Private Wealth Portfolio Manager

Job Summary

The Portfolio Management Group (PMG) manages daily operations for Citizens Private Bank and Institutional client portfolios. The Private Wealth Portfolio Manager will oversee portfolio management for high-net-worth and institutional clients within the Private Bank, ensuring compliance with all regulations. This middle-office, non-client-facing role focuses on daily strategies, objectives, risk/return, and liquidity for clients. Responsibilities include assigning benchmarks, targets, and composite reconciliations. Performance will be measured by quarterly, semiannual, or annual rebalancing, annual regulatory account reviews, and tracking errors against benchmarks and performance against asset allocation grids.

Primary Responsibilities

• Rebalance accounts per client investment policy statements, guided by the asset allocation strategy team.
• Collaborate with Investment Managers and Bankers to invest client portfolios according to Investment Policy Statements and meet client risk/return objectives.
• Manage initial funding and investment of accounts, annual account reviews, Reg 9s, initial account reviews, concentrated assets, and divestiture plans.
• Develop investment plans for accounts, aligning with firm strategy and client expectations, based on a deep understanding of client relationships.
• Review and resolve exceptions in reporting for asset allocation, non-approved assets, and performance.
• Assign and monitor benchmarks, targets, and tracking error relative to asset allocation models.
• Assist with team reporting, assign client-specific targets and benchmarks, and perform monthly composite reconciliations.

Qualifications, Education, Certifications, and Other Professional Credentials

• 3-5 years of experience in portfolio management, investment operations, or asset management within a Private Bank, Wealth Management, or Institutional investment environment.
• Demonstrated experience managing high-net-worth and/or institutional portfolios, including asset allocation implementation, rebalancing, and liquidity management.
• Strong working knowledge of Investment Policy Statements (IPS) and experience managing portfolios in accordance with defined risk/return objectives.
• Hands-on experience with account funding, rebalancing, benchmark assignment, performance monitoring, and composite reconciliation.
• Solid understanding of Reg 9 requirements, annual regulatory account reviews, and compliance standards for fiduciary or PB Trust accounts.
• Ability to analyze and resolve exception reporting, including asset allocation variances, non-approved assets, and performance deviations.
• Proven ability to collaborate effectively with Investment Managers, Bankers, and internal partners to execute portfolio strategies.
• High attention to detail with strong organizational skills to manage multiple portfolios, deadlines, and reporting requirements simultaneously.
• Proficiency with portfolio management systems, performance reporting tools, and Microsoft Excel.
• Bachelors degree in Finance, Business Administration, or a related discipline.
• Professional designations such as CFA (or progress toward CFA), CAIA, or CFP (preferred).
• Excellent communication skills.
• Strong quantitative and analytical skills with the ability to interpret portfolio performance and risk metrics.
• Demonstrated experience in team-level reporting and operational process improvements.

Hours & Work Schedule

• Hours per Week: 40
• Work Schedule: Monday - Friday
• Locations: Westwood, MA; Johnston, RI
• Requires 4 days in the office and 1 day remote work.

Pay Transparency

The salary range for this position is $98,000.00 - $124,000.00 per year, plus potential for an annual discretionary bonus. Actual pay depends on factors like work location, skills, and experience.

Citizens offers competitive pay and comprehensive benefits, including medical, dental, and vision coverage, retirement benefits, parental leave, flexible work arrangements, tuition reimbursement, and wellness programs. Visit https://jobs.citizensbank.com/benefits for more information. Citizens' paid time off policy exceeds all mandatory local and state requirements in the US.