Millennium
Emerging Markets Risk Manager
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About Millennium
Millennium is a global, diversified alternative investment firm, founded in 1989. Defined by evolution, innovation and focus, Millennium’s mission is to deliver results for our investors.
Our people are empowered with both independence and support: the autonomy to pursue ideas with conviction and the backing of a global network committed to collaboration, disciplined risk management and continuous learning. With opportunities to deepen expertise and accelerate development, talent at Millennium is equipped to adapt, evolve and build lasting impact over time.
Meet the Team
Millennium’s Global Risk Management Department is responsible for identifying, measuring, monitoring, managing, and reporting the risks associated with the firm’s portfolios at both the firm-wide and Portfolio Manager levels. Within this organization, the Emerging Markets Risk Management team focuses on the risks inherent in emerging markets investing across sovereign and corporate credit, local and hard-currency debt, FX, and rates spanning EMEA, Latin America, Asia, and other developing regions. The team works across regions and product classes in a dynamic environment shaped by evolving market structure, liquidity conditions, and macroeconomic and political developments.
What You'll Do
- Independent risk oversight of global emerging markets portfolios across sovereign and corporate credit, FX, local and external rates, and related cross-asset exposures.
- Analyze portfolio risk drivers, P & L attribution, hedging effectiveness, scenario behavior, and tail-risk outcomes across EM cash and derivative instruments.
- Establish and maintain clear risk guidelines covering portfolio construction, concentration, liquidity, leverage, financing, event risk, and drawdown parameters.
- Review trades and portfolio construction with close attention to instrument structure, documentation, optionality, funding assumptions, and market access considerations.
- Partner with portfolio managers to challenge positions where risk may be mispriced, crowded, imperfectly hedged, or inconsistent with mandate, liquidity profile, or market regime.
- Evaluate prospective Emerging Markets Portfolio Manager candidates by assessing investment process, risk discipline, portfolio construction, hedging approach, and performance across market cycles.
- Enhance emerging markets risk models, systems, and reporting in partnership with quantitative researchers and technologists, including stress testing, exposure decomposition, and liquidity analysis.
- Communicate key country, thematic, and portfolio risks clearly to senior leadership and investment teams, while monitoring market, policy, ratings, default, and restructuring developments across emerging markets.
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What You Bring
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- Significant experience in risk management, trading, structuring, or desk strategy, with deep exposure to emerging markets credit, FX, rates, and relative-value strategies.
- Strong knowledge of EM sovereign and corporate instruments and the core risks that drive them, including spread, default, recovery, curve, FX, rates, basis, correlation, volatility, optionality, financing, and liquidity risk.
- Solid understanding of how EM bonds, loans, credit indices, FX, rates products, and structured instruments interact with broader cross-asset markets and hedging frameworks.
- Proven ability to manage day-to-day portfolio risk while driving complex, cross-regional strategic risk initiatives.
- Experience in emerging markets trading, structuring, or portfolio construction is preferred, with multi-region exposure across Latin America, EMEA, and Asia strongly valued.
- Solid programming skills, including Python, with the ability to support data analysis, model development, and automation.
- Sound judgment in assessing portfolio risk across normal and stressed market conditions, including policy shocks, restructurings, capital outflows, FX devaluations, and liquidity stress.
- A degree in Finance, Economics, Engineering, Mathematics, Computer Science, or another quantitative discipline.
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