Shape the investment risk framework for a new investment management company

Northern LGPS is entering a significant new phase of its development, establishing a new FCA authorised investment management company to manage around £70bn of assets on behalf of three Local Government Pension Scheme funds. As Head of Investment Risk, you'll play a critical role in developing and leading the organisation's independent investment risk function.

Reporting to the Chief Risk and Compliance Officer, you'll provide independent second-line oversight across portfolios, mandates and asset classes, helping to ensure robust investment risk management while supporting long-term, risk-adjusted investment outcomes. This is a rare opportunity to establish the investment risk framework for a new investment management business from the ground up.

About Northern LGPS

Northern LGPS is a c£70bn pooled investment partnership for the Local Government Pension Scheme, bringing together the investments of Greater Manchester Pension Fund, Merseyside Pension Fund and West Yorkshire Pension Fund.

Building on the foundations of its collaboration over several years, Northern LGPS is now entering the next phase of its development. This phase focuses on establishing an FCA authorised investment management company with a dedicated senior leadership team, strengthening governance and creating a clear operating model to support long-term investment outcomes.

For those joining at this stage, the opportunity is exceptional. These roles offer the chance to shape strategy, set standards and build leadership capability for the long term, working closely with the partner funds, who are both shareholders and clients, Boards and regulators to ensure Northern LGPS continues to evolve as a well-governed, resilient investment organisation.

Our culture

As Northern LGPS continues to evolve, we are building a collaborative, open and trusting organisation where people can do their best work.

We believe strong outcomes come from working together, sharing knowledge and supporting one another. Our flexible and hybrid working arrangements give colleagues greater flexibility in how they manage their time, while supporting collaboration and colleague wellbeing.

We are developing a supportive learning culture where people are encouraged to grow, contribute ideas and help shape how the organisation works. Our ambition is to build a resilient and sustainable organisation that delivers for its Partner Funds over the long term.

Main responsibilities

You'll:

• Design, implement and continually develop Northern LGPS's investment risk management framework, ensuring it supports the organisation's investment strategies and objectives.
• Develop investment risk policies, methodologies and analytical tools covering market, credit, liquidity, concentration and climate-related risks.
• Establish investment risk limits and monitoring frameworks aligned with the Board-approved risk appetite.
• Lead investment risk assessments, stress testing, scenario analysis and liquidity profiling to identify and monitor key risks.
• Produce regular investment risk reporting covering exposures, Value at Risk (VaR), tracking error, liquidity, leverage and counterparty risk, escalating breaches where appropriate.
• Validate investment risk models, oversee data quality controls and support continuous improvement in risk analytics.
• Work closely with portfolio managers and investment teams to embed effective risk management into investment decision-making while maintaining independent second-line oversight.
• Lead the preparation of investment risk reports for senior leadership, the Board and governance committees.
• Collaborate with technology and operations teams to develop investment risk systems, analytics and data architecture.
• Lead and develop the investment risk function, fostering a strong risk culture and supporting continuous professional development.
• Work collaboratively with the Head of Enterprise Risk to provide an integrated view of organisational and investment risk.

What we're looking for

You'll bring extensive investment risk expertise together with the ability to provide independent challenge and strategic oversight within a regulated investment management environment.

We're particularly interested in professionals who can demonstrate experience of:

• Investment risk management across multiple asset classes.
• Market, credit, liquidity and counterparty risk analysis.
• Stress testing, scenario analysis and quantitative risk methodologies.
• Investment risk reporting, analytics and governance.
• Second-line risk oversight within regulated financial services.
• Risk systems, data management and analytical tools.
• Building strong relationships with investment teams while maintaining independent challenge.
• Presenting complex risk information to Boards, committees and senior stakeholders.

Qualifications

Must have:

• Relevant degree and/or professional certification.

We reserve the right to close this vacancy early should we receive a sufficient volume of suitable applications.

Equal opportunities

We are an equal opportunities employer and welcome applications from all suitably qualified candidates, regardless of age, disability, gender reassignment, marriage or civil partnership, pregnancy or maternity, race (including colour, nationality, and ethnic or national origin), religion or belief, sex, or sexual orientation.

We are committed to creating an inclusive environment where everyone feels valued, respected, and able to thrive. If you require any adjustments to the recruitment process to support your application, please let us know, and we will work with you to meet your needs.