Rates Relative Value Portfolio Manager | Hedge Fund

Rates Relative Value Portfolio Manager | Hedge Fund | London | Paris | New York | Switzerland | Dubai | Singapore | Hong Kong

A close global hedge fund partner of ours is seeking an experienced Rates Relative Value Portfolio Manager to join its London investment platform.

This opportunity is aimed at an established Portfolio Manager with a demonstrable track record of generating high-quality, repeatable returns through predominantly market-neutral relative-value strategies within global rates.

The successful candidate will have:

• A live or recently managed Rates Relative Value strategy with a sustained Sharpe ratio above 1.7
• A demonstrable track record of generating more than $20 million in annualised PnL
• A strategy focused primarily on intra-asset relative value within rates, rather than cross-asset or directional macro trading
• No more than approximately 40% of the strategy's risk or return attributable to directional positioning
• The majority of returns generated through relative-value opportunities across closely related rates instruments, maturities, markets or structures
• Strong expertise across government bonds, interest-rate swaps, futures, options, inflation products or related rates derivatives
• A clear and repeatable process for identifying and monetising pricing dislocations
• A detailed understanding of portfolio construction, leverage, liquidity, financing, drawdown management and tail-risk control
• The ability to clearly explain the strategy's sources of alpha, directional exposure, expected holding periods, capital requirements, capacity and scalability

Strategies of interest may include:

• Yield-curve and butterfly relative value
• Swap-spread and basis trading
• Relative value across regional rates markets
• Inflation and breakeven relative value
• Volatility and options-based relative value
• Relative value across maturities, instruments or closely related markets

This mandate is not suitable for predominantly directional macro strategies, cross-asset relative-value strategies or portfolios whose performance depends heavily on outright duration or central-bank views.

The successful Portfolio Manager will receive:

• A meaningful capital allocation, subject to strategy capacity and risk parameters
• Institutional-quality execution, technology, data, financing and risk infrastructure
• Access to experienced quantitative, engineering and operational resources
• Competitive economics aligned with performance
• The opportunity to bring or build a supporting team where commercially justified
• A London-based seat within a high-calibre investment environment

All enquiries will be handled on a strictly confidential basis.