Portfolio Manager, Direct Indexing

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions.

Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.

With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Role purpose. Manage personalized, tax-aware equity portfolios for high-net-worth, family-office and institutional clients, combining quantitative portfolio construction, disciplined implementation, risk oversight and direct client engagement. 

Key Responsibilities 

• Review portfolios and optimization outputs daily to identify tax-loss-harvesting, cash-management, rebalancing and risk-control opportunities 

• Construct and rebalance portfolios to client-directed benchmarks and customized objectives while managing tracking error, transaction costs, wash-sale considerations, and cash flows  

• Develop and review transition analyses for cash-funded, in-kind, appreciated and concentrated portfolios; evaluate gain budgets, tax/risk trade-offs and gradual diversification paths 

• Implement client restrictions, sustainability screens; monitor pre- and after-tax performance, tax alpha, risk, exceptions and guideline compliance. 

• Coordinate with trading, research, technology, operations, performance, risk, compliance, legal and tax partners; document material decisions and escalate complex issues appropriately 

• Explain portfolio decisions, customization and outcomes to clients, advisors, consultants and internal partners; participate in prospect meetings, due diligence, education and marketing activities 

• Contribute to research, product development and scalable workflows across direct indexing, tax-aware quantitative strategies, concentrated-stock diversification and, where applicable, long/short tax-loss-harvesting solutions 

Required Knowledge and Skills 

• Strong knowledge of equity markets, modern portfolio theory, quantitative portfolio construction, statistics, risk management and the tax implications of investment decisions 

• Ability to interpret optimization results, risk models, tracking error, factor exposures, transition analyses and pre- and after-tax performance 

• Sound investment judgment, attention to detail, control discipline and the ability to manage a diverse portfolio load within a systematic workflow 

• Clear communication and a collaborative, client-focused approach across investment, distribution and control functions 

Experience and Education 

• Approximately 5-8 years of relevant experience in investment management, equity portfolio management, quantitative research, securities analysis, trading or investment technology; title and level may be calibrated to experience 

• Bachelor’s degree in finance, economics, mathematics, statistics, engineering, computer science or a related field; an advanced degree is valued 

• CFA designation or meaningful progress toward the CFA is preferred; relevant CFP, CPA or graduate credentials are also valued 

• Experience with SMAs, tax-aware portfolios, direct indexing, quantitative equity or customized portfolios is strongly preferred. Long/short equity, margin, securities lending or prime-broker experience is desirable  

Success Measures 

Disciplined implementation aligned with client objectives; effective management of tax outcomes, tracking error, transaction costs and operational risk; credible client communication; and measurable contributions to research, scalability and team effectiveness. 

Salary Range:

$137,400 - 233,600 USD

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.

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [email protected], or alternatively you can discuss your individual requirements with the recruiter you are working with.