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With assets under management projected to grow to $310 billion within a decade, CPP Investment Board is one of the largest and fastest growing institutional investors in the world. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan by experienced and highly skilled investment professionals. Their job is to prudently invest CPP assets to help pay future pensions.
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The CPP Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments.
We are presently recruiting for a Director, Funding Services in the Treasury Services department. The Director, Funding Services will be responsible for developing the operational capability to support the Funding Services function within Treasury Services. Funding Services will act as a central funding desk through which all internal and external funding needs will be addressed. It will monitor the use of the Fund’s balance sheet and ensure the appropriate cost of capital, whether it takes the form of a funding cost or benchmark is reflected in the calculation of value add across the portfolio. The role also encompasses the oversight of liquidity management, cash management and FX management for the Fund.
Role Specific Accountabilities:
Leadership
- Recruits, develops and manages a team of professionals to deliver the current and future mandate of Treasury
- Develops, manages and measures individual and department objectives aligned with CPPIB strategy
- Ensures organizational structure facilitates excellence in execution and partnership with other departments
- Manages the talent within the team to maximize employee engagement and high performance
Build & Oversee
- Designs and builds the processes required to ensure businesses are being charged and credited with the cost of (cash) funds being utilized or supplied by their business.
- Develops a cross-ticketing process, including the appropriate control framework
- Works with the Portfolio Design and Investment Research department to develop principles used to determine the appropriate funding term and interest rate risk profile (i.e. fixed rate or float rate) for each funding transaction
- Develops an appropriate cost of funds curve (in conjunction with Global Capital Markets)
- Monitors funding costs and updates COF curve on a regular basis to reflect changes in the market place
- Expands the existing cash management program to encompass the use of cash across the total portfolio
- Works with the VP Treasury Services to build the operating model to support the Total Portfolio Overly (“TPO”) approach
- Develops a process to translate the existing benchmarks into holdings and combine them with the internal loans to derive the “short” side of the overlay for the total portfolio
- Manages and monitors fund liquidity out to one year to ensure the availability of funds to fulfill financial obligations, including investment commitments, as they fall due. Administers and monitors external debt programs and manages banking relationships
- Develops and maintains a funding strategy to mitigate potential liquidity risk and optimize funding costs. Recommends source of funds for investment requests. Communicates funding requirements to Global Capital Markets
- Prioritizes and manages funding requests for all internal investment mandates based on policies established by PDIR and approved by the IPC
- Builds the infrastructure to monitor the fund-wide FX risk and manage it within Investment Planning Committee policy
Strategy and Relationship Management
- Fosters strong relationships with all internal departments
- Understands the evolving business strategy and proactively manages the impact on Treasury
- Develops and continuously improves the operational processes for Treasury keeping hand-offs to a minimum
- Maintains knowledge of best practices in Treasury and introduces as appropriate
If you possess the following, we’d like to hear from you:
- Undergraduate or Graduate degree; completion of investment designation such as CFA or CSC is an asset
- Minimum of 10 years’ of experience in a treasury or funding-related finance leadership role within the financial services industry
- Working knowledge of internal funding strategies and processes with experience building business processes and infrastructure to meet the funding services mandate
- Understanding of potential funding sources and the drivers of the underlying cost of funds for each
- Comfortable dealing with complex concepts, is intellectual, sharp and agile
- Demonstrated ability to be a builder and drive change in a rapidly changing business environment
- Effective verbal and written communication skills with experience presenting at the executive level
- Organized and focused with an ability to successfully multi-task and advance several projects simultaneously
- Self motivated, flexible and adaptable and able to work under pressure to meet tight deadlines
- Strong relationship building skills with a bias to partnering
- Able to influence and negotiate with confidence
- Demonstrated experience leading a high performance team of professionals
- Exemplify our Guiding Principles of integrity, partnership and high performance
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