Chief Investment Office - ALM - Portfolio Management (IC) - Managing Director

PNC Financial Services Group; New York (NY); On-site; USD 130,000 - 314,000; Full time

Job summary

An established industry player is seeking a Managing Director for their Chief Investment Office ALM Portfolio Management team. This pivotal role involves managing a substantial Agency Mortgage-Backed Securities portfolio, ensuring optimal risk-adjusted returns while adhering to regulatory requirements. The ideal candidate will possess a robust background in fixed-income portfolio management, demonstrating expertise in market analysis and investment strategy development. Collaborating closely with senior portfolio managers, you will have the opportunity to influence key investment decisions and contribute to the overall success of the organization. If you are passionate about finance and ready to take on a leadership role, this is your chance to make a significant impact.

Benefits

Medical/prescription drug coverage

Dental options

Vision options

401(k) with PNC match

Pension plan

Educational assistance

Robust wellness program

Paid time off

Short and long-term disability protection

Adoption and surrogacy reimbursement

Qualifications

• 5+ years of experience in fixed-income portfolio management.
• Strong knowledge of ALM practices in a banking environment.
• Expertise in Mortgage-Backed Securities valuation and risk analysis.

Responsibilities

• Manage the Agency Mortgage-Backed Securities portfolio to meet performance goals.
• Monitor portfolio performance and risk metrics.
• Analyze market trends and macroeconomic factors.

Skills

Portfolio Management

Agency Mortgage-Backed Securities

Risk Analysis

Market Research

Decision Making

Data Analytics

Communication Skills

Analytical Skills

Programming in Python/SQL/VBA

Education

Bachelor’s degree in finance, engineering, economics, accounting, or related field

MBA or CFA designation

Tools

Bloomberg

Aladdin/YB

Advanced Excel

Job description

Position Overview

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As a Chief Investment Office ALM Portfolio Management (IC) Managing Director within PNC's Asset & Liability Management organization, you will be based in New York City. This position is primarily located in a PNC location. Responsibilities require time in the office or in the field on a regular basis. Some responsibilities may be performed remotely, at manager's discretion.

ALM Investments – Portfolio Management – (Managing Director)

PNC’s bank portfolio (ALM investments) team is searching for a Portfolio Manager in Agency Mortgage-Backed Securities sector. The ALM team manages 150+bn in assets and Agency Mortgage-Backed Security forms a large part of the investment mandate and portfolio. At PNC ALM, we aim to maximize long-term profitability and optimize risk-adjusted returns, ensuring compliance with regulatory requirements, and aligning investments with the institution's balance sheet objectives. We are seeking a candidate who can develop robust investment processes and tailor to the specific needs of PNC ALM.

The candidate will bring a deep background in Agency Mortgage-Backed Securities, be able to excel in a team environment and take part in investment decision-making and implementation. The successful candidate will have the opportunity to work directly with other senior portfolio managers and PNC’s CIO and be a key contributor to a team which manages a broad portfolio of fixed income assets and derivative products.

Job Responsibilities:

• Manage the Agency Mortgage-Backed Securities portfolio to meet performance goals and support ALM objectives.
• Monitor portfolio performance (excess returns and valuations) and risk metrics, including duration, convexity, and prepayment risk.
• Analyze market trends, interest rate movements, and macroeconomic factors to guide portfolio decisions.
• Stay informed on policy changes, regulatory developments, and market innovations affecting mortgage-backed securities investments.

Risk Management and Reporting

• Assess and manage risks associated with the Mortgage-Backed Securities portfolio. Maintain prepayment models specific to ALM portfolio.
• Ensure compliance with bank policies, regulatory requirements, and ALM limits.
• Work closely with ALM, Technology and Risk teams to align portfolio strategies with the bank’s overall balance sheet objectives.
• Automate work sets around markets, risk, and attribution.

Preferred experience/qualifications

• Minimum 5 years of experience in fixed-income portfolio management, with a focus on agency Mortgage-Backed Securities.
• Strong knowledge of ALM practices in a banking environment.
• Expertise in agency Mortgage-Backed Securities valuation, risk analysis, and portfolio optimization.
• Proficiency in Bloomberg, pricing/risk management software (Aladdin/YB), and advanced Excel modeling.
• Excellent analytical, communication, and decision-making skills.
• Ability to interpret market trends and translate them into actionable strategies.
• Understanding of regulatory frameworks and interest rate risk management.
• Programming in python/sql/vba.
• Bachelor’s degree in finance, engineering, economics, accounting, or related field. MBA or CFA designation preferred.

Job Description

• Oversees moderately complex transaction and portfolio level analysis, research and report preparation. Performs and/or oversees due diligence and statistical analysis related to portfolio management.
• Frequently utilizes an understanding of financial instruments and overall investment portfolio to contribute to investment decision making process and development of investment/trading strategies.
• Manages various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives. Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.
• Provides input on the administration and performance of select processes and procedures.
• Makes and presents recommendations to ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assesses the potential impact of these on ALM and the assigned business unit.

PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be:

• Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
• Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.

Qualifications

Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role. Listed below are skills, competencies, work experience, education, and required certifications/licensures needed to be successful in this position.

Preferred Skills

Asset Allocation, Auditing Operations, Business Case Analyses, Credit Risk Analysis, Data Analytics, Data Visualization, Decision Making, Investments, Market Research.

Competencies

Asset and Liability Management (ALM), Industry Knowledge, Investments, Market Risk, Portfolio Management, Pricing Models and Analytics, Regulatory Environment - Financial Services.

Work Experience

Roles at this level typically require a university / college degree. Higher level education such as a Masters degree, or PhD is desirable. Industry experience is typically 8 + years. Specific certifications are often required. In lieu of a degree, a comparable combination of education, job specific certification(s), and experience (including military service) may be considered.

Education

Bachelors.

Certifications

No Required Certification(s).

Licenses

No Required License(s).

Pay Transparency

Base Salary: $130,000.00 – $313,950.00. Salaries may vary based on geographic location, market data and on individual skills, experience, and education. This role is incentive eligible with the payment based upon company, business and/or individual performance.

Application Window

Generally, this opening is expected to be posted for two business days from 03/12/2025, although it may be longer with business discretion.

Benefits

PNC offers a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full-time employees include: medical/prescription drug coverage (with a Health Savings Account feature), dental and vision options; employee and spouse/child life insurance; short and long-term disability protection; 401(k) with PNC match, pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption, surrogacy, and doula reimbursement; educational assistance, including select programs fully paid; a robust wellness program with financial incentives. In addition, PNC generally provides the following paid time off, depending on your eligibility: maternity and/or parental leave; up to 11 paid holidays each year; 8 occasional absence days each year, unless otherwise required by law; between 15 to 25 vacation days each year, depending on career level; and years of service.

To learn more about these and other programs, including benefits for full time and part-time employees, visit Your PNC Total Rewards.

Disability Accommodations Statement

If an accommodation is required to participate in the application process, please contact us via email at [e-mail]. Please include “accommodation request” in the subject line title and be sure to include your name, the job ID, and your preferred method of contact in the body of the email. Emails not related to accommodation requests will not receive responses. Applicants may also call 877-968-7762 and say "Workday" for accommodation assistance. All information provided will be kept confidential and will be used only to the extent required to provide needed reasonable accommodations.

Equal Employment Opportunity (EEO)

PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.

This position is subject to the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA) and, for any registered role, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and/or the Financial Industry Regulatory Authority (FINRA), which prohibit the hiring of individuals with certain criminal history.

California Residents

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