Python Job: Derivative Strategy Analyst

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Job Description

The Global Variable Annuity Hedging (GVAH) department, within the General Account Investment Division, is responsible for establishing and managing hedging programs at Manulife Financial. The program currently manages both the company’s balance sheet equity risk through the Macro program and the equity, bond, currency and interest rate risk through the variable annuity (VA) hedging program.

There are two sub-groups within Global Variable Annuity Hedging: Strategy and Actuarial Modeling. This position is within the Strategy group. The Strategy group is responsible for the hedging assets and is headed by the AVP, VA Hedging Strategy. The Strategy group’s primary responsibility is to identify our risk exposures and design robust hedging strategies to mitigate market risks. The Strategy group is also responsible for the monitoring and high-level reporting on the performance of all aspects of the group’s hedging programs.

The VA program is high profile within the company and attracts positive attention to high performing team members. The nature of the work is very practical, ultimately leading to trades in the market. The work in the Strategy group is generally on the boundary of Front and Middle office roles in a traditional investment banking group.

Responsibilities

• Analyze proposals for new hedging strategies, completing due diligence work. Conduct research to compare alternative strategies to determine the overall effectiveness of a hedging strategy.
• Analyze large data sets and conduct statistical analysis using R/Python/C/C++.
• Provide, or research to acquire, subject matter expertise on specific segments of capital markets (such as equities, commodities, FX, credit and/or fixed income). Particularly product details, and valuation and risk measurement methodology of the following products:
  • IR swaps, equity futures, bond futures, FX futures, total return swaps, OTC options, exchange traded options, IR Swaptions.
• Develop new tools and metrics using Excel/VBA/Matlab/Python/etc. to evaluate hedging strategies.
• Collaborate closely with Actuarial Modeling, Equity Risk Oversight, traders, and other stakeholders to drive improvements to the hedging program
• Provide specifications to development teams and assist with interpretation from a capital markets perspective, to ensure the implementation meets business needs.
• Complete updates to production model parameters maintained by GVAH, specifically fund mapping decomposition of target indices into tradable instruments.

Qualifications

• A demonstrated quantitative aptitude, at the minimum level consistent with undergraduate mathematics/actuarial science/science, is required.
• Have a good theoretical knowledge of finance and derivatives, preferably together with practical knowledge including market conventions, specific product knowledge, and best practices of quantitative modeling in industry.
• Should have experience using VBA, SQL, EXCEL, ACCESS, MATLAB+ODBC, scripting tools, including an understanding and application of basic professional coding practices, version control, and documentation standards.
• Proficient in at least one of R/Python/C/C++ with experience analyzing large data sets.
• A demonstrated business acumen and orientation towards solving real world problems.
• Demonstrated understanding of the difference between communicating to a business audience, compared with an academic or technical audience. Specifically,
  • The ability to communicate complex information and results in an effective manner;
  • The ability to summarize and take or recommend action, providing details as needed.
• A strong educational background in at least one of finance, mathematics, or actuarial science.
• FRM or CFA designation (or in pursuit of) an asset.

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About John Hancock and Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife globally, including Canada, Asia and Europe. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD$1.3 trillion (US$1.1 trillion) as of June 30, 2021. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com .

One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance , annuities , investments , 401(k) plans , and education savings plans . Additional information about John Hancock may be found at johnhancock.com .

Manulife is an Equal Opportunity Employer

At Manulife /John Hancock , we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour , ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process . All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies . To request a reasonable accommodation in the application process, contact [email protected] .