and GAAP capital impacts.
  • Establish and enforce policies, processes, controls, and limits governing all derivatives activity.
• Product & Cross-Functional Partnership
  • Partner with actuarial, product development, distribution, and banking counterparties on the design and launch of new FIA, RILA, IUL, MYGA, and other indexed-linked or custom products.
  • Collaborate with investment, actuarial, finance, and treasury teams to design and execute hedging for new products, M&A transactions, reinsurance deals, FX exposures, and in-force risk management.
  • Work with corporate finance and actuarial valuation teams to support projections, capital planning, stress testing, and ALM analysis.
  • Optimize collateral posting, counterparty exposure, and capital efficiency associated with all derivatives activity.
• Communication & Stakeholder Engagement
  • Communicate hedging strategy, results, and risk profile clearly and accurately to the CIO, executive leadership, the Board, risk committees, regulators, and rating agencies.
  • Translate complex quantitative concepts into clear, actionable insights for diverse audiences across the enterprise.
  • Represent NLG Capital externally with counterparties, exchanges, and industry forums.
• Team Leadership
  • Build, lead, and develop a high-performing team spanning trading, analytics, systems, and portfolio management; grow the function as the platform scales.
  • Set high standards for execution, intellectual rigor, and collaboration, in keeping with NLG Capital’s guiding principles.
  • Mentor and develop talent, creating a pipeline of derivatives and hedging expertise within the firm.

Requirements

• Master’s degree (or foreign equivalent) in quantitative or mathematical finance, statistics, economics, computer science, engineering, or a related field.
• Minimum of fifteen (15) years of progressively senior experience in derivatives and hedging, including significant time at the executive leadership level.
• At least five (5) years of experience developing and executing derivative strategies that address the unique nature of insurance company assets and liabilities.
• Proven track record of successfully designing, implementing, and scaling enterprise hedging programs in insurance, reinsurance, or asset management contexts.
• Broad understanding of life and annuity products, including IUL, FIA, MYGA, and RILA, and the embedded market risks within them.
• Demonstrated experience building and leading effective hedging teams spanning trading, analytics, systems, and portfolio management.
• Demonstrated expertise applying derivatives to accomplish both investment and hedging objectives.
• Proven ability to communicate complex hedging strategies simply and effectively to senior executives, boards, regulators, and rating agencies.
• Track record of balancing risk management with capital and collateral efficiency objectives.

Preferred Qualifications

• CFA, FRM, FSA, or equivalent professional designation.
• Working knowledge of U.S. statutory accounting, GAAP, and insurance regulatory and actuarial guidelines.
• Hands-on experience managing collateral, ISDA/CSA negotiations, and counterparty relationships.
• Prior experience leading derivatives or hedging functions at the executive level within an insurance or asset management organization.
• Experience supporting M&A, reinsurance, and new product launches from a derivatives and hedging perspective.

AI Proficiency Expectations

At National Life Group, we view AI as an enabler of human potential. All applicants are expected to:

• Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.
• Stay curious and open to new AI-enabled ways of working.
• Exercise sound judgment by reviewing and validating AI-generated content.
• Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life’s AI guiding principles.
• Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention, and intellectual property.

Benefits

Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Benefits may include:

• A full range of medical, financial, and other benefits (including 401(k) eligibility).
• Various paid time off benefits, such as vacation, sick time, and parental leave.
• Eligibility to participate in National Life’s discretionary annual incentive programs, subject to program rules.

Pay

The base pay range for this position is $243,750—$357,500 USD. The final salary offered may vary based on factors such as prior experience, job-related knowledge, education, training, certificates, current business needs, and market factors.