Associate Macro Portfolio Manager
Location
Zürich
?Role Overview
We have partnered with a leading alternative investment manager looking to hire an Associate Macro Portfolio Manager to join their highly respected macro investment unit in Zurich.
The ideal candidate will bring a deep understanding of European Government Bonds (EGBs), including market structure, issuance patterns, and spread behavior, as well as a broader grounding in G10 Rates. This is not a purely analytical role - the firm is looking for someone who is ready to transition into active risk-taking in the near term, with a clear path toward assuming portfolio risk and pnl responsibility.
This is a high-impact seat within a technically sophisticated team trading significant volumes across EUR Rates, Rates Vol, Govies, FX, and Credit. The successful candidate will take ownership of trade idea generation, modeling and analytics, and contribute directly to portfolio construction and risk discussions.
It is an exceptional opportunity for someone who is intellectually curious, deeply engaged in bond markets, and looking to step into a front-line portfolio management role within a collaborative, highly respected team.
Key Responsibilities
- Trade & Idea Generation
- Contribute to macro and EGB trade ideas across 6–24 month horizons, with a focus on spread dynamics, relative value, and market structure
- Support strategic and tactical portfolio construction through data-driven insights
- Analytical & Modelling Support
- Build and maintain models and frameworks to analyze rates and EGBs, including curve modeling, spread decomposition, and scenario analysis
- Quantify and visualize risk, carry, and valuation across sovereign curves
- Risk Coverage & Delegation
- Provide risk coverage for senior PMs and step in to oversee portfolio segments as required
- Progressively take ownership of analytical and tactical elements of portfolio risk management
- Research & Market Strategy
- Produce concise market commentary and strategic research for internal and external stakeholders
- Distill complex macro and technical concepts into actionable insights
- Collaboration & Cross-Functional Integration
- Work closely with other PMs, strategists, and balance sheet management teams to ensure optimal portfolio alignment within insurance constraints
Requirements & Qualifications
- 3-7 years’ experience as a Rates Strategist, Desk Strategist, Rates Trader, or Associate Portfolio Manager, with strong knowledge of EGBs/European Rates
- Strong grounding in European Government Bonds, including market structure, issuance, and spread dynamics
- Fluent in Python with strong coding and data analysis skills
- Excellent understanding of curve dynamics, cross-market spreads, and macro fundamentals
- Demonstrable quantitative reasoning and problem-solving ability
- Clear, concise communicator with the ability to simplify complex market dynamics
- Collaborative, pragmatic, and commercially aware personality
- Deeply curious and interested in learning about insurance and other topics outside of pure macro investing
- Bachelor’s or Master’s degree from a top-tier university in Economics, Finance, Engineering, or related quantitative fields
