Job DescriptionWhat is the opportunity?The Associate Portfolio Manager - Asset Allocation supports asset allocation and portfolio construction across RBC Insurance's portfolios backing insurance liabilities and surplus capital.
Reporting to the Director, Senior Portfolio Manager - Asset Allocation, this role works closely with ALM, Actuarial, Finance, Risk, Product, and Pricing to translate liability needs, pricing inputs, capital considerations, and market views into portfolio analysis and investment recommendations. It is a highly collaborative role requiring strong analytical skills, investment judgment, and clear communication across technical and non-technical audiences.
What will you do?Portfolio Management & Analysis- Support strategic asset allocation and portfolio construction across liability and surplus portfolios
- Support bottom-up asset allocation reflecting liability needs, pricing considerations, capital requirements, surplus objectives, and market opportunities
- Research and evaluate new and existing asset classes and investment strategies across public and private markets, assessing each on risk-return, liability fit, capital treatment, liquidity, accounting impact, and implementation feasibility
- Monitor portfolio exposures, risk positions, performance drivers, asset mix, and compliance
- Conduct scenario analysis and stress testing across changing market, credit, liquidity, capital, and earnings environments
Product and Pricing Support- Partner with Product, Pricing, ALM, Actuarial, and Finance to assess new products through asset sourcing, portfolio construction, and investment assumptions
- Support asset allocation and hedge proposals for group annuity transactions, including materials for deal pricing, portfolio implementation, and risk assessment
- Develop investment assumptions for product pricing, including expected returns, liquidity needs, and capital impacts
- Connect investment strategy, product design, pricing, capital, and business outcomes through clear analysis
Research, Reporting & Presentations- Develop and articulate views on credit, interest rates, inflation, liquidity, and relative value, connecting market views to portfolio positioning
- Stay current with insurance industry trends, regulatory and accounting developments, and capital frameworks
- Build, maintain, and enhance portfolio analytics, dashboards, models, and reporting tools using Bloomberg, Excel, Python, SQL, and VBA
- Prepare investment overviews, market commentary, and allocation recommendations for working groups, investment committees, and senior leadership
What do you need to succeed?Must-have- 5+ years of experience in fixed income, asset allocation, portfolio construction, or a related investment role
- Strong understanding of insurance portfolio management, including liability-driven investing, capital efficiency, accounting considerations, and earnings risk
- Strong understanding of interest rate and credit markets, macroeconomic analysis, and portfolio risk management
- Strong analytical and quantitative skills, with the ability to translate complex portfolio analysis into clear investment recommendations
- Strong technical skills, including Excel, Bloomberg, Python, SQL, or VBA, with the ability to build models, analyze data, and improve investment reporting
- Ability to support investment assumptions for product pricing and explain how investment strategy connects to product design and business outcomes
- Experience preparing investment analysis, portfolio recommendations, and presentation materials for senior stakeholders or governance forums
- Strong communication, relationship management, problem-solving skills, and attention to detail
- Professional investment designation such as CFA or CAIA, or equivalent institutional investment experience
- Undergraduate or graduate degree in Finance, Economics, Mathematics, Actuarial Science, or a related discipline
Nice-to-have- Actuarial credentials such as FSA(Fellow of the Society of Actuaries) or ASA(Associate of the Society of Actuaries)
- Experience with insurance capital frameworks (LICAT), investment policy governance, and accounting impacts
- Strong understanding of portfolio analytics, asset allocation modelling, risk measurement, and scenario analysis
- Experience with BQL, portfolio analytics and risk systems, or building automated investment analytics
Job SkillsFinancial Derivatives, Investment Consulting, Investment Performance Measurement, Investment Risk Management, Investments, Investments Analysis, Long Term Planning, Portfolio Management, Product Services, Risk Control
Additional Job DetailsAddress:RBC CENTRE, 155 WELLINGTON ST W:TORONTO
City:Toronto
Country:Canada
Work hours/week:37.5
Employment Type:Full time
Platform:INSURANCE
Job Type:Regular
Pay Type:Salaried
Posted Date:2026-08-24
Application Deadline:2026-09-08
Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above
Compensation for this position (including salary and discretionary/variable payments) will be determined by factors, including but not limited to candidate's experience, skills, registration status, performance, individual goals, market conditions, and business needs.
Pay RangeThe expected pay range for this position is:
$90,000.00 - $140,000.00
The pay range provided is for the primary work location referenced in the Additional Job Details section of this job posting. Pay ranges may differ based on location. If the posting lists multiple job locations, a recruiter can confirm availability of the role and the relevant pay rage for the additional locations listed. RBC supports pay transparency and we strive to ensure all pay ranges are competitive, fair, and equitable.
You have the potential to earn RBC's discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided that business meets its performance targets and you meet your individual goals.
