Analyst, Strategy, Global Hedging - Variable and Indexed-Linked Hedging

The Global Hedging - Variable and Indexed-Linked Products (GHVILP) team is part of the Global Asset Liability Management function within the General Account Investments. The team is responsible for establishing and managing global hedging programs at Manulife Financial. The program currently manages both the company’s balance sheet equity risk through the Macro program and the market risks associated with variable annuity (VA) and indexed universal life (IUL) products.

There are two sub-groups within GHVILP: Strategy and Actuarial Modeling. This position is within the Strategy group. The Strategy group is responsible for the hedging assets and is headed by the director, GHVILP Strategy. The Strategy group’s primary responsibility is to identify our risk exposures and design robust hedging strategies to mitigate market risks. The Strategy group is also responsible for the monitoring and high-level reporting on the performance of all aspects of the group’s hedging programs.

The VA and IUL hedging programs are high profile within the company and attracts positive attention to high performing team members. The nature of the work is very practical, ultimately leading to trade in the market. The work in the Strategy group is generally on the boundary of Front and Middle office roles in a traditional investment banking group.

Responsibilities

• Analyze proposals for new hedging strategies, completing due diligence work. Conduct research to compare alternative strategies to determine the overall effectiveness of a hedging strategy.

• Analyze large data sets and conduct statistical analysis using R/Python/Excel.

• Provide, or research to acquire, subject matter expertise on specific segments of capital markets (such as equities, commodities, FX, credit and/or fixed income). Particularly product details, and valuation and risk measurement methodology of the following products:

  • IR swaps, equity futures, bond futures, FX futures, total return swaps, OTC options, exchange traded options, IR Swaptions.

• Develop new tools and metrics using Excel/VBA/Python/etc. to evaluate hedging strategies.

• Collaborate closely with Actuarial Modeling, Equity Risk Oversight, traders, IT and other stakeholders to drive improvements to the hedging program

• Provide specifications to development teams and assist with interpretation from a capital markets perspective, to ensure the implementation meets business needs.

• Complete updates to production model parameters maintained by GHVILP, specifically fund mapping decomposition of target indices into tradable instruments.

Qualifications

• A demonstrated quantitative aptitude, at the minimum level consistent with undergraduate mathematics/actuarial science/science, is required.

• Have a good theoretical knowledge of finance and derivatives, preferably together with practical knowledge including market conventions, specific product knowledge, and best practices of quantitative modeling in industry.

• Should have experience using VBA, SQL, EXCEL, scripting tools, including an understanding and application of basic professional coding practices, version control, and documentation standards.

• Proficient in at least one of R/Python with experience analyzing large data sets.

• A demonstrated business acumen and orientation towards solving real world problems.

• Able to adjust communication style for different audiences, including summarizing complex information and recommending actions when needed.

• A strong educational background in at least one of finance, mathematics, or actuarial science.

• FRM or CFA designation (or in pursuit of) an asset.

When you join our team:

• We’ll empower you to learn and grow the career you want.

• We’ll recognize and support you in a flexible environment where well-being and inclusion are more than just words.

• As part of our global team, we’ll support you in shaping the future you want to see.

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. To learn more about us, visit https://www.manulife.com/en/about/our-story.html.

Manulife is an Equal Opportunity Employer

At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact recruitment@manulife.com.

Referenced Salary Location

Salary range is expected to be between

If you are applying for this role outside of the primary location, please contact recruitment@manulife.com for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence. If you are applying for this role in the U.S., please contact recruitment@manulife.com for more information about U.S.-specific paid time off provisions.