Pension Risk Strategist, OCIO at Northern Trust in Chicago, Illinois

Job Description:

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Role Summary

Outsourced Chief Investment Officer (OCIO) business offers world-class investment management combined with program oversight, manager research, customized program design, global custody and client servicing. The OCIO group serves a global client base including: corporate pension and retirement plans, foundations, endowments, healthcare organizations and government, family office/multi-family office, not-for-profit and public funds.

After carefully defining a client's return objective and risk tolerance, the OCIO team builds a customized multi-manager investment program diversified across multiple asset classes, investment managers, and styles. The result is a comprehensive investment program that increases the probability of achieving a client's investment objectives over the long-term, while seeking to minimize risk and volatility of returns over the short-term. The integrated suite of investment solutions includes: actuarial services, asset/liability studies, cash flow analysis, investment policy design, asset allocation, investment manager research and selection, program construction, program monitoring and evaluation, portfolio rebalancing, performance measurement, risk management, defined benefit and defined contribution plan management, trust and custody services, and credit services.

Scope and Responsibilities

The Pension Risk Strategist is responsible for conducting asset/liability studies for pension plans, monitoring funded ratios, and supporting Client Investment Officers in servicing key relationships within the Retirement segment. The Pension Risk Strategist will work closely with company staff which may include corporate Treasurers, CFOs, and senior human resources personnel to ensure that investment programs are tailored specific to the unique liability characteristics of the pension plan. Collaboration with internal partners is also expected to pull together resources needed in developing and monitoring investment strategies that are customized to each client's goals and objectives. Specific responsibilities include:

• Conducting asset/liability studies and glide path development based on understanding of clients' unique needs and goals.


• Make recommendations on the structure of the liability hedging assets based on characteristics of plan liabilities.


• Incorporate upcoming pension risk transfers (i.e., lump sum payments or annuity purchase) in the investment strategy to ensure the interest rate risks are properly hedged.


• Communicate with clients and internal team members on a regular basis, anticipating and responding to issues and developments, researching issues and opportunities, developing new ideas, and discussing investment program solutions capabilities.


• Coordination with Client Investment Officers (CIOs) and Associate CIOs to build and monitor appropriate investment strategies for clients.


• Prepare regular (i.e., quarterly) reports on the pension plan's funded ratio and attribution analysis on the changes in the plan's surplus/(deficit).


• Perform any ad-hoc requests from clients especially if it is related to the pension liability valuation (i.e., what if analysis, sensitivity analysis).


• Assist in new product development and marketing. Work with product, research, and marketing to develop and identify new investment ideas or opportunities.


• Support in on-going marketing of our services and business development efforts


• Proactively advise partners of issues that may affect clients/prospects in either a positive or negative way.


• Display a high level of teamwork toward achieving business unit and team goals. Be a positive influence in the group.

Necessary Qualifications

• 3+ years of pension actuarial valuation and asset/liability investment experience including expertise in a wide variety of investment/actuarial issues (i.e., plan termination, de-risking strategies, glide path development).


• Ideal recent experience as an actuarial consultant. Additional experience in investment consulting or OCIO is preferred.


• Extensive knowledge regarding actuarial regulations and issues for pension plans.


• Proven success developing and delivering asset/liability studies to sophisticated clients.


• Ability to communicate complex actuarial and investment solutions to a variety of constituents with varying levels of investment knowledge.


• Technology orientation and proficiency is required to coordinate analysis of client's asset and liability reporting.


• Written and interpersonal presentation skills are important for future potential growth in ongoing client interaction and new business participation.


• Actuarial credentials required (i.e., FSA/ASA/EA).


• MBA/CFA/CAIA/CIMA or other relevant investment credentials preferred.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com .

We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.