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 than160,000 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 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 a Management Service position and serves at the pleasure of the Appointing Authority.
This position is not eligible for Telework.
GRADE
MSRP 0012
LOCATION OF POSITION
Maryland State Retirement Agency
120 E. Baltimore Street
Baltimore, MD 21202
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 to generate 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).
• 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, 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 an 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 groups.
MINIMUM QUALIFICATIONS
Education: Possession of a Bachelor’s Degree from an accredited four-year college or university.
Experience: Five years of 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 will 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 and trading 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 qualifications 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 placed on the eligible (employment) list for at least one year.
EXAMINATION PROCESS
The evaluation may consist of a rating of your education, training, and experience related to the requirements of the position. It is important that you provide complete and accurate information on your application. Please report all experience and education that is related to this position.
BENEFITS
FURTHER INSTRUCTIONS
Online applications are highly recommended. However, if you are unable to apply online, the paper application and supplemental questionnaire may be submitted to: Department of Budget and Management, Recruitment and Examination Division, 301 W. Preston St., Baltimore, MD 21201. Paper application materials must be received in our office by the closing date for the recruitment. No postmarks will be accepted.
This recruitment requires a resume and cover letter. Please use the essential job functions questionnaire tab to load your cover letter.
For questions regarding this recruitment, please contact the DBM Recruitment and Examination Division at Application.Help@maryland.gov or 410-767-4850, MD TTY Relay Service 1-800-735-2258.
We thank our Veterans for their service to our country.
People with disabilities and bilingual candidates are encouraged to apply.
As an equal opportunity employer, Maryland is committed to recruitment, retaining and promoting employees who are reflective of the State's diversity.
