The African Development Bank (AfDB) Group’s mission is to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development. With this objective in mind, the institution aims at assisting African countries – individually and collectively – in their efforts to achieve sustainable economic development and social progress. Combating poverty is at the heart of the continent’s efforts to attain sustainable economic growth. To this end, the Bank seeks to stimulate and mobilize internal and external resources to promote investments as well as provide its regional member countries with technical and financial assistance.
Vacancy: Principal Investment Officer and Principal Country Economist
Vacancy: Principal Investment Officer
* Position title: Principal Investment Officer
* Grade: PL4
* Position N°: 1661
* Reference: ADB/09/122
* Publication date: 11/08/2009
* Closing date: 31/08/2009
The role of the Investments Division is to manage all the Bank Group’s Treasury assets with the objective of capital preservation, profitability and liquidity maintenance in accordance with the Bank Group’s Asset-Liability Management (ALM) Guidelines. Currently, the Bank Group manages approximately USD 15 Billion of funds in the Special Drawing Rights (SDR) component currencies (US dollar, Japanese Yen, Pounds Sterling, Euro) and the South African Rand for several entities and accounts such as: the African Development Bank (ADB), the African Development Fund (ADF), the Nigeria Trust Fund (NTF), the Heavily Indebted Poor Countries (HIPC) Initiative, etc.
Duties and responsibilities
Under the supervision of the Division Manager, FTRY.3, the incumbent will carry out the following functions:
* Assume key responsibilities, including the supervision of specific investment management and Foreign Exchange and Money Market activities;
* Keep abreast of daily market developments and prepare notes to update Senior Management and ALCO;
* Assume an active role in the supervision and monitoring of the performance of the Bank’s External Portfolio Managers;
* Undertake all Treasury’s Investment reports (Weekly Market Focus, Monthly, Quarterly Report) and the Investment Division’s contribution to the Bank Group’s Annual Report;
* Act as Officer-in-Charge in the absence of the Division Manager.
Portfolio Management Specific Duties:
* Manage the Bank’s assets versus the specific benchmark(s)or fixed liability schedule with the objective of capital preservation, profitability and liquidity maintenance in accordance with the Investment Guidelines of the specific funds;
* Perform strategic asset allocation across the approved investment universe for each portfolio;
* Determine the optimal asset allocation to maximize risk-adjusted returns through the recommendation and implementation of investment products and trading strategies;
* Monitor and control the interest rate and credit risk exposure of the portfolios under management;
* Conduct scenario analysis and stress testing of investment proposals;
* Perform portfolio analytics, including but not limited to, portfolio performance attribution analysis and liaison with the Risk Management with regard to the verification of such data;
* Perform credit analysis with a focus on financial institutions and asset-backed securities (ABS) issuers;
* Set up relationships with new market counterparts;
* Lead projects to introduce new financial products to enhance portfolio returns;
* Actively participate in “ALCO Working Groups”;
* Participate in the review of the Bank Group’s investment management framework, financial policies, guidelines, benchmarks and procedures,
* Provide advisory services and technical assistance to African Central Banks and other financial institutions on fixed income investment management.
Including desirable skills, knowledge and experience
* A minimum of a Master’s Degree in Finance, Economics, Mathematics, Statistics or any other relevant discipline and preferably with a professional certification such as CFA, FRM or PRM;
* A minimum of 6 years of relevant and practical experience in International Capital Markets in general and with special emphasis on active management of a complex fixed income portfolio;
* Strong knowledge and understanding of financial instruments, particularly, bonds, Asset-Backed and Mortgage-Backed Securities (ABS/MBS), derivatives, structured products and risk management concepts;
* Proven credit analysis and financial modeling skills;
* Hands-on-experience with Treasury systems such as Summit, Numerix and Bloomberg API;
* Excel VBA programming skills;
* Ability to work as a team player with excellent interpersonal skills;
* Competence in the use of standard Microsoft office applications (Word, Excel, Access, and PowerPoint).
* Excellent written and verbal communication in English or French with a working knowledge of the other language.
Vacancy: Principal Country Economist
* Position title: Principal Country Economist
* Grade: PL-4
* Position N°: NA
* Reference: ADB/09/117
* Publication date: 07/08/2009
* Closing date: 28/08/2009
Duties and responsibilities
Under the general supervision of the Director of the Regional Department, the incumbent will focus on macroeconomic work to deepen country knowledge, the coordination of the preparation of the Country Strategy Paper (CSP) and the preparation of Economic and Sector Work (ESW). In the event that the macroeconomic work of a country requires the services of more than one (1) economist, the incumbent will be supported by other economists, drawn from the Economic Management Division of the Sector Operations Vice Presidency. In cases where country or regional offices exist, the incumbent could be located in these Offices, working with the Resident Representative, with a dual reporting relationship to the Country and Regional Director. The incumbent will work in close collaboration with the Lead Economist. Based at the Gabon Regional Office, his/her duties will comprise:
* Analyze the economic and financial situations of assigned Regional Member Countries (RMCs), using internal and external information sources, and determine the implications for the programming and updating of Bank Group operations such as defined in the Country Strategy Papers (CSP);
* Examine the impact of Bank Group operations, in the countries concerned, of regional economic integration programmes, and make recommendations on the role of the Bank Group in assisting regional integration initiatives;
* Coordinate the lending programme and pipeline of projects within the framework of the Country Team; undertake assigned Economic and Sector Work, focusing mainly on issues of governance profiling, and papers on relevant economic and financial issues in the development process; identify, prepare, evaluate and monitor the implementation of macroeconomic programmes;
* Coordinate the preparation of CSPs, based on the RMCs’ Poverty Reduction Strategies and/or the Governments’ Development Agendas;
* Actively monitor the implementation of the Bank’s portfolio in the assigned countries, as well as regional projects implemented by Regional Economic Communities, in collaboration with the Sector Departments;
* Maintain effective communication with the Sector Departments and other relevant units in the Bank to ensure a coordinated approach in the implementation of the Bank’s Strategy and Lending Operations in assigned countries.
* Participate in Country Portfolio Reviews;
* Monitor implementation of measures under Budget Support Loans in collaboration with the Governance, Economic & Financial Management Department (OSGE);
* Participate in aid coordination activities with bilateral and multilateral donors, with emphasis on promoting the co-financing of projects and programmes;
* Participate in the preparation of the Department’s budget and in the recruitment of consultants; prepare annual and triennial lending programmes and briefs on economic reform and institutional support programmes;
* Serve as focal point and spokesperson on economic issues to external constituencies and expert groups;
* Develop and build client relations at levels and plays a promotional role in generating new business for the Bank.
* From time to time, provide advice and guidance to Country Economists (PL5) in specific areas.
Including desirable skills, knowledge and experience
* At least a Master’s degree (or its university equivalent) in Economics (preferably Macroeconomics/Econometrics) or a related development field.
* Preferably a minimum of 6 years of relevant professional experience in macroeconomic analysis, preferably gained with a development oriented institution.
* Proven experience in the formulation of country and/or sector assistance strategies will be an advantage.
* Client and results oriented individual, with strong analytical and communication (both verbally and in writing) skills, sense of accuracy and attention to detail.
* Ability to deal with sensitive issues in a multi-cultural environment and to build effective working relations with colleagues.
* Ability to communicate and write effectively in English and/or French, with a good working knowledge of the other language.
* Competence in the use of Bank standard software (Word, Excel, Access, PowerPoint).
Only applicants who fully meet the Bank’s requirements and are being considered for interview will be contacted. Applicants will only be considered if they submit (preferably electronically, to: firstname.lastname@example.org) a fully completed Personal History Form (PHF), CLICK HERE TO DOWNLOAD THE PHF (also available from the Bank’s web site), and attach a comprehensive Curriculum Vitae (CV) indicating date of birth and nationality.
The President, ADB, reserves the right to appoint a candidate at a lower level.
The African Development Bank is an equal opportunities employer and female candidates are strongly encouraged to apply.
Closing Date for Application is 31st August 2009