Fixed Income Portfolio Manager

JR United Kingdom; London; On-site; GBP 80,000 - 120,000; Full time

Job summary

An established industry player is seeking a Fixed Income Portfolio Manager to enhance investment performance across a significant public credit portfolio. This role involves optimizing asset allocation, identifying high-quality return opportunities, and improving overall portfolio efficiency. The ideal candidate will have over 10 years of experience in fixed income management and a collaborative approach to drive consensus within teams. Join a dynamic environment that values strong investment talent and offers a good work/life balance while contributing to the company's impressive growth trajectory.

Qualifications

• 10+ years experience in fixed income portfolio management or asset allocation.
• Ability to assess diverse credit assets with strong macro awareness.

Responsibilities

• Drive portfolio-wide fixed income strategy and asset allocation decisions.
• Manage strategic partnerships with external managers for optimal market access.

Skills

Fixed Income Portfolio Management

Asset Allocation

Credit Strategy

Risk Management

Macroeconomic Analysis

Education

CFA or equivalent qualification

Job description

Social network you want to login/join with:

We have partnered with a fast-growing UK insurer/asset manager looking to hire a Fixed Income Portfolio Manager to play a key role in driving investment performance across a large (double-digit £bn AUM) public credit/fixed income portfolio. This newly created position focuses on optimizing asset allocation across all public fixed income investments, identifying high-quality return opportunities, and improving overall portfolio efficiency and capital deployment.

The business is experiencing 10%-20% annualized growth, driven by strong investment performance & AUM growth, as well as a collaborative culture combined with high-caliber investment talent and a good work/life balance.

The ideal candidate will bring a top-down perspective across global fixed income markets, coupled with the ability to form strong, actionable views across asset classes — spanning corporate credit, securitized products, infrastructure debt, MBS, Munis and other MA-eligible instruments. The role involves shaping investment decisions through proactive idea generation, strategic rebalancing, and continuous performance review, collaborating with internal stakeholders including ALM, research, trading, and origination.

Oversight of select external managers is also important, focusing on internal portfolio strategy, enhancing profitability, and competitive positioning through superior capital deployment and capturing relative value across a broad and growing opportunity set.

The team operates a long-only, buy & maintain approach with active risk management and all capital is currently captive.

Key Responsibilities

• Take ownership of portfolio-wide fixed income strategy and asset allocation decisions, focusing on enhancing returns, optimizing capital deployment, and managing risk within the Matching Adjustment (MA) framework.
• Continuously evaluate relative value across the full MA-eligible fixed income universe, including IG corporate credit, securitized credit, infrastructure debt, ABS, MBS, and other cash flow–predictable instruments.
• Manage strategic partnerships with external managers as the primary decision-maker for externally managed public credit to ensure optimal access to market opportunities.
• Identify, measure, and evaluate premia available, considering valuations, market dynamics, geopolitics, and macroeconomic conditions. Incorporate these insights into rebalancing and new business processes to enhance portfolio allocation.
• Propose robust investment recommendations for Matching Adjustment public assets, presenting recommendations to stakeholders and implementing them effectively. Drive performance within the team through fixed income strategy, ensuring optimal portfolio allocation (e.g., reassessing exposure to US IG versus European IG where premia are more attractive).
• Develop and refine risk management frameworks, including Economic risks (risk levels, stress testing, limit setting) and Non-economic risks (risk incidents, audit actions).
• Monitor macroeconomic and market developments to identify opportunities and risks, informing portfolio construction and capital allocation strategy.
• Drive proactive dialogue within the investment team, challenging and refining positioning to improve risk-adjusted returns and maintain portfolio agility.
• Support structured credit and private markets teams where investment themes overlap, ensuring strategic alignment.
• Track regulatory developments (e.g., Solvency II reforms) to keep the investment approach forward-looking, innovative, and compliant.

Requirements & Qualifications

• 10+ years of experience in fixed income portfolio management, asset allocation, or credit strategy, preferably within an insurer, pension fund, or other capital-constrained environment.
• Ability to assess and allocate across diverse credit assets, with a strong understanding of MA eligibility and Solvency II capital efficiency preferred.
• Deep market knowledge and conviction-building skills, with a track record of generating high-quality investment ideas and influencing portfolio decisions.
• Strong macro awareness, incorporating top-down insights into bottom-up portfolio construction.
• Collaborative approach with excellent communication skills, able to work across teams and drive consensus.
• Familiarity with oversight of external managers, though not as a primary focus.
• Recognized professional qualification (e.g., CFA) preferred.