Emerging Markets Macro - Senior Portfolio Manager

Confidential Careers; Greater London; On-site; GBP 180,000 - 240,000; Full time

Job summary

Hedge Fund seeks a Senior Portfolio Manager to lead its Emerging Markets Macro team in London. The role involves building and managing a global EM fixed income portfolio with a top-down macro approach, focusing on sovereign and corporate EM assets across LATAM, CEEMEA and APAC.

You will identify asymmetric opportunities, design hedges using swaps and FX options, and collaborate with leadership on risk budgeting and capital allocation.

Qualifications

• Senior-level track record managing Emerging Markets portfolios.
• Experience across LATAM, CEEMEA and/or APAC.
• Expertise in sovereign and corporate EM bonds, EM credit indices, IR swaps, FX options.
• Macro-driven investment process with hedging discipline.
• Strong relationships with EM sell-side desks.

Responsibilities

• Construct and manage EM fixed income portfolio top-down macro.
• Identify and execute asymmetric trade opportunities.
• Design hedging strategies across swaps, FX options, indices.
• Monitor sovereign credit dynamics and markets.
• Maintain relationships with sell-side desks.
• Collaborate with senior leadership on risk budgeting and capital allocation.

Skills

EM macro investing

EM portfolio management

risk budgeting

capital allocation

sell-side liaison

Job description

An established hedge fund with a strong track record has retained us to hire a Senior Portfolio Manager into its London-based Emerging Markets Macro team. The strategy invests in EM across corporate and sovereign bonds, FX and rates through a top-down, macro-driven lens, with sovereign dynamics, rates and geopolitical risk informing credit selection and positioning across global EM. The fund is well-capitalised and offers the right candidate genuine discretion over how the book is run.

The role

• Construct and manage a global Emerging Markets fixed income portfolio through a top-down macro lens, with sovereign dynamics, rates developments and geopolitical risk informing credit selection across sovereigns, quasi-sovereigns and corporates in LATAM, CEEMEA, APAC and broader global EM
• Identify and execute asymmetric trade opportunities, expressing macro-informed views through relative value strategies across curves, cross-market dislocations and spread relationships
• Design and manage technically complex, multi-instrument hedging strategies across interest rate swaps, FX options, credit indices and other derivatives, managing risk across geographies, currencies and instrument types
• Monitor sovereign credit dynamics, rates markets, geopolitical developments and market flows across target EM regions, adjusting credit positioning dynamically as the macro backdrop evolves
• Maintain close relationships with sell-side trading desks to source liquidity, stay across market technicals and execute efficiently across cash and synthetic instruments
• Work alongside senior leadership on risk budgeting, capital allocation and the continued development of the strategy

The ideal candidate

• A demonstrable track record running Emerging Markets portfolios at a senior level through a top-down, macro-informed investment process, with coverage across LATAM, CEEMEA and/or APAC
• Genuine depth across a broad instrument set including sovereign and corporate bonds, EM credit indices, interest rate swaps, FX options and related derivatives, in both hard and local currency markets
• A technically rigorous approach to hedging and a well-developed instinct for identifying and sizing asymmetric credit opportunities informed by macro and sovereign dynamics
• Strong understanding of sovereign credit, EM rates markets and the geopolitical factors that drive spread and currency behaviour across target regions
• Buy-side PM and experienced sell-side trading backgrounds are both relevant; the priority is a track record of deploying capital in EM credit with a clear macro-driven process
• Established relationships across EM sell-side desks and trading counterparties viewed favourably