Hedge Fund Risk Manager

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 worlds 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 22000 partners we serve the worlds 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 - 5 years in hedge fund risk management fund of funds asset management risk management or related roles.

• Bachelors 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:

Salary 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.

Wed love to learn more about how your interests and experience could be a fit with one of the worlds most admired and sustainable companies! Build your career with us andapply 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 .

We hope youre 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.