Fixed Income Sr. Portfolio Manager II MSRP

The Maryland State Retirement and Pension System (MSRPS) administers benefits for over 397,000 members, including active employees, retirees, and vested participants across 12 retirement systems—supporting the financial security of Maryland’s public servants. 

Located in Baltimore’s Central Business District, MSRPS offers a purpose-driven workplace with modern amenities, including panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site café. 

Employees enjoy comprehensive state benefits including; medical, dental, prescription coverage, generous paid leave, participation in the state pension system, and supplemental retirement savings options (401(k), 457(b), and more). Additional perks include an on-site fitness center with showers and lockers, 24/7 building security, and easy access to restaurants, shops, public transit, and major highways. 

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 team of the Investment Division.  The Senior Portfolio Manager reports directly to the Managing Director of Fixed Income, Currencies and Commodities and will be an active contributor of the FICC team and of the Investment Division broadly. This individual will work collaboratively within the Fixed Income team and will source, evaluate, recommend (if needed), execute, trade and monitor a portfolio of investments. This individual will contribute to producing reports on the portfolio of these investments and communication with stakeholders. This is an opportunity for an experienced US Investment Grade Corporate bond portfolio manager and trader.

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

120 East Baltimore Street

Baltimore, Maryland 21202

The Portfolio Manager will be a key member of the FICC (Fixed Income, Currencies and Commodities) Investment team, responsible for generating sustained outperformance across relevant portfolios and investments. Working in close partnership with Co-Portfolio Manager(s), the role involves the direct management and trading of an Investment Grade Corporate bond portfolio, as well as collaboration with and backup support for other FICC strategies and responsibilities as assigned by the Managing Director. The Portfolio Manager will develop and execute investment strategies designed to achieve target outperformance, including the analysis, modeling, pricing, and trading of securities and derivatives in full compliance with applicable mandate guidelines. The role also includes oversight of externally managed portfolios, contribution to macroeconomic and asset allocation forecasts, and support of tactical (short-term) sector allocation decisions, with occasional involvement in strategic (long-term) asset allocation analysis. Depending on experience, qualifications, and interests, the Portfolio Manager may also be assigned to special projects that support broader FICC and System objectives.

This individual will work collaboratively with the FICC 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 external managers.
• Conduct continuous research to regularly generate actionable 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 (if needed).
• Contribute to the development of analysts, associates, and interns.
• Assist in the maintenance of records related to investments
• Contribute to all Fixed Income team objectives as assigned or as needed.
• Actively manage and enhance return in the Investment Grade Corporate bond portfolio.
•  Demonstrate ability to develop a view on the market, to identify relative value opportunities and a skillset to capture value.
• Trade across all Investment Grade Corporate bond sectors, other cash products and certain relevant derivatives.
• 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 relevant meetings.
• Communicate routinely with members of the fixed income team and the broader Investments team on capital markets, portfolio characteristics, strategy and tactics (on as needed basis).
• 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 group.

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

Experience: Relevant experience in institutional investment management.

A candidate will have some of the experiences, knowledge and accomplishments 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 Investment Grade Corporate bond portfolio management and trading role.

· Knowledge of corporate bond issuers’ creditworthiness analysis.

· Strong quantitative analysis skills, interpersonal skills and attention to details.

· The capacity to use critical thinking to solve problems.

· Proficiency with Bloomberg analytics, Bloomberg trading facilities, relevant Fixed Income tools within the Microsoft suite of products

Desirable software skills: Expert level in Microsoft Excel (including tasks’ automation skillset); Word and PowerPoint; Expert Bloomberg (including PORT and AIM) user. Familiarity with NRSROs process. Experience with Bloomberg, Tradeweb, MarketAxess.

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.

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. 

STATE OF MARYLAND BENEFITS