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Sr. Portfolio Manager II MSRP

Fixed Income, Currencies and Commodities

Recruitment #22-005041-0002


The Maryland State Retirement Agency (the “Agency”) is the administrator of the Maryland State Retirement and Pension System (the “System”).  The System is a multi-employer, public employees’ benefit retirement system composed of twelve (12) separate retirement and pension systems with additional plan components, covering approximately 245,000 active members and more than 160,000 retires and beneficiaries.

The Agency’s Investment team is both results driven and creative problem solvers who work together to manage a global multi-asset portfolio and to provide a secure base of assets to pay the current and future benefits for the underlying retirees and beneficiaries. The Investment Division is committed to providing a comprehensive work environment that will give the investment team members a complete understanding of the institutional investment process and to provide a diverse and inclusive workplace that embraces both analytical and creative thinkers.

The Agency is seeking a qualified and committed investment professional to serve as a Senior Portfolio Manager in the Fixed Income unit of the Investment Division.  The Senior Portfolio Manager reports directly to the Managing Director of Fixed Income and will be an active member of the Investment Division. This individual will work collaboratively with the Fixed Income team and will assist in the sourcing, evaluating, recommending, executing and monitoring of portfolio investments as well as producing reports on the portfolio of these investments. .

This is a Management Service position and serves at the pleasure of the Appointing Authority.


MSRP 0012


120 East Baltimore Street

Baltimore, Maryland 21202

Main Purpose of Job

This is a unique opportunity to lead the management of fixed income portfolios.  The Portfolio Manager will be a member of the FICC (Fixed Income, Currencies and Commodities) Investment team responsible for generating outperformance of all relevant portfolios or investments. The Portfolio Manager will partner with the lead Co-Portfolio Manager in the direct management of a securitized bond portfolio, act as lead manager in the development of an enhanced cash product, collaborate on the sourcing and oversight of external managers for fixed income portfolios and participate in the evaluation of certain private credit investments. The Portfolio Manager’s responsibilities will include modeling, analyzing, pricing, and trading securities and developing overweight / underweight recommendations in the securitized debt market including ABS, CMBS, and MBS. The Portfolio Manager, depending on experience and qualifications, will also work on special projects including designing and executing currency hedging program(s), and executing currency derivative transactions. The Portfolio Manager will also develop macroeconomic and asset allocation forecasts to aid the System in its tactical (short-term) sector allocation decisions and (less frequently) perform analysis relevant for the System’s Strategic (long-term) Asset Allocation decisions.


This individual will work collaboratively with the Fixed Income team to support the overall investment program.

The Senior Portfolio Manager will:
· Perform regular reviews and evaluations, including performance attribution and exposure analysis, of existing investments, including portfolios managed by specialist external managers; 
· Conduct research on investment ideas; 
· Track and model investment performance and exposures; 
· Assist in preparing presentation materials for Investment Division staff or for the Board of Trustees’ Investment Committee meetings; 
· Manage consultant relationships; 
· Assist in the development of analysts, associates, and interns; 
· Assist in the maintenance of records related to investments and; 
· Contribute to all Fixed Income team objectives as assigned or as needed; 
· The Senior Portfolio Manager should expect to develop proficiency with Bloomberg analytics, Bloomberg trading facilities, Aladdin Risk system, relevant Fixed Income tools within the Microsoft suite of products and potentially, use Tradeweb, MarketAxess or other tools; 
· Actively manage and enhance return in securitized portfolios including ABS, CMBS, and MBS; 
· Demonstrate ability to develop a view on the market, to identify relative value opportunities and make comprehensive recommendations on specific securities; 
· Utilize interest rate and prepayment models for the analysis of options adjusted spread, yield, prepayment sensitivity, duration, convexity, and total return profiles; 
· Trade across securitized sectors, cash products and FX; 
· Apply market knowledge and experience to achieve best execution; 
· Support the development and implementation of strategies related to the overall fixed-income investment process, including active participation in daily and weekly meetings; Communicate routinely with members of the fixed income team and the broader Investments team on capital markets, portfolio characteristics, strategy and tactics; 
· Communicate daily with broker-dealers, traders and analysts to maintain up-to-date knowledge of new developments, including issuance and trading flows. Provide general market color and to disseminate appropriate information to relevant internal groups.


Education:  Graduated from an accredited four-year college or university with a bachelor’s degree.

Experience:  Relevant experience in investments or finance.


A productive and successful candidate will have some of the experiences listed below to achieve success with the position’s responsibilities:
· A CFA designation, post graduate degree or equivalent work experience provide a strong foundation for success. 
· Experience at a pension, endowment, foundation, or other institutional investment organization. 
· Experience with structured product asset classes (ABS, CMBS and MBS) in a portfolio management role. 
· Knowledge of securitized risk management; experience trading and hedging MBS derivatives and CMOs and; performing deep-dive credit analysis in CMBS and ABS are advantages. 
· Strong quantitative analysis skills, interpersonal skills and attention to details. 
· The capacity to use critical thinking to solve problems.

Desirable software skills: Expert level in Microsoft Excel (including tasks’ automation skillset); Word and PowerPoint; Expert Bloomberg (including PORT and AIM) Aladdin user. Familiarity with econometric models used for term structure and prepayment speeds analysis. Experience with Yieldbook, Intex, Trepp, Tradeweb, MarketAxess, R, Python, VBA.


Please make sure that you provide sufficient information on your application to show that you meet the minimum for this recruitment.  All information concerning your qualifications must be submitted by the closing date.  We will not consider information submitted after this date.

Successful candidates will be ranked as Best Qualified, Better Qualified, or Qualified and placed on the employment (eligible) list for at least one year.  This list will be used by the hiring agency to select employees. 

For education obtained outside the U.S., a copy of the equivalent American education as determined by a foreign credential evaluation service must accompany the application. 

Due to the confidential nature of the work, selected candidates must undergo and pass a background check.


The examination will consist of a rating of your education, training, and experience as presented on your application and as they relate to the requirements of the position.  You may be asked to complete a supplemental questionnaire.  The supplemental questionnaire may be used as part of the rating process.  Therefore, it is important that you provide complete and accurate information on your application.



The online application process is STRONGLY preferred. If you are unable to apply online, you may mail a paper application to:   

        DBM/Recruitment & Examination Division     

        301 West Preston Street, Room 608     

        Baltimore, MD 21201

Please include a cover letter and resume.  All mailed documents must include the applicant's name and the job number and must be received by the closing date.   Resumes will NOT be accepted in lieu of completing the application.

If you have any questions concerning the recruitment process for this position, please call 410-767-6352.

TTY  Users: call via Maryland Relay

As an equal opportunity employer, Maryland is committed to recruiting, retaining and promoting employees who are reflective of the State’s diversity.  People with disabilities and bilingual candidates are encouraged to apply. 

We thank our Veterans for their service to our country, and encourage them to apply.


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