Hedge Fund of Funds Risk Manager

Responsibilities

• Monitor and aggregate risk exposures across underlying hedge funds by strategy, asset class, and geography
• Conduct risk-focused due diligence on hedge fund managers, evaluating strategy risk, leverage, and drawdowns
• Maintain VaR, stress testing, and scenario analysis models to support investment decision-making
• Build dashboards and deliver comprehensive risk reporting to senior stakeholders
• Assess portfolio liquidity, including lockups and gates, against investor redemption terms
• Advise on allocation sizing, diversification, and identification of hidden correlations
• Track risk metrics regularly to identify early warning signals such as style drift or anomalies

Requirements

• 3-10+ years of experience in hedge fund risk management, fund of funds, or asset management
• Bachelor's degree in Finance, Economics, Mathematics, or a related field
• Expertise in VaR, stress testing, and risk modeling
• Proficiency in Excel, Power BI, or SQL
• Experience with MSCI RiskMetrics
• Strong analytical and quantitative skills with high attention to detail

Preferred Qualifications

• CFA or FRM certification

Benefits

• Comprehensive retirement benefits including 401k and pension
• Health and welfare benefits including medical, dental, vision, and disability
• Paid time off, parental leave, and caregiver leave
• Life and accident insurance
• Discretionary bonus program which may include an equity component

About the Company

Northern Trust is a Fortune 500 company and a globally recognized financial institution that has been in continuous operation since 1889. We provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions through our enduring principles of service, expertise, and integrity.