Structured Credit Portfolio Manager

Chetwood Bank; Manchester; Hybrid; GBP 120,000 - 180,000; Full time

Benefits offered by this job

Competitive salary

25 days holiday PLUS your BIRTHDAY off

Pension contribution with Royal London

Life Assurance

Private medical, dental and optical

Hybrid working

Free breakfast available

Job summary

Chetwood Bank in Manchester is seeking a Senior Structured Credit Portfolio Manager to own and manage the Bank's £4bn+ treasury investment portfolio. You will source, evaluate and execute investments across structured credit assets including CLOs, RMBS, ABS, while hedging FX and interest-rate risk.

You will lead portfolio construction and risk management within regulatory requirements. The role requires proven front-office experience in portfolio management or structured credit, strong

Qualifications

• Front-office portfolio management or treasury dealing experience.
• Proven track record in structured credit investing.
• Experience with CLOs, RMBS or ABS.
• Strong risk/return assessment and trade rationale.
• Fluent in Bloomberg and treasury management systems.
• Excellent cross-functional communication.

Responsibilities

• Source, evaluate and execute investments across structured credit and other treasury assets.
• Negotiate allocations in primary issuance and identify secondary-market opportunities.
• Achieve best execution with liquidity and execution strategy.
• Build relationships with sell-side desks, CLO managers.
• Conduct due diligence on collateral, protections, managers; assess risk/return.
• Ensure investments meet eligibility, capital and liquidity requirements.
• Hold personal investment mandate for day-to-day management.
• Monitor positions, P&L, risk metrics.
• Maintain investment MI for Treasury Committee and ALCO.
• Drive improvements in data, tech and controls.
• Lead portfolio construction and sector allocation.
• Manage FX and interest rate risk; execute swaps and FX forwards.
• Hedging within risk appetite and regulatory expectations.
• Understanding of FX hedging and cross-currency swaps.
• Familiarity with CRR PRA Basel UK Securitisation Rules.

Skills

Front-office PM

Structured Credit Trading

CLOs/RMBS/ABS

Bloomberg Terminal

Risk analysis

Stakeholder comms

Tools

Bloomberg Terminal

MORS

Job description

Structured Credit Portfolio Manager

Department: Finance

Employment Type: Full Time

Location: Manchester

Reporting To: Sam Hale

Description

A as Structured Credit Portfolio Manager you will hold your own investment mandate for the Bank's £4bn+ treasury investment portfolio, sourcing, evaluating and executing investments across structured credit and other high-quality liquid assets, including CLOs, RMBS, ABS, SSA, covered bonds and gilts. The role carries responsibility for portfolio construction and investment appraisal, assessing the risk and return of each opportunity, and for building out the portfolio in line with the Bank's risk appetite and regulatory standards, including the UK Securitisation Rules. As well as manage the FX and interest rate risk arising from the investment book, executing derivatives to keep the portfolio appropriately hedged.

Key Responsibilities

• Investment Execution
  Source, evaluate and execute investments across structured credit and other treasury assets, with a focus on CLOs, RMBS and ABS.
• Negotiate allocations in primary issuance and identify and execute secondary-market opportunities.
• Achieve and demonstrate best execution, with a clear view of liquidity and execution strategy for each trade.
• Build relationships with sell-side trading desks, securitisation issuers and CLO managers to source opportunities for the Bank.
• Conduct manager and deal due diligence, including fundamental credit analysis of collateral, structural protections and CLO managers, assess the risk and return of each opportunity, and prepare trade rationales.
• Ensure all investments comply with eligibility, capital and liquidity requirements.

Portfolio Management

• Hold personal investment mandate for day-to-day management of the Bank's expanding £4bn+ portfolio.
• Monitor positions, P&L, risk metrics and early warning indicators across the book.
• Maintain accurate investment MI for Treasury Committee and ALCO.
• Drive continuous improvement of investment processes, data, technology and controls as the book and regulation evolve.
• Lead portfolio construction, security selection and sector allocation, proactively recommending adjustments to optimise risk/return and helping shape the portfolio's growth trajectory.

Hedging & Risk Management

• Manage the FX and interest rate risk arising from the investment portfolio, executing swaps, cross-currency swaps and FX forwards as needed.
• Ensure hedging activity remains within Board-approved risk appetite and regulatory expectations as the book scales.

Skills, Knowledge & Expertise

• Front-office experience in portfolio management, treasury dealing or structured credit trading/analysis.
• Proven track record of portfolio construction, security selection and executing investments in structured credit instruments (e.g. CLOs, RMBS, ABS) or comparable asset classes.
• Strong understanding of CLO documentation, leveraged loans and CLO managers, and of the structures, collateral and cash-flow dynamics of European RMBS and ABS.
• Ability to assess and articulate the risk/return of an investment opportunity and build a clear trade rationale.
• Experience using Bloomberg and treasury management systems (e.g. MORS).
• Analytical and commercially minded, with strong attention to detail.
• Clear communicator who can work cross-functionally and influence senior stakeholders.
• Comfortable operating in a fast-growing challenger bank with evolving structures.

Desirable

• Understanding of FX and interest rate hedging, including cross-currency swaps.
• Familiarity with regulatory frameworks (CRR, PRA Rulebook, Basel standards, UK Securitisation Rules) as they apply to structured credit and derivatives.

Job Benefits

• Competitive salary
• 25 days holiday PLUS your BIRTHDAY off
• Pension contribution with Royal London
• Life Assurance
• Private medical, dental and optical health insurance with
• Axa
• Hybrid working
• Free breakfast available