Associate Portfolio Manager, Municipal Bonds - F​/m Investments

THE OPPORTUNITY

Build your career at an award-winning firm that's redefining fixed income investing. F/m Investments grew from zero to $18 billion in assets in under seven years by challenging how investors access the bond market. Our flagship TBIL ETF—now over $6 billion—pioneered single-security Treasury exposure, and we recently filed the industry's first SEC application for tokenized ETF shares. In 2025, MMI/Barron's named us Asset Manager of the Year.

Now we're bringing that same innovative mindset to municipal bonds.

Our Municipal Fixed Income team manages $650+ million across separately managed accounts and a growing municipal bond ETF. We're looking for an Associate Portfolio Manager to work alongside a 30-year industry veteran directly on the trading desk helping make investment decisions. This is a defined path to portfolio management for someone ready to master one of the most complex and rewarding corners of the bond market.

• True investment responsibility. Execute trades, analyze credits, and contribute to portfolio construction from day one—not after years of waiting.
• Direct mentorship. Work alongside a Senior PM who has navigated every market cycle since the early 1990s and is invested in developing a successor.
• Entrepreneurial platform. Our flat structure and growth trajectory mean you'll have visibility and impact that simply don't exist at larger institutions.
• Innovation DNA. We recently launched ZMUN, the first ultrashort callable municipal bond ETF. Ideas here become products, and you'll be part of building what's next.

• Trade. Execute municipal bond transactions across our SMA and ETF strategies—managing bids, offers, pricing, and post-trade settlement.
• Analyze. Identify relative value opportunities across the tax‑free landscape, evaluating structure, call features, credit spreads, and yield‑curve dynamics.
• Construct. Support portfolio allocation decisions, duration positioning, and performance attribution working directly with the Senior PM.
• Build. Develop and enhance analytical tools—using Bloomberg (AIM/TOMS, YAS, MUNI), Excel, and Python or VBA—to improve trading efficiency and decision‑making.
• Coordinate. Partner with compliance, operations, and custodial teams to ensure seamless execution and account integrity.

• 2–5 years in trading, operations, portfolio support, or investment analysis—buy‑side, sell‑side, or asset management. Prior municipal experience is a plus but not required.
• Bachelor’s degree in Finance, Economics, Mathematics, or a related field. CFA progress or fixed‑income coursework is valued.
• Fluent in Excel with working knowledge of Bloomberg. Bonus points for Python, VBA, or other analytical programming skills.
• Series 63 required (or ability to pass within 90 days of hire).
• Detail‑obsessed, numerically sharp, and genuinely curious about markets. You thrive in a collaborative environment that combines high expectations with a sense of humor.

• Base salary: $100,000–$150,000, commensurate with experience
• Performance bonus:
  Meaningful upside tied to individual and team results
• Reports to:
  
  Senior Portfolio Manager, Municipal Bonds
• Comprehensive benefits including 401(k) match, health coverage, and professional development support

Send your resume and a brief note explaining why this role interests you to