J K Barnes
Rates Relative Value Portfolio Manager
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J K Barnes is representing an established, mid-sized global hedge fund seeking an experienced Rates Relative Value Portfolio Manager.
The firm has deliberately maintained a relatively low external profile. It offers the institutional infrastructure and capital of a sophisticated global hedge fund, while retaining a more selective investment platform where successful Portfolio Managers can have genuine visibility, influence, and long-term importance to the business.
This opportunity is suited to an established PM running a repeatable and predominantly market-neutral relative-value strategy across global rates.
Candidate Profile
The successful candidate should demonstrate:
- A live or recently managed Rates Relative Value strategy
- A sustained Sharpe ratio above 1.7
- More than $20 million in annualized PnL
- A strategy focused primarily on intra-asset relative value within rates
- No more than approximately 40% of risk or returns attributable to directional positioning
- A clear and repeatable process for identifying and monetizing pricing dislocations
- Strong portfolio construction, leverage, liquidity, financing, and drawdown management
- Clearly defined capital requirements, capacity, and scalability
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Relevant Strategies
The fund is interested in areas including:
- Government bond relative value
- Yield-curve and butterfly strategies
- Swap-spread and basis trading
- Cash-versus-futures relative value
- Cross-market rates relative value
- Inflation and breakeven strategies
- Short-term interest-rate relative value
- Rates volatility and options-based relative value
- Relative value across closely related maturities, instruments, and markets
Relevant instruments may include government bonds, interest-rate swaps, futures, options, inflation products, and related rates derivatives.
The Opportunity
The successful Portfolio Manager can expect:
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- A meaningful capital allocation aligned with the strategy’s capacity
- Institutional-quality execution, technology, data, financing, and risk infrastructure
- Competitive performance-linked economics
- Access to quantitative, engineering, and operational support
- The ability to bring or build a supporting team where justified
- A more focused and influential position than is typically available within the largest multi-manager platforms
This mandate is not intended for predominantly directional global macro strategies, broad cross-asset relative value, or portfolios whose performance relies heavily on outright duration and central-bank views.
All conversations will be handled on a strictly confidential basis.
To discuss the opportunity, please contact me directly with a brief overview of your strategy, track record, directional exposure, capital requirements, and current team structure.
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