Chief Investment Officer, MedAccess (London or Brighton, UK)

Team: Investment

Location: London, UK

Employment Type: Permanent

Salary: Competitive

Closing Date: 24 June 2018

Chief Investment Officer, MedAccess (London or Brighton, UK)

 

Background to MedAccess and CDC

 

MedAccess is an ambitious new business making medical supplies more widely available at lower prices, particularly in Africa and South Asia.   Established in November 2017 with an initial investment of $200 million from CDC Group Plc (CDC), MedAccess is now recruiting a high-quality team with specialist skills in structured finance, risk quantification and global public health.  It is intended to increase the capital base, following evidence of early successful guarantees, by at least 5x in the first few years.

 

Many people in Africa and South Asia lack access to safe and affordable medicines. MedAccess aims to tackle the challenge by helping to make global markets work more effectively.   The Facility negotiates price ceiling guarantees, reducing the business risks associated with supplying medicines, collaborating closely with governments and development agencies to increase access to safe and affordable medicines in-country.  Evidence shows that guarantees can reduce prices immediately by at least 50% by reducing manufacturers’ risk of long-run, efficient production. 

 

Its work covers vaccines, medicines, diagnostic tests and medical devices for both communicable and non-communicable diseases.   MedAccess’s involvement aims to smooth supply volatility, bringing new products into use more quickly, and reduce costs while increasing access to life-saving products.  The aim is to create long lasting changes in markets so that increased access and price reductions persist far beyond the expiry of a guarantee.

 

MedAccess is a UK company governed by an independent board.  MedAccess will use the highest quality commercial and financial rigor to create significant development impact.  Capital preservation is the financial objective and will be achieved through the team’s expertise in assessing and structuring each guarantee and through charging manufacturers a small fee. All income will be reinvested into MedAccess to maximise benefits for patients.   

 

MedAccess is building a high caliber team.  The CEO is Michael Anderson, formerly Director General of Global Programmes at DFID, and CEO of the Children’s Investment Fund Foundation.  He will be supported by three outstanding professionals in the roles of CIO/CFO, CTO and General Counsel.  The latter two positions have already been filled.  The executive team is expected to total approximately 10 in the first year

 

To succeed, MedAccess will also require a strong governance structures.  The Chair of the board is Nigel Keen, who is the Chair of Syncona Partners (a FTSE 250 life sciences investment business), Oxford University Innovation (an incubator), The Oxford Academic Health Science Network (an innovation driver within the NHS) and Deltex Medical Group (a UK medical device manufacturer).  Prior to this Nigel had a career as an accountant at Touche Ross, a banker with the European Banking Company and the CEO of Cygnus Partners (an alternative investment advisory business).  The Chair of the Investment Committee is Diana Noble, formerly CEO of CDC Group Plc, EVP Operations of the Clinton Health Access Initiative, Founder of Reed Elsevier Ventures and a Partner at Schroders Ventures (now Permira). 

 

MedAccess’s parent company, CDC, is the world’s oldest development finance institution (DFI), founded in 1948 - wholly owned by the UK Government’s Department for International Development (DFID) and plays a key role in DFID’s private sector strategy to alleviate poverty.   CDC invests in Africa and South Asia to create jobs, support growth, generate positive development impact and to generate attractive financial returns.  CDC has a $4.7bn balance sheet and a portfolio of c.1200 businesses backed by CDCs capital (directly and indirectly) spread across 74 countries.     

 

For further information on CDC, see www.cdcgroup.com

 

For more information on the use of guarantees to improve access to medicines, see: 

 

Role Requirements

 

Role Purpose

 

This role primarily involves: -

  • leading the MedAccess Investment Team, owning all aspects of new guarantees and managing risk at the portfolio level as Chief Investment Officer.  
  • acting as MedAccess’s Finance Director (although this is a less demanding aspect and support can be put in place for a candidate without accountancy qualifications)

 

Key Responsibilities

 

Investment mandate and process

  • Devise, maintain and ensure adherence to a high-quality investment processes (deal execution through to portfolio management), own financial analysis and Investment Committee materials and oversee IC engagement
  • Ensure investment activity is aligned to MedAccess’s mandate, review potential transactions for strategic mandate / investment policy fit and manage pipeline development
  • Lead all investment activity post deal sourcing; working with the CTO (who has a public health background) oversee due diligence (financial, commercial, legal, environmental and social, development impact and business integrity aspects) and deal structuring and, working with the General Counsel, oversee legal negotiations with partners and the deal closing process
  • Oversee portfolio of investments always against the capital preservation objective. Monitor performance including financial, development impact, environmental & social / compliance (leveraging internal or external specialists as needed), producing periodic reporting for key stakeholders, and active management to identify and mitigate potential risks or workout jeopardy situations
  • Maintain relationships with key stakeholders, co-guarantors and partners

 

Risk Management

Design and then manage the optimal way of assessing and quantifying risk at the guarantee level to guide investment decision making and prioritisation of the pipeline to focus on the right opportunities

Design and then manage the optimal way of tracking evolving risk in existing guarantees over time – both at the individual guarantee level and portfolio level

 

Report on portfolio risk over time to management team and Board to generate high quality decision making about adjustments to risk appetite necessary to achieve ongoing capital preservation

 

Finance Function

  • Own MedAccess internal management reporting and budgeting (short and long-term planning)
  • Own delivery of financial reporting and information, in conjunction with service providers / internal staff (including external audit and shareholder reporting)
  • Ensure MedAccess compliance with its legal and regulatory requirements – in conjunction with General Counsel and CEO
  • Own management / implementation of MedAccess capital management policy along with the company’s liquidity position

 

Strategic management responsibilities

  • Provide strategic oversight and provide strategic direction to business alongside other key management team members
  • Provide effective people management, with a focus on the development of human capital. Contribute towards building a team culture which promotes knowledge sharing across the Investment Team, broader MedAccess team and key stakeholders
  • Help establish and promote organisational values and culture
  • Oversight of all financial and investment systems and processes
  • Attend all relevant board and board sub-committee meetings
  • Manage engagement with relevant capital providers to mobilise 3rd party capital / co-guarantors for transactions MedAccess backs
  • Support broader fundraising ambitions for the business with investors

 

External relationship management 

  • Maintain vendor relationships (banking, fund management, audit, administrator, CDC - in its capacity as a service provider - and any other financial relationships)
  • Help represent MedAccess with financial advisors, investors, regulators and other key stakeholders

 

Background, Skills & Attributes

 

Background

  • Demonstrated expertise in structuring, identifying and mitigating risks in relevant, complex financial transactions (eg structured finance, guarantees, insurance underwriting or risk modelling). This person must be considered a “star” amongst their peers for their analytical and quantitative capabilities
  • Demonstrated expertise of managing a portfolio of relevant financial assets against a return objective
  • Proven track record of executing and managing high quality transactions
  • Experience within blue chip “best in class” institutions
  • University degree(s) or equivalent qualification, preferably in a Finance, Business, or Economic discipline (bachelors and post graduate)
  • Demonstrable alignment with MedAccess mandate, mission and values. It is not expected that the successful candidate will have worked in any “impact” investing position previously, however their motivations for wanting to join MedAccess will need to be genuine and deeply felt
  • Previous experience in senior financial control or a finance director role, whilst not essential, would be an advantage

 

Personal Skills

  • Communication: Strong written/verbal communication to effectively carry out role
  • Team Working: Collaboration with own team and other employees. MedAccess will be a small team of equally talented individuals.  There will be no room for prima donnas
  • Results Focus: Drive to achieve objectives/results through the highest possible standards
  • Detail orientated: Drive to understand and own financial position. Again, as a small start-up team, all members from the CEO downwards will be expected to own the detail of all activities as there will be little opportunity to delegate downwards
  • Personal Effectiveness: Organising self/teams to meet agreed deadlines
  • Coaching/Mentoring: Taking time to develop and support colleagues
  • Influencing/Persuading: Ability to obtain agreement and cooperation through consensus
  • Natural sceptic: challenging assumptions, questioning approaches and driving rigour in process
  • High integrity: track record of high integrity

 

Technical Skills

  • Outstandingly numerate with excellent financial modelling capability
  • Strong understanding of diligence processes, financial terms, legal terms
  • Strong understanding of risk management
  • Strong interpersonal and negotiation
  • Outstanding written and verbal communication
  • Excellent computer skills including Office suite
  • French language skills would be an additional advantage

 

Location:

  • The role is based in London or Brighton
  • Willingness to travel – to both developed and developing markets

 

Please submit a cover letter with your application.

Posted on 25 May 2018

Closing on 24 June 2018

Salary: competitive

 

 

Apply now