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.

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Key Responsibilities

Independent Portfolio Management

Manage an autonomous

USD rates RV sleeve with defined risk limits and direct P&Laccountability Construct and manage linearrelative value positions across: U.S. Treasury cashbonds Treasury futures Interest rate swaps andswap spreads OIS vs Treasuries Focus on curve,butterfly, spread, and roll-down driven strategies rather than outrightdirectional exposure

Curve & Structure-Based Alpha Generation

Identify mispricingsalong and between Treasury curves , driven by:
Supply/demandimbalances and issuance dynamics Dealer balance sheetconstraints Central bank policyexpectations and communication Funding, collateral,and basis effects Design trades thatexploit:
Curve shape distortions Forward mispricing Sectorrichness/cheapness On-the-run vsoff-the-run dynamics Maintain tightdiscipline around carry, roll, and convexity bleed

Derivatives & Implementation

Use derivativesintelligently to express RV views, including:
Futures vs cash Swap vs Treasuryspreads IMM and forward-starting structures Optimize tradeconstruction for:
Capital efficiency Liquidity Execution cost Manage basis riskbetween instruments rigorously—no hand-waving allowed

Contribution to the Main Book

Generate scalablelinear RV ideas suitable for deployment on the Senior PM’s core Global Bond RV portfolio Provide structured traderecommendations with:
Clear entry points Risk limits Expected carry/rollprofile Scenario outcomes Actively engage inportfolio-level discussions around curve positioning, net duration, andcross-market alignment

Risk Management & Discipline

Maintain strict controlsaround:
Duration neutrality Curve exposure Concentration by tenoror structure Actively monitor regimeshifts (QT/QE, volatility changes, policy uncertainty) and adjustpositioning accordingly Conduct rigorouspost-trade analysis and drawdown reviews