Millennium
Risk Manager - Credit
London
Posted 5 months ago
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The Firm seeks a senior Risk Manager
The Firm seeks a senior Risk Manager to join its Credit Risk Management team in London. The successful candidate will oversee the independent risk management of credit portfolios across corporate bonds, loans, credit derivatives, and structured credit in EMEA, US & Asia.
Primary Responsibilities
- Own independent risk oversight: Oversee global credit portfolios, with a clear view of exposures across credit spread, default, recovery, curve, basis, convexity, embedded optionality, ratings migration, financing, liquidity, and correlation.
- Analyze P&L and risk: Analyze risk drivers, P&L attribution, hedging efficiency, scenario behavior, and tail outcomes for portfolios trading corporate bonds (investment grade and high-yield), leveraged loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products such as CLOs and non-agency MBS.
- Develop and oversee risk guidelines: Establish guidelines for portfolio construction, concentration, liquidity, gap risk, financing, and drawdown. Ensure mandates are defined, scalable, and consistently observed.
- Review trade and portfolio construction: Review positions with close attention to bond and loan terms, covenants, capital structure, seniority and security, structural protections, embedded optionality (calls, puts, prepayment and extension risk), CDS documentation, index and tranche construction, financing and margin assumptions, and event risk (ratings actions, refinancings, restructurings, and defaults). Assess both directional and relative-value risk, including basis and capital-structure trades.
- Review portfolio risk: Work closely with portfolio managers to assess positions where risk may be mispriced, crowded, imperfectly hedged, or less aligned with mandate, liquidity, or market regime, with particular focus on default and downgrade risk, complex structures, and crowded credit themes.
- Evaluate portfolio manager candidates: Assess prospective Portfolio Manager candidates by testing the strength of their process, risk discipline, hedging approach, portfolio construction, and historical returns.
- Improve risk infrastructure: Enhance the Firm’s models, systems, and reporting for credit risk. Work with quantitative researchers and technologists to improve valuation, stress testing, exposure decomposition, default and loss modeling, and real-time reporting.
- Communicate with precision: Present key exposures, stress results, and changes in market structure clearly to senior leadership and investment teams.
- Monitor global market developments: Track primary and secondary market activity, issuance trends, liquidity, market structure, rating migration, default cycles, and regional differences in the U.S., Europe, and Asia that may affect risk-taking and portfolio construction.
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Required Qualifications & Skills
Experience
- At least eight years of experience in risk management, trading, structuring, or desk strategy, with significant exposure to traded credit products and credit relative-value strategies.
- Deep knowledge of traded credit instruments and their key risk drivers, including credit spread and default risk, recovery assumptions, term structure and curve risk, basis and correlation, volatility and optionality (calls, puts, prepayments, extensions), financing, and liquidity.
- Strong understanding of how corporate bonds, loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products (including CLOs and non-agency MBS) interact with related instruments such as rates, FX, equities, and index options, as well as capital-structure and basis hedges.
- Demonstrated ability to oversee day-to-day portfolio risk while leading complex strategic projects.
- Experience in trading, structuring, or portfolio construction is highly desirable, though this is a dedicated risk management role.
- Experience across U.S., European, and Asian credit markets is strongly preferred.
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Skills & Knowledge
- Quantitative and programming skills: Strong quantitative and programming skills, including Python and SQL, for data analysis, model development, and automation.
- Valuation and risk modeling: Strong understanding of derivative pricing, asset pricing, financial econometrics, and risk techniques relevant to credit products, including spread and default modeling, recovery and loss-given-default modeling, correlation and tranche modeling, and liquidity and gap-risk analysis.
- Market judgment: Sound judgment in assessing portfolio risk under normal and stressed conditions, including gap risk, short squeezes, credit events, volatility shocks, and liquidity deterioration.
- Communication: Excellent written and verbal communication skills, with the ability to build effective relationships with portfolio managers, traders, quantitative researchers, and senior stakeholders.
Education
- A degree in a quantitative discipline, such as Finance, Economics, Engineering, Mathematics, or Computer Science.
- A graduate degree is strongly preferred.
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