Pension Insurance Corporation, a specialist UK insurer, is recruiting a Rates Trader / Associate Portfolio Manager to its Market Solutions team due sustained growth and success in a newly created role.
The Market Solutions team sits within the broader Investment department; the purpose of this role is to support the Portfolio Managers in the management of the derivatives (including interest rate, inflation, FX & cross currency basis), government bond and liquidity cash-like portion of PIC’s portfolio, taking responsibility for trading Interest Rates and Inflation derivatives.
You will need to effectively collaborate with Risk, Investments and Finance to secure their buy-in and implement improvements to systems, processes, and technology, apply knowledge and insights concerning Rates and Inflation derivatives trading and how this impacts our policyholders, and deliver strong business outcomes relating to capital, profitability, the Company brand, and market reputation whilst achieving positive outcomes to our shareholders on a consistent basis.
Key responsibilities entail:
- Develop and maintain a broad set of counterparty relationships to secure PIC’s access to rates and inflation derivatives liquidity.
- Execute in such a manner that PIC both achieves optimal execution terms and maintains PIC’s reputation as a fair counterparty to deal with
- Distil information from various contacts in the markets to insights for the broader investment team.
- Assist portfolio managers in the management of the interest rate, inflation, FX and derivative portfolios on PIC’s balance sheet
- Work with the broader Markets Solutions team to ensure portfolios for new business and portfolio rebalancing trades are executable.
- Execute trades including full lifecycle management and dealing or trading on behalf of the investments function
- Develop comprehensive chart packs that provide in-depth insights into the global economy, financial markets, and PIC’s investment portfolio, driving informed strategy discussions.
- Take ownership for your own learning and development in both technical (e.g. data analysis and critical judgment) and non-technical (self-insight and relationship management) skills within the Investments function.
Your specific responsibilities will include:
- Effectively collaborate with our counterparties to deepen and broaden relationships to help position PIC as a good counterparty that is thoughtful, responsive, and fair.
- Trading PIC’s interest rates, inflation, and cross currency derivatives portfolios for both portfolio management of the in-force book and when risk managing new liabilities.
- Responsible for generating ideas to enhance PIC’s hedging strategy and source liquidity in the fixed income derivatives market and presenting them to internal stakeholders.
- Effectively collaborates with Public Credit, ALM and Market Solutions colleagues to achieve positive outcomes for the PIC in line with our strategic objectives.
- Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of Markets Solutions.
- Lead on projects improving PIC’s trading capabilities, improving infrastructure and connectivity.
Requirements
Knowledge and skills:
- Strong knowledge of the interest rates derivatives markets and how they apply to our business.
- A proven understanding of how to source liquidity, minimise transaction costs to achieve best execution .
- Expert knowledge of applicable trading systems
- Familiar with the impacts of currency hedging and the Matching Adjustment.
- Intermediate knowledge of Python or similar coding language.
Experience:
- Proven experience of building strong networks internally, as well as strong relationships with key counterparties.
- Experience of Fixed Income Capital Markets trading or dealing at a senior level.
- Experience of delivering analysis that is accurate, well presented, and timely.
Desirable attributes:
- Intellectually curious with a willingness to learn through own research.
- Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
- Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
- Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.
Benefits
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.
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