Developed Markets Rates Portfolio Manager / Trader London | Global Macro Hedge Fund About Us We are a ~$4bn global macro hedge fund with offices in London and New York and a ten-year track record. Our franchise is built on emerging-market macro, both discretionary and systematic. We run a CIO-and-PM model - not a pod shop, not a multi-manager model. The organisation is deliberately flat, with significant responsibility, direct interaction with senior management.
We are looking to add an experienced
Developed Markets Rates Portfolio Manager / Trader to our London investment team. The role is in office.
The Role We are hiring a DM rates PM/trader to run a dedicated developed-markets rates book. This is a central seat: DM rates are central to risk decisions the fund makes, and we want the person who owns that view - the reference point and voice of reason on rates in risk discussions. You will run your own P&L, help hedge the broader portfolio, and be part of the team when we run large, high-conviction rates positions. Equally, this is not a pure execution or strategist position.
Responsibilities - Run an independent DM rates portfolio across major developed markets.
- Generate differentiated P&L for the Fund through relative-value and/or directional rates strategies.
- Develop and communicate high-conviction views on global rates, curves, central banks and monetary-policy regimes.
- Act as the firm's principal specialist on Developed Markets rates in daily investment discussions.
- Trade and execute rates positions across cash, futures, swaps and options.
- Have a strong practical understanding of swaptions, volatility and rates derivatives.
- Analyse market positioning, flows, investor exposures and relevant quantitative positioning indicators across global rates markets.
- Contribute to the design and implementation of DM rates hedges for the broader portfolio, distinct from the individual's own risk book.
- Work closely with the CIO and senior PMs on occasional large, high-conviction rates opportunities where the firm may deploy substantially greater risk.
- Maintain strong relationships with dealers, strategists and other market participants across the global rates ecosystem.
What We Are Looking For Candidates are likely to have approximately 5-20 years of relevant experience and may currently work in:
- a global macro or fixed-income hedge fund;
- a leading investment bank rates trading business;
- a major asset manager or other established institutional rates platform.
We care more about demonstrated judgement and market understanding than a particular career path.
Why this role is different For the right person the draw is autonomy, intellectual influence and direct access to senior risk-takers inside an established EM macro franchise. There are no other DM rates PMs within the Fund so there is scope to build out a profitable business line.
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