Responsibilities
Portfolio Strategy & Asset Allocation
- Top-down allocation: Define strategic and tactical asset allocation across public fixed-income sectors (e.g., government bonds, corporate credit, high-yield, emerging market debt).
- Macro analysis: Analyze global macroeconomic trends, interest rate movements, central bank policies, and credit cycles to position the portfolio.
- Risk budgeting: Allocate risk capital across different fixed-income styles, durations, and credit spectrums to optimize the risk-adjusted return.
Manager Selection & Due Diligence (Research)
- Manager sourcing: Identify top-tier fixed-income managers, mutual funds, and institutional mandates globally.
- Investment due diligence (IDD): Evaluate managers' investment philosophies, credit research capabilities, trading execution, historical performance, and consistency.
- Operational due diligence (ODD): Assess the institutional framework of target funds, including risk controls, compliance, valuation policies, and infrastructure.
- Fee negotiation: Leverage the large size of the FoF to negotiate institutional share classes, sub-advisory fees, or customized side letters.
Portfolio Construction & Implementation
- Blending strategies: Combine complementary managers (e.g., pairing a macro-driven duration manager with a bottom-up credit picker) to minimize unwanted overlap.
- Liquidity management: Ensure the FoF maintains adequate liquidity to meet investor redemptions, especially during fixed-income market stress.
- Transition management: Oversee the efficient movement of capital when hiring or firing underlying fund managers to minimize transaction costs.
Risk Management & Monitoring
- Performance attribution: Use tools like Barclays POINT, Aladdin, or Bloomberg to analyze which underlying managers are driving or dragging returns.
- Exposure tracking: Monitor aggregated portfolio metrics including duration, convexity, credit rating breakdown, and country/currency exposures.
- Style drift policing: Ensure underlying managers strictly adhere to their stated fixed-income mandates and risk limits.
Stakeholder Communication & Reporting
- Client reporting: Prepare performance updates, market commentaries, and portfolio insights for institutional clients, boards, or internal investment committees.
- Investment committee presentation: Write formal investment memos and pitch new manager recommendations to the firm's leadership.
Requirements
- Bachelor's degree holder from a globally recognised university
- CFA would be strongly preferred
- At least 6-8 years of relevant experience in Fund of Funds (FOFs) investment or fixed income
- Global mandate experience is mandatory
- Prior and current working experience in Hong Kong is required
- Excellent command of English
