USD Rates Relative Value Portfolio Manager

Role Overview

We are seeking a USD Rates Relative Value Portfolio Manager with deep expertise in linear RV trading across the U.S. Treasury curve and its derivatives
. The role sits beneath a Senior Global Bond RV PM and combines full autonomy over a dedicated sleeve of capital with active idea generation for a larger, highly scaled global rates RV book
.

This role is about extracting alpha from curve structure, term premia, and technical dislocations—not macro storytelling and not long‑vol heroics. You will run risk independently, trade actively, and contribute scalable, repeatable RV ideas to the core portfolio.

• Manage an autonomous USD rates RV sleeve with defined risk limits and direct P&L accountability. Construct and manage linear relative value positions across U.S. Treasury cash bonds, Treasury futures, interest rate swaps, swap spreads, and OIS vs Treasuries. Focus on curve, butterfly, spread, and roll‑down driven strategies rather than outright directional exposure.
• Identify mispricings along and between Treasury curves driven by supply/demand imbalances, issuing dynamics, dealer balance sheet constraints, central bank policy expectations, and funding, collateral, and basis effects. Design trades that exploit curve shape distortions, forward mispricing, sector richness/cheapness, on‑the‑run vs off‑the‑run dynamics, and maintain tight discipline around carry, roll, and convexity bleed.
• Use derivatives intelligently to express RV views, including futures vs cash, swap vs Treasury spreads, IMM, and forward‑starting structures. Optimize trade construction for capital efficiency, liquidity, execution cost, and manage basis risk between instruments rigorously—no hand‑waving allowed.
• Generate scalable linear RV ideas suitable for deployment on the Senior PM’s core Global Bond RV portfolio. Provide structured trade recommendations with clear entry points, risk limits, expected carry/roll profile, scenario outcomes, and actively engage in portfolio‑level discussions around curve positioning, net duration, and cross‑market alignment.
• Maintain strict controls around duration neutrality, curve exposure, concentration by tenor or structure, and actively monitor regime shifts (QT/QE, volatility changes, policy uncertainty) and adjust positioning accordingly. Conduct rigorous post‑trade analysis and drawdown reviews.