Global Emerging Markets Equities Senior Analyst
Business Area: Equities
Place of Work: London
Contract Type: Permanent
Hours: Full Time
The Universities Superannuation Scheme (USS) has circa 396,000 members, and over £60 billion in assets, we’re one of the largest private pension schemes in the UK and in the top 50 worldwide. Established in 1974, we’re entrusted by over 350 higher education sector employers to manage and administer the pension scheme and its investments through our two companies, Universities Superannuation Scheme Limited and USS Investment Management Limited.
Working with Higher Education employers to build a secure financial future for our members and their families.
A Senior Analyst has responsibility for identifying the best investible ideas in their allocated markets/sectors of the investment universe. They undertake fundamental research on companies to make informed, insightful and timely investment recommendations which contribute to the relative outperformance of USSIM’s equity portfolios over rolling 5 year periods. They work without day-to-day direction or oversight, have an investment process consistent with the USSIM Equities Investment Philosophy and demonstrably pursue investment excellence in their areas of responsibility. They are expected to seek improvements to their investment research process to enhance their success rate. Senior Analysts lead by example, support less experienced analysts and contribute to the culture and reputation of the USSIM Equities department both internally and externally.
• Responsibility for their allocated markets/sectors ensuring up to date knowledge and awareness of the key investment considerations both financial and non-financial which will be material over the investment horizon of USS
• Proactively identify investment opportunities which align to USSIM’s Equities Investment Philosophy and provide estimates of their intrinsic value to the Head of GEMS or Senior Portfolio Managers using a detailed understanding of valuation techniques
• A Senior Analyst uses their experience and judgment to build a precise investment thesis and antithesis. Wherever possible they identify metrics which can be monitored to establish how reality compares to our expectations
• Document research and recommendations in line with the requirements set out in the Equities Documentation Requirements and the standards reasonably expected of an experienced investment professional. If a company is involved in controversial activities the Senior Analyst must document how these have been included in our analysis
• Proactively review active portfolio exposures to identify where our confidence in our assumptions and hypothesis are changing either positively or negatively and recommend changes in portfolio exposure to benefit from these changes
• Respond to Head of GEMS, Senior PM or Head of Equities requests within agreed timescales
• Lead meetings with company management. Prepare agendas in advance including the purpose of the meeting, questions and follow ups. Maintain records of company meetings in accordance with the Equities Documentation Requirements.
• Seek improvement in the investment research process via interactions with other members of the Equities/RI team and external experts
• Allocation of the research budget for their element of the research programme and the management of associated investment advisers
• Voting decisions with advice from the RI team and in consultation with the Head of GEMS or Senior PM
• Work with the Quant research team to develop indicators and screens to identify where to conduct in depth research
• Liaising with other investment analysts to form global research groups where appropriate to enable the exchange of information which improves investment returns within the department and for the Scheme
• A Senior Analyst has a thorough understanding of the relevant investment mandate’s restrictions, companywide day to day controls and the order-settlement cycle
Relationship and Communication Responsibilities
• Regular meetings with the Head of GEMS and Senior Portfolio Managers regarding the evolution of their investment ideas and improvements to the investment research process and team efficiency
• Periodic meetings with the Head of Equities regarding their personal development and objectives and their ideas for changes to improve the success and efficiency of the department
• Communicating with other members of equity department regarding investment ideas, best practice and support in training.
• Engage with the Responsible Investment team to support the assessment of extra-financial factors, to coordinate engagement with companies and policy-makers and uphold USS’ commitment to be an active and responsible owner of assets
• Communicating to other areas of USSIM such as Credit, PMG and ISA
• Communicating with Board, IC and USSIM Exco-as requested
• Communicating with sell side analysts, industry experts, consumers and suppliers to support investment analysis
• Lead meetings with company management in an appropriate manner, maintaining and upholding USSIM’s reputation
• Business Continuity/Disaster Recovery: In the event of a BC/DR incident the Senior Analyst should inform their manager as soon as possible of their whereabouts and follow the instructions given to them
• Comply with the Compliance and Procedures manual and have a strong understanding of the broader regulatory environment in which the company operates
• Be certified by USSIM as fit and proper to hold the role of Senior Analyst
• Act in accordance with the principles of the FCA’s Certification Regime and adhere to the Conduct Rules at all times
Primary Measures of Contribution:
• Outperformance of the portfolio(s) they contribute to relative to the specified benchmark(s) as measured by Ortec
• Quantitative and qualitative performance of the controllable steps of the investment process
• Idea generation
• Filtering and timing of ideas
• Interaction with colleagues to share insights and best practice
• Compliance and code of conduct track record
The above job description is meant to describe the general nature and level of work being performed; it is not intended to be construed as an exhaustive list of all responsibilities, duties and skills required for the position
• A track record of identifying outperforming stocks in one or more countries and sectors
• Strong understanding of valuation techniques and fundamental analysis
• Professional Qualifications (CFA or equivalent)
• A good understanding of corporate governance, public equity markets and shareholder rights
• Ability to represent USS externally in a professional manner
• Degree level education for equivalent
USSIM is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.