Sr. Manager - Liability Hedging Fixed Income

Date Posted:

2025-01-25

Country:

United States of America

Location:

UT6: 4 Farm Springs 4 Farm Springs Road, Farmington, CT, 06032 USA

Position Role Type:

Hybrid

RTX Corporation is an Aerospace and Defense company that provides advanced systems and services for commercial, military and government customers worldwide. It comprises three industry-leading businesses – Collins Aerospace Systems, Pratt & Whitney, and Raytheon. Its 185,000 employees enable the company to operate at the edge of known science as they imagine and deliver solutions that push the boundaries in quantum physics, electric propulsion, directed energy, hypersonics, avionics and cybersecurity. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Arlington, VA.

To realize our full potential, RTX is committed to creating a company where all employees are respected, valued and supported in the pursuit of their goals. We know companies that embrace diversity in all its forms not only deliver stronger business results, but also become a force for good, fueling stronger business performance and greater opportunity for employees, partners, investors and communities to succeed.

The following position is to join our RTX Corporate, Enterprise Services, Research Center or BBN team: 
 

The Pension Investment team is responsible for overseeing the investments of defined benefit and defined contribution plans. For the defined benefit plan, the goal is to ensure there are sufficient assets to fund promised future retirement benefits. This involves setting strategic policy, selecting and monitoring external investments, balancing risk and reward, and maintaining a long-term perspective to safeguard the interests of both the company and its employees.  For the defined contribution plan, the focus is on selecting and monitoring investment options to help employees maximize their financial security and confidence in retirement.

                                              

The Sr Manager, Liability Hedging, Fixed Income & Stable Value will have primary responsibility for overseeing the management of RTX’s liability hedging fixed income portfolio and associated beta overlays. This portfolio consists of approximately 30 investment managers, across fixed income securities including long corporate bonds, intermediate credit bonds, US treasuries, STRIPS, private credit, and derivative overlay.  Liability hedging assets represent approximately 64% of the overall $43B US Pension Plan.  The position will require a deep understanding of pension portfolio construction in a hedging/LDI framework.  In addition, this position will oversee the investment management of the ~$11B RTX Income Fund, which is the stable value fund within the RTX Savings Plan. 

Duties & Responsibilities

• Provide investment oversight and operational support for Pension and Savings Plan portfolios, specifically in the areas relating to the Fixed Income, Stable Value and cash portfolios.  Specifically:

• Support the investment manager oversight process defined benefit fixed income assets within a liability driven investment framework; matching projected long-term pension liabilities to fixed income assets, cognizant of various market risk factors and impact to company results.
• Support the investment management of an in-house managed Stable Value fund including insurance wrapper oversight, contract negotiations, and asset management/guideline reviews.  Work with RTX Legal and HR regarding communications and participant disclosures.
• Ensure the appropriate investment management of DB plan cash, mindful of the plan’s liquidity needs.    

• Provide monitoring and oversight of the current lineup of investment managers, ensuring that investment managers are delivering upon expectations and in accordance with their designated investment guidelines.
• Reconcile portfolio performance with the plan’s custodian, and provide portfolio attribution regarding the various drivers of investment returns. 
• Develop, maintain and produce a variety of performance, exposure and risk reports. 
• Prepare quarterly reporting and presentation materials for the RTX Pension Administration and Investment Committee, comprised of senior most management of RTX.
• Help identify potential new investments using quantitative and qualitative assessments to develop short lists of preferred candidates, and meet with the investment managers to provide input on their capabilities, strategies and performance. 
• Manage the administrative processes around the onboarding of new investment managers.
• Provide ad-hoc capital markets related research and analytical support on a variety o