Rates Relative Value Portfolio Manager | Hedge Fund | London

J K Barnes; Greater London; On-site; GBP 350,000 - 650,000; Full time

Job summary

J K Barnes seeks a highly-experienced Rates Relative Value Portfolio Manager to sit on its London investment platform. The candidate will lead a predominately market-neutral, rates-focused relative-value program with a history of strong, repeatable returns.

The role requires a demonstrable track record, deep knowledge of government bonds, swaps and related derivatives, and the ability to scale a strategy within a collaborative, resource-rich environment in London.

Qualifications

• Live or recently managed Rates Relative Value strategy with Sharpe above 1.7.
• Track record of generating more than $20 million in annualised PnL.
• Focus on intra-asset relative value within rates, not cross-asset or macro trading.
• Limit directional positioning to about 40% of risk/return.
• Returns driven by relative-value opportunities across rates instruments and markets.
• Strong knowledge of government bonds, swaps, futures, options or related rates derivatives.
• Clear, repeatable process for identifying and monetising pricing dislocations.
• Understanding of portfolio construction, leverage, liquidity, drawdown management and tail-risk control.
• Ability to explain sources of alpha, directional exposure, holding periods and capital needs.

Responsibilities

• Develop and manage a rates relative value trading program across global markets.
• Identify pricing dislocations and monetise them with disciplined risk controls.
• Oversee leverage, funding liquidity and drawdown management for the portfolio.
• Collaborate with quant/engineering teams to improve execution and analytics.
• Communicate strategy rationale, risk framework and capacity to stakeholders.

Skills

Rates relative value

Global rates markets

P&L generation

Sharpe ratio optimization

Quantitative strategy

Job description

Rates Relative Value Portfolio Manager | Hedge Fund | London | Paris | New York | Switzerland | Dubai | Singapore | Hong Kong

A close global hedge fund partner of ours is seeking an experienced Rates Relative Value Portfolio Manager to join its London investment platform.

This opportunity is aimed at an established Portfolio Manager with a demonstrable track record of generating high-quality, repeatable returns through predominantly market-neutral relative-value strategies within global rates.

Candidate Profile

The successful candidate will have:

• A live or recently managed Rates Relative Value strategy with a sustained Sharpe ratio above 1.7
• A demonstrable track record of generating more than $20 million in annualised PnL
• A strategy focused primarily on intra-asset relative value within rates, rather than cross-asset or directional macro trading
• No more than approximately 40% of the strategy’s risk or return attributable to directional positioning
• The majority of returns generated through relative-value opportunities across closely related rates instruments, maturities, markets or structures
• Strong expertise across government bonds, interest-rate swaps, futures, options, inflation products or related rates derivatives
• A clear and repeatable process for identifying and monetising pricing dislocations
• A detailed understanding of portfolio construction, leverage, liquidity, financing, drawdown management and tail-risk control
• The ability to clearly explain the strategy’s sources of alpha, directional exposure, expected holding periods, capital requirements, capacity and scalability

Relevant Strategy Coverage

Strategies of interest may include:

• Yield-curve and butterfly relative value
• Swap-spread and basis trading
• Relative value across regional rates markets
• Inflation and breakeven relative value
• Volatility and options-based relative value
• Relative value across maturities, instruments or closely related markets

This mandate is not suitable for predominantly directional macro strategies, cross-asset relative-value strategies or portfolios whose performance depends heavily on outright duration or central-bank views.

The Opportunity

The successful Portfolio Manager will receive:

• A meaningful capital allocation, subject to strategy capacity and risk parameters
• Institutional-quality execution, technology, data, financing and risk infrastructure
• Access to experienced quantitative, engineering and operational resources
• Competitive economics aligned with performance
• The opportunity to bring or build a supporting team where commercially justified
• A London-based seat within a high-calibre investment environment

All enquiries will be handled on a strictly confidential basis.