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Investment Head : With-Profit Funds

Old MutualZA

30+ days ago

Job description

Job title : Investment Head : With-Profit Funds

Job Location : Western Cape,

Deadline : September 29, 2025

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Job Description

This is a leadership role at the heart of one of South Africa’s most significant investment mandates, with strategic oversight of R300 billion in multi-asset portfolios underpinning Old Mutual’s with-profit products.

As Symmetry’s investment lead for these funds, you will shape portfolio strategy across public markets, a substantial private markets programme, and direct property, delivering stable, long-term real returns that secure the financial futures of millions of policyholders.

The role operates under a formal internal mandate with Old Mutual’s Policyholder Investment Committee (POLIC), which approves major strategic decisions. You will be the trusted strategic advisor to POLIC, crafting recommendations on strategic asset allocation, portfolio design and manager selection, and directing implementation once approved.

This appointment comes at a pivotal moment, with Symmetry having recently assumed investment responsibility for the with-profit funds. In the near term you will steer a set of strategic reviews and define a clear path to evolve the investment approach.

By delivering consistently high-quality analysis and disciplined execution, you will cement Symmetry’s role as a strategic partner to POLIC and product leaders.

Over time, this should strengthen the case for a broader scope of delegated authority to be entrusted to you and your team, while advancing Symmetry’s evolution into a full-spectrum investment solutions provider.

Key Responsibilities :

Investment Strategy & Portfolio Design

Translate policyholder and product requirements into investment objectives and risk budgets that are practical to implement and monitor.

Formulate portfolio design principles and refresh them as conditions and product needs evolve.

Lead the development of the total portfolio design and strategic asset allocation for the with profit funds, integrating public and private markets and aligning to investment objectives and principles.

Turn the objectives and principles into implementable portfolio guidelines (ranges, rebalancing rules, within asset class structures, active / passive blend, style and factor balance, currency and liquidity) and oversee disciplined implementation.

Define the private markets strategy and guide the implementation. Set pacing and commitment plans and integrate cash-flow forecasts into total-portfolio design and liquidity planning.

Maintain forward looking views on markets, expected returns and risks, and propose measured adjustments to strategy and implementation when warranted.

Manager Selection & Oversight

Lead the research, due diligence, selection and oversight of underlying asset managers (internal and external). Propose appointments and terminations with clear, evidence-based cases.

Set unambiguous performance expectations and reporting standards for underlying managers; drive fee and mandate terms that are competitive and aligned to policyholder value.

Run a continuous monitoring framework holding managers accountable for performance, mandate compliance and risk management.

Governance, Risk & Fiduciary Oversight

Serve as the primary interface and advisor to POLIC, taking full ownership of the quality and integrity of all investment recommendations, performance analysis, and strategic reviews.

Ensure portfolio is managed in line with the Investment Policy Statement (IPS), the Internal Mandate & SLA, group risk frameworks, and all relevant regulatory requirements.

Operate a comprehensive risk framework to proactively identify, monitor, and control exposure to market, manager, credit, concentration, liquidity, and operational risks.Own the end-to-end production of all committee materials and reporting for POLIC and its sub-committees, ensuring all performance measurement, risk analytics, and decision-support materials are accurate, insightful, and transparent.

Oversee implementation of the responsible investment framework in partnership with Group Sustainability, including policy adherence, disclosures, reporting, and stewardship activities.

Manage all interfaces with Group Risk, Finance, and other control functions, coordinating required attestations and any internal or external audits related to the investment mandate.

Stakeholder Relationships & Influence

Forge a collaborative partnership with the Product owners in Old Mutual Corporate and other key business segments, to ensure alignment between the investment strategy and the product design, bonus philosophy and policyholder expectations.

Serve as the primary interface and lead relationship owner with all underlying asset managers, both internal affiliates and external firms, holding them accountable for performance and representing policyholder interests in senior governance forums for private markets and direct property vehicles.

Drive integration within the Symmetry ecosystem, leveraging central specialist functions (such as manager research and portfolio construction) to bring the full weight of the firm’s expertise to the with-profit mandate, while ensuring the team contributes insights back into the broader platform.

Build productive relationships with key internal stakeholders (Chief Actuary; Group Risk, Finance, Tax and Legal; Group Sustainability; Segment and Investment Business heads; internal service providers within Old Mutual Investment Group) to ensure an integrated approach to managing the funds and to navigate the complexities of the corporate environment effectively.

Effectively represent the interests of the Funds in all engagements with key external stakeholders, including regulators, auditors, custodians, administrators and other critical service providers.

Act as a key ambassador for Symmetry's investment capabilities, using the sophistication and proven outcomes of the with-profit mandate to demonstrate the firm's expertise in solving complex institutional investment challenges.

Team Leadership & Development

Lead, mentor, and manage a dedicated team of investment professionals, fostering a culture of high performance, intellectual curiosity, constructive challenge, collaboration and shared accountability, and meticulous attention to detail.

Take full accountability for the stability, capability and long-term succession of the with-profit investment team; build depth and resilience through clear specialisations within the team, supported by Symmetry’s central specialists; institutionalise knowledge through documented processes, cross-training and reliable cover to reduce key-person risk, build depth of capability, and ensure continuity.

Set clear goals and standards for the team, allocate resources effectively and ensure timely, high-quality execution of all mandate requirements; recognise excellence and address underperformance.

These responsibilities offer an overview and a general outline of the role and are not exhaustive.

Qualifications and Experience required :

Degree in Finance, Investments, Economics, Actuarial Science or related field; postgraduate study and / or professional designations (e.g. qualified Actuary; CFA / CAIA) would be advantageous.

10+ years of relevant institutional investment experience, including deep experience in strategic asset allocation, portfolio construction, and manager selection for institutional funds.

Experience translating product / liability needs into investment objectives and risk budgets; with-profit / smoothed-bonus or LDI exposure is beneficial.

Experience overseeing public market investments and a meaningful private markets programme, with an integrated total-portfolio perspective.

Proven manager research, selection and oversight; mandate and fee negotiation; continuous performance / risk monitoring.

Strong risk orientation (market, liquidity, concentration, manager) and familiarity with South African life / asset-management regulatory contexts.

Track record of preparing persuasive decision papers and presenting to senior governance forums; confident under scrutiny.

Leadership of investment professionals, including building specialist teams, developing talent, and strengthening processes, reporting and execution.

Skills

Action Planning, Adaptive Thinking, Business Requirements Analysis, Change Management, Client Management, Current State Assessment, Customer Service, Customer Value Management, Executing Plans, Legal Practices, Oral Communications, Policies & Procedures, Presenting Solutions, Prioritization

Competencies

Balances Stakeholders

Builds Effective Teams

Communicates Effectively

Drives Vision and Purpose

Financial Acumen

Instills Trust

Manages Complexity

Optimizes Work Processes

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

04 September 2025

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