Valuations Manager

• Valuations_Manager_JD

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Lead Northern LGPS’s independent valuation capability, providing rigorous fair value challenge and the evidence and analysis that underpin effective valuation governance.

Northern LGPS is entering an important period of development, creating an FCA authorised investment management company and establishing the leadership, governance and operating capabilities required for the future.

As Manager - Valuations, you’ll lead a specialist function with a clear mandate: to independently determine and challenge fair value and provide the operational capability behind Northern’s Valuation Committee. Functionally independent from portfolio management, the role will provide credible challenge to general partners, fund administrators and external valuers while maintaining the evidence base supporting Northern’s valuation procedures.

This is an opportunity to shape a valuation capability spanning private and public markets at an important stage in Northern’s development. You’ll own valuation policy and methodology, lead fair value oversight and challenge, and provide the analysis and recommendations that enable the Valuation Committee to reach well-supported decisions.

About Northern LGPS

Northern LGPS is a c£70bn pooled investment partnership for the Local Government Pension Scheme, bringing together the investments of Greater Manchester Pension Fund, Merseyside Pension Fund and West Yorkshire Pension Fund.

Building on the foundations of its collaboration over several years, Northern LGPS is now entering the next phase of its development. This phase focuses on establishing an FCA authorised investment management company with a dedicated senior leadership team; strengthening governance and creating a clear operating model to support long-term investment outcomes.

For those joining at this stage, the opportunity is exceptional. These roles offer the chance to shape strategy, set standards and build leadership capability for the long term, working closely with the partner funds, who are both shareholders and clients, Boards and regulators to ensure Northern LGPS continues to evolve as a well-governed, resilient investment organisation.

Our culture

As Northern LGPS continues to evolve, we are building a collaborative, open and trusting organisation where people can do their best work.

We believe strong outcomes come from working together, sharing knowledge and supporting one another. Our flexible and hybrid working arrangements give colleagues greater flexibility in how they manage their time, while supporting collaboration and colleague wellbeing.

We are developing a supportive learning culture where people are encouraged to grow, contribute ideas and help shape how the organisation works. Our ambition is to build a resilient and sustainable organisation that delivers for its Partner Funds over the long term.

The main responsibilities of this role

Reporting to the Head of Investment Operations, you’ll lead Northern’s valuation function with functional independence from portfolio management and a clear distinction between valuation determination and net asset value oversight.

You will:

• Own Northern’s Valuation Policy and its annual review, including per-fund standing parameters and valuation methodology documentation by asset class.
• Develop materiality and escalation thresholds for approval by the Valuation Committee and monitor their application.
• Lead quarterly fair value determination at each measurement date, including roll-forward analysis, market and company-specific overlays, index mapping, threshold monitoring and stale-NAV assessment.
• Independently challenge valuations and prices produced by administrators, general partners and investment managers.
• Reach and document fair value conclusions and make evidence-based recommendations to the Valuation Committee, escalating valuation exceptions where appropriate.
• Lead the annual fair value basis assertion process with general partners, including escalation where an assertion is not provided or does not meet requirements.
• Review general partner audited financial statements for modified opinions and emphasis of matter, monitor trigger events and oversee independent valuation and back-testing against realisations and audited outcomes.
• Lead the annual valuation and internal controls questionnaire process and collection of ISAE 3402, AAF or equivalent assurance reports.
• Own the pricing source hierarchy for public markets and oversee price challenges, tolerance breaches and reviews of stale, missing and manually entered prices.
• Assess the independence, competence and scope of external valuers appointed by relevant investment teams before their work is relied upon.
• Review and challenge external valuation methodologies, assumptions and consistency, monitoring valuer rotation, conflicts and independence and escalating concerns to the Valuation Committee where reliance is not appropriate.
• Produce Valuation Committee packs, recommendation papers and supporting analysis for scheduled measurement dates and any out-of-cycle or crisis valuation meetings convened under the Valuation Policy.
• Maintain the valuation file as the system of record, alongside exception, back-testing and independent valuation registers.
• Act as the operational contact for the depositary in its verification of Northern’s valuation procedures and support external audit activity relating to valuations.
• Work with the Company Secretary on the operation of the Valuation Committee.
• Lead and develop the Valuations team, with a target structure of one to two direct reports.

What we're looking for

You’ll bring strong valuation expertise together with the technical judgement, independence and confidence to challenge externally produced valuations and defend your conclusions through evidence and analysis.

Essential

You’ll have:

• Demonstrable experience of private markets valuation or valuation oversight, including International Private Equity and Venture Capital Valuation (IPEV) or equivalent methodologies.
• A working understanding of FUND 3.9 and Alternative Investment Fund Managers Directive (AIFMD) valuation obligations.
• Experience challenging externally produced valuations from general partners, administrators or independent valuers, including documenting and defending that challenge.
• Experience producing valuation reporting for a committee or equivalent governance forum, including recommendation papers and supporting analysis.
• Willingness to develop the skills required to operate within a Financial Conduct Authority (FCA) regulated financial services firm.

Desirable

• Experience reviewing and challenging externally produced valuations, including Red Book property valuations.
• A relevant professional qualification such as ACA, ACCA, CFA, RICS or equivalent.

Qualifications

A relevant professional qualification such as ACA, ACCA, CFA, RICS or equivalent is desirable.

Location

You can be based at any of our offices in Bradford, Manchester or Liverpool.

Flexible and hybrid working

Northern LGPS offers flexible and hybrid working arrangements, alongside a commitment to colleague wellbeing.

Sponsorship

We are unable to offer sponsorship for this