Job Description
About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.
Role Overview
We are seeking an experienced Risk Manager to join our investment team and oversee risk across a diversified portfolio of external hedge fund managers. This role focuses on portfolio-level risk aggregation, manager-level due diligence, and forward-looking risk analytics to support investment decision-making.
The ideal candidate will act as a strategic partner to the investment team, providing actionable insights on portfolio construction, diversification, and downside risk management.
Essential Duties and Responsibilities
Portfolio Risk Oversight
Monitor and aggregate risk exposures across underlying hedge funds by strategy, asset class, and geography
Assess market, liquidity, concentration, leverage, and tail risks
Ensure alignment with risk budgets and investment objectives
Manager Risk Assessment
Conduct risk-focused due diligence on hedge fund managers
Evaluate strategy risk, leverage, derivatives use, and drawdowns
Challenge portfolio construction and hedging assumptions
Risk Analytics & Reporting
Maintain VaR, stress testing, and scenario analysis models
Build dashboards and deliver risk reporting to senior stakeholders
Provide actionable insights to investment decision-makers
Liquidity & Capital Planning
Assess liquidity terms including lockups and gates
Monitor portfolio liquidity vs investor redemption terms
Run stress scenarios for market dislocation events
Portfolio Construction Support
Advise on allocation sizing and diversification
Identify hidden correlations and portfolio risks
Support investment decisions with forward-looking risk views
Ongoing Monitoring & Surveillance
Track risk metrics regularly
Identify early warning signals such as style drift or anomalies
Participate in ongoing manager monitoring
Qualifications
Necessary Experience and Education
3-10+ years in hedge fund risk management, fund of funds, asset management, risk management or related roles.
Bachelor's degree in Finance, Economics, Mathematics, or related field. CFA or FRM preferred.
Necessary Technical Skills
Strong understanding of hedge fund strategies
Expertise in VaR, stress testing, and risk modeling
Prior experience with MSCI RiskMetrics
Proficiency in Excel, Power BI, or SQL
Necessary Core Competencies
Strong analytical and quantitative skills
Ability to interpret limited transparency data
Excellent communication and stakeholder management
High attention to detail
Salary Range:
$80,800 - 133,400 USDSalary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [email protected].
We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.