Portfolio Manager, Discretionary Macro; Rates, FX and Macro Equity

We are partnering with a multi-manager hedge fund platform to place discretionary macro portfolio managers across three seats: rates, FX and macro equity. Each is an independent book with its own capital allocation, risk budget and P&L ownership, backed by centrally supplied capital, data and risk infrastructure.

These are discretionary seats. The platform is backing judgment, but judgment that runs on a tested process rather than instinct.

• Rates: outright duration, curve and cross-market views across developed and selected emerging markets.
• FX: G10 and emerging market currency risk, expressed in spot, forwards and options.
• Macro Equity: macro views expressed through equity index, sector and single name risk, ideally as part of an established macro pod rather than a standalone book.

These are the questions the conversation will turn on.

• Alpha and beta: strip the static tilts out of your record, long carry, long duration, short volatility. What is left, and over how many years?
• Crowding: name a consensus trade you stayed in anyway. What told you the positioning was survivable, and where was your exit if it was not?
• Strategy decay: which trade that used to work for you has stopped working, and how long did it take you to accept that rather than size into it?
• Drawdowns: take your worst drawdown. Was it the thesis, the sizing or the timing, and what in your process changed afterwards?
• Expression: when have you been right on the macro and still lost money on the way you expressed it?

• Capital, data and risk oversight supplied from day one, so your first months go into trading rather than building.
• You own view formation, sizing and book construction. The platform's role is risk oversight and capital allocation, not strategy dictation.

• Your track record: five years running the same strategy continuously, with a live P&L record you can speak to in detail through more than one rate and policy regime.
• Your process: process driven and analytical. Discretionary judgment applied inside a framework that has been tested, scaled, and carried through drawdowns rather than around them.
• Level: the profile above is the target, but mid-level and junior managers with a strong process and a real record will be considered.

Base salary: GBP 200,000 to GBP 300,000, plus performance-linked bonus.

Availability: candidates currently serving non-compete or notice periods are encouraged to apply. The client will wait beyond 12 months for exceptional talent.

This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.