Emerging Markets Macro - Senior Portfolio Manager

An established hedge fund with a strong track record has retained us to hire a Senior Portfolio Manager into its London-based Emerging Markets Macro team. The strategy invests in EM across corporate and sovereign bonds, FX and rates through a top-down, macro-driven lens, with sovereign dynamics, rates and geopolitical risk informing credit selection and positioning across global EM. The fund is well-capitalised and offers the right candidate genuine discretion over how the book is run.

The role

• Construct and manage a global Emerging Markets fixed income portfolio through a top-down macro lens, with sovereign dynamics, rates developments and geopolitical risk informing credit selection across sovereigns, quasi-sovereigns and corporates in LATAM, CEEMEA, APAC and broader global EM
• Identify and execute asymmetric trade opportunities, expressing macro-informed views through relative value strategies across curves, cross-market dislocations and spread relationships
• Design and manage technically complex, multi-instrument hedging strategies across interest rate swaps, FX options, credit indices and other derivatives, managing risk across geographies, currencies and instrument types
• Monitor sovereign credit dynamics, rates markets, geopolitical developments and market flows across target EM regions, adjusting credit positioning dynamically as the macro backdrop evolves
• Maintain close relationships with sell-side trading desks to source liquidity, stay across market technicals and execute efficiently across cash and synthetic instruments
• Work alongside senior leadership on risk budgeting, capital allocation and the continued development of the strategy

The ideal candidate

• A demonstrable track record running Emerging Markets portfolios at a senior level through a top-down, macro-informed investment process, with coverage across LATAM, CEEMEA and/or APAC
• Genuine depth across a broad instrument set including sovereign and corporate bonds, EM credit indices, interest rate swaps, FX options and related derivatives, in both hard and local currency markets
• A technically rigorous approach to hedging and a well-developed instinct for identifying and sizing asymmetric credit opportunities informed by macro and sovereign dynamics
• Strong understanding of sovereign credit, EM rates markets and the geopolitical factors that drive spread and currency behaviour across target regions
• Buy-side PM and experienced sell-side trading backgrounds are both relevant; the priority is a track record of deploying capital in EM credit with a clear macro-driven process
• Established relationships across EM sell-side desks and trading counterparties viewed favourably

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