USD Rates Relative Value Portfolio Manager

Brevan Howard Investment Products Limited, Saint-Hélier (Jersey), succursale de Genève

Role OverviewWe are seeking aUSD Rates Relative Value Portfolio Managerwith deep expertise inlinear RV trading across the U.S. Treasury curve and its derivatives. The role sits beneath a Senior Global Bond RV PM and combinesfull autonomy over a dedicated sleeve of capitalwithactive idea generation for a larger, highly scaled global rates RV book.This role is aboutextracting 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 ResponsibilitiesIndependent Portfolio ManagementManage anautonomous USD rates RV sleevewith defined risk limits and direct P&L accountability Construct and managelinear relative value positionsacross: U.S. 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 exposureCurve & Structure-Based Alpha GenerationIdentifymispricings 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 bleedDerivatives & ImplementationUse 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 allowedContribution to the Main BookGeneratescalable linear RV ideassuitable 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 alignmentRisk Management & DisciplineMaintain 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