Head of Risk

AAA Global; Hong Kong; On-site; HKD 900,000 - 1,500,000; Full time

Job summary

AAA Global in Hong Kong is seeking a Head of Investment Risk to own the fund's investment risk framework and provide independent oversight of portfolio risk. You will work closely with the CIO and portfolio managers to inform portfolio construction, position sizing and hedging decisions.

You will lead stress testing and scenario analysis, monitor gross and net exposures, and present findings through governance channels.

Qualifications

• Significant buy-side experience in equity investment risk or portfolio management.
• Strong understanding of equity factor models and hedging.
• Experience communicating investment implications to PMs within a governance process.

Responsibilities

• Own the fund's investment risk framework and risk budgets.
• Monitor exposures, sensitivities, concentration, liquidity and short-book risk.
• Lead stress testing and scenario analysis to identify vulnerabilities.
• Provide independent challenge to investment decisions and governance.

Skills

Investment risk

Portfolio construction

Risk budgeting

Exposure management

Stress testing

Scenario analysis

P&L analysis

Governance

Python

SQL

Alpha capture

Asian equity markets

Tools

Python

SQL

Job description

An established investment manager is hiring a Head of Investment Risk for its long/short equity fund in Hong Kong. You will own the fund’s investment risk framework and provide independent oversight of portfolio risk. Working closely with the CIO and portfolio managers, you will use risk analysis to inform portfolio construction, position sizing and hedging decisions.

Key responsibilities

• Own the fund’s investment risk framework, including risk budgets, exposure limits, escalation procedures and reporting.
• Monitor gross and net exposures, factor and sector sensitivities, single-name concentration, liquidity, crowding and short-book risks, including borrow availability and squeeze risk.
• Lead stress testing and scenario analysis. Use the results to identify portfolio vulnerabilities and discuss potential adjustments with PMs.
• Analyse P&L and drawdowns to distinguish stock selection from market, sector and factor effects.
• Provide independent challenge to investment decisions and eliminate material risk issues through the fund’s governance process.

Candidate profile

• Significant buy-side experience in equity investment risk, portfolio construction or portfolio management, with direct exposure to fundamental long/short equity portfolios.
• Strong understanding of equity factor models, performance attribution, liquidity, short-book dynamics and portfolio hedging.
• Judgement and credibility to challenge experienced PMs constructively and explain the investment implications of complex risk exposures.
• Experience covering Asian equity markets is preferred. Python and SQL skills are advantageous.

Experience in alpha capture is a plus, particularly in evaluating PM or analyst ideas, measuring stock-selection alpha after accounting for factor exposures and trading costs, or translating those insights into portfolio construction or a systematic overlay.