Introduction
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.
GRADE
MSRP 0012
LOCATION OF POSITION
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.
POSITION DUTIES
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.
MINIMUM QUALIFICATIONS
Education: Graduated from an accredited four-year
college or university with a bachelor’s degree.
Experience: Relevant experience in investments or
finance.
DESIRED OR PREFERRED QUALIFICATIONS
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.
SELECTION PROCESS
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.
EXAMINATION PROCESS
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.
BENEFITS
FURTHER INSTRUCTIONS
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.
