USD Rates Relative Value Portfolio Manager Role Overview We are seeking a USD Rates Relative Value Portfolio Manager with deep expertise in linear RV trading across the Treasury curve and its derivatives.
The role sits beneath a Senior Global Bond RV PM and combines full autonomy over a dedicated sleeve of capital with active idea generation for a larger, highly scaled global rates RV book.
This role is about extracting alpha from curve structure, term premia, and technical dislocations-not macro storytelling and not long-vol heroics.
You will run risk independently, trade actively, and contribute scalable, repeatable RV ideas to the core portfolio.
Key Responsibilities Independent Portfolio Management Manage an autonomous USD rates RV sleeve with defined risk limits and direct P&L accountability Construct and manage linear relative value positions across: Treasury cash bonds Treasury futures Interest rate swaps and swap spreads OIS vs Treasuries Focus on curve, butterfly, spread, and roll-down driven strategies rather than outright directional exposure Curve & Structure-Based Alpha Generation Identify mispricings along and between Treasury curves, driven by: Supply/demand imbalances and issuance dynamics Dealer balance sheet constraints Central bank policy expectations and communication Funding, collateral, and basis effects Design trades that exploit: Curve shape distortions Forward mispricing Sector richness/cheapness On-the-run vs off-the-run dynamics Maintain tight discipline around carry, roll, and convexity bleed Derivatives & Implementation Use derivatives intelligently to express RV views, including: Futures vs cash Swap vs Treasury spreads IMM and forward-starting structures Optimize trade construction for: Capital efficiency Liquidity Execution cost Manage basis risk between instruments rigorously-no hand-waving allowed Contribution to the Main Book Generate scalable linear RV ideas suitable for deployment on the Senior PM's core Global Bond RV portfolio Provide structured trade recommendations with: Clear entry points Risk limits Expected carry/roll profile Scenario outcomes Actively engage in portfolio-level discussions around curve positioning, net duration, and cross-market alignment Risk Management & Discipline Maintain strict controls around: Duration neutrality Curve exposure Concentration by tenor or structure Actively monitor regime shifts (QT/QE, volatility changes, policy uncertainty) and adjust positioning accordingly Conduct rigorous post-trade analysis and drawdown reviews jida2f145bade jit0104ade jpiy26ade