Fixed Income Portfolio Manager

Fixed Income PM

We have partnered with a fast-growing UK insurer looking to hire a Fixed Income Portfolio Manager to play a strategic role in driving returns across a sizeable (double-digit billion AUM) public credit book. This is a newly created and highly visible role within a collaborative, well-respected investment team, reflecting the firm`s growth and expanded investment universe after recent Solvency II reforms.

The business is experiencing double-digit annualized growth, driven by strong investment performance and growing AUM, while at the same time experiencing a progressive shift from outsourced mandates to in-house portfolio management. 

The public credit/fixed income team has transitioned from outsourcing the majority of public fixed income assets to managing most of the portfolio internally, with select exposure still allocated to external managers. As the platform scales given the wide opportunity set across fixed income where the team has not allocated capital, this role will be instrumental in identifying potential investment opportunities across the global IG fixed income universe — spanning IG corporates, Munis, securitized credit and other MA-eligible assets.

This is not an asset allocation role in the traditional sense but rather an opportunity for someone with broad fixed income experience, insurance understanding and strong relative value acumen (eg. ability to identify opportunities across the relevant fixed income universe) to generate investment ideas to influence portfolio direction, whilst ensuring new exposures are implemented and embedded across the book. You will be expected to deeply understand the current portfolio, proactively surface new ideas and drive cross-functional buy-in across key stakeholders (e.g. ALM, Risk, trading and external managers) through clear, concise and well-articulated investment cases.

The firm operates a long-only, buy & maintain approach with active risk management. The culture is highly collaborative with a flat & team-driven structure, with team-wide performance attribution across the board.

Key Responsibilities

• Analyse the full global investment grade fixed income universe to identify high-conviction investment opportunities (at an asset class level) under the Solvency II MA framework.
• Proactively propose and implement strategic exposures across public fixed income, identifying areas of over- or under-exposure and recommending rebalancing or new asset class inclusion.
• Build robust, technically sound investment cases in an easy-to-understand format, covering key metrics such as yield pickup, capital efficiency, liquidity constraints and risk-return tradeoffs.
• Collaborate with various teams (e.g. ALM, Risk, Credit Research and Trading) to gain alignment on new exposures and ensure successful implementation of strategic ideas.
• Monitor macroeconomic trends, market developments and solvency-related regulatory changes to keep the portfolio forward-looking and optimally positioned.
• Maintain strategic oversight of external managers (e.g., Munis, EM) and support evaluation of new external managers where needed.
• Drive portfolio-level performance by influencing which asset classes are emphasized within the existing book.
• Help shape internal frameworks for evaluating new asset classes with a focus on practical, commercial risk assessment over model-heavy analysis.

Requirements & Qualifications

• 8–15+ years of experience in fixed income — ideally across global IG credit, multi-sector credit, or insurance-focused portfolio strategy.
• Strong working knowledge of the Solvency II MA framework (or any other insurance regulatory frameworks) and the capital efficiency considerations of insurers is considered a plus, however not required
• Demonstrated ability to build and communicate clear investment cases rooted in relative value analysis between a wide opportunity set, market positioning and liquidity constraints.
• Comfortable looking across the full global IG public credit/fixed income opportunity set and assessing where capital should be deployed next.
• Excellent communication and stakeholder management skills, with the gravitas to influence cross-functional teams and committees.
• Prior experience in an insurance or pension investment context is highly desired
• Collaborative, low-ego and commercially driven, thriving in an environment where performance is shared and outcomes are team-based.
• Recognised professional qualification (e.g. CFA) preferred.