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Form of workPosition Overview
At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company's success. As a Managing Director in ALM Investments - Portfolio Management, you will be based in New York, NY.
The successful candidate will be a key contributor to a team which manages a broad portfolio of fixed income assets and derivative products.
This is a front-office, buy-side position within the investment management arm of PNC's bank portfolio (ALM Investments). The successful candidate will have the opportunity to work directly with senior portfolio managers and PNC's CIO.
The ideal candidate will have in-depth knowledge and experience trading in various fixed income investment products, including agency mortgage-backed securities rates and/or other structured products or liquid trading products such as swaps, basis swaps, swaptions, futures and futures options, and treasuries.
Additionally, the candidate will have a well-rounded skill-set that includes hands-on abilities for valuation and risk modelling for structured fixed income products, finance and accounting knowledge, interpersonal skills for working within a team atmosphere as well as interacting with external market participants, and the ability to provide practical solutions for improving investment performance and risk management.
This role will require the candidate to be a highly proactive self-starter that is also capable of influencing production from other members of the team or across teams within PNC. Strong communication and interpersonal skills are necessary for working in this highly collaborative environment.
Potential areas of focus may include (and will be highly visible within the firm):
1)Agency MBS trading, research, and Portfolio Management
a.Analyzing, investing, and trading in TBAs, CMOs, and specified pools
b.Analysis of actual and expected performance of existing and potential portfolio compositions and benchmark indices
c.Regular interaction with other market participants and counterparties, gathering commentaries and market intelligence in support of potential investment actions
2)Fixed Income modelling, risk/analytics, returns performance, and trading strategies for other liquid fixed income products
3)Leading or assisting in the execution of various projects related to bank investment Portfolio Management, including hedge accounting, audits, and regulatory requirements.
• Agency mortgage-backed securities trading experience is required.
• Bank investment portfolio and balance sheet experience is preferred.
• A quantitatively focused graduate degree or CFA is preferred.
• The candidate should be comfortable leading junior team members.
• The candidate should have experience in a variety of valuation and risk applications:
oBloomberg
oAladdin preferred
• Some background in statistics or data science for use in investment analysis and research (regression analysis, time series modeling, and probability).
• Background in financial mathematics: calculus, linear algebra, bond math, options pricing.
• Demonstrated experience in project management (establishing objectives, tracking progress, creating presentations for communicating updates/results to senior executives, and managing tight deadlines).
• Strong communication and interpersonal skills are necessary for working in this highly collaborative environment.
PNC does not provide sponsorship for this role.
Job Description
PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be:
Competencies
Asset and Liability Management (ALM) - Knowledge of asset and liability tools, techniques and business practices; ability to manage, measure, and monitor risks associated with assets and liabilities.
Industry Knowledge - Knowledge of the organization's industry group, trends, directions, major issues, regulatory considerations, and trendsetters; ability to apply this knowledge appropriately to diverse situations.
Investments - Knowledge of the investments business and ability to analyze and evaluate asset types, market and industry trends, major issues, and regulatory considerations.
Market Risk - Knowledge of processes, tools, and techniques used for analyzing market risk; ability to assess and manage investment exposures to market risk.
Portfolio Management - Knowledge of and ability to utilize the tools, techniques, and acceptable business practices associated with managing a client's securities investments.
Pricing Models and Analytics - Knowledge of pricing tools, techniques and methods; ability to assess analytical and pricing models through the use of statistical principles.
Regulatory Environment - Financial Services - Knowledge of and ability to help an organization adapt to applicable federal, state, local, and company-specific regulations, policies, and guidelines affecting business practices.
Work Experience
Roles at this level typically require a university / college degree. Higher level education such as a Masters degree, or PhD is desirable. Industry experience is typically 8 + years. Specific certifications are often required. In lieu of a degree, a comparable combination of education and experience (including military service) may be considered.
Education
Bachelors
Additional Job Description
Attachments
Benefits
PNC offers employees a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full-time employees include medical/prescription drug coverage (with a Health Savings Account feature); dental and vision options; employee and spouse/child life insurance; short- and long-term disability protection; maternity and parental leave; paid holidays, vacation days and occasional absence time; 401(k), pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption assistance; educational assistance and a robust wellness program with financial incentives. To learn more about these and other programs, including benefits for part-time employees, visit pncbenefits.com > New to PNC.
Disability Accommodations Statement:
The PNC workplace is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the PNC Careers website or submission process, please call 877-968-7762 and select Option 4: Recruiting or contact us via email at pathfinder@pnc.com.
The Human Resources Service Center hours of operation are Monday - Friday 9:00 AM to 5:00 PM ET.
Equal Employment Opportunity (EEO):
PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.
California Residents
Refer to the California Consumer Privacy Act Privacy Notice to gain understanding of how PNC may use or disclose your personal information in our hiring practices.
At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company's success. As a Managing Director in ALM Investments - Portfolio Management, you will be based in New York, NY.
The successful candidate will be a key contributor to a team which manages a broad portfolio of fixed income assets and derivative products.
This is a front-office, buy-side position within the investment management arm of PNC's bank portfolio (ALM Investments). The successful candidate will have the opportunity to work directly with senior portfolio managers and PNC's CIO.
The ideal candidate will have in-depth knowledge and experience trading in various fixed income investment products, including agency mortgage-backed securities rates and/or other structured products or liquid trading products such as swaps, basis swaps, swaptions, futures and futures options, and treasuries.
Additionally, the candidate will have a well-rounded skill-set that includes hands-on abilities for valuation and risk modelling for structured fixed income products, finance and accounting knowledge, interpersonal skills for working within a team atmosphere as well as interacting with external market participants, and the ability to provide practical solutions for improving investment performance and risk management.
This role will require the candidate to be a highly proactive self-starter that is also capable of influencing production from other members of the team or across teams within PNC. Strong communication and interpersonal skills are necessary for working in this highly collaborative environment.
Potential areas of focus may include (and will be highly visible within the firm):
1)Agency MBS trading, research, and Portfolio Management
a.Analyzing, investing, and trading in TBAs, CMOs, and specified pools
b.Analysis of actual and expected performance of existing and potential portfolio compositions and benchmark indices
c.Regular interaction with other market participants and counterparties, gathering commentaries and market intelligence in support of potential investment actions
2)Fixed Income modelling, risk/analytics, returns performance, and trading strategies for other liquid fixed income products
3)Leading or assisting in the execution of various projects related to bank investment Portfolio Management, including hedge accounting, audits, and regulatory requirements.
• Agency mortgage-backed securities trading experience is required.
• Bank investment portfolio and balance sheet experience is preferred.
• A quantitatively focused graduate degree or CFA is preferred.
• The candidate should be comfortable leading junior team members.
• The candidate should have experience in a variety of valuation and risk applications:
oBloomberg
oAladdin preferred
• Some background in statistics or data science for use in investment analysis and research (regression analysis, time series modeling, and probability).
• Background in financial mathematics: calculus, linear algebra, bond math, options pricing.
• Demonstrated experience in project management (establishing objectives, tracking progress, creating presentations for communicating updates/results to senior executives, and managing tight deadlines).
• Strong communication and interpersonal skills are necessary for working in this highly collaborative environment.
PNC does not provide sponsorship for this role.
Job Description
- Oversees moderately complex transaction and portfolio level analysis, research and report preparation. Performs and/or oversees due diligence and statistical analysis related to Portfolio Management.
- Frequently utilizes an understanding of financial instruments and overall investment portfolio to contribute to investment decision making process and development of investment/trading strategies.
- Manages various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives. Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.
- Provides input on the administration and performance of select processes and procedures.
- Makes and presents recommendations to ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assesses the potential impact of these on ALM and the assigned business unit.
PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be:
- Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
- Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.
Competencies
Asset and Liability Management (ALM) - Knowledge of asset and liability tools, techniques and business practices; ability to manage, measure, and monitor risks associated with assets and liabilities.
Industry Knowledge - Knowledge of the organization's industry group, trends, directions, major issues, regulatory considerations, and trendsetters; ability to apply this knowledge appropriately to diverse situations.
Investments - Knowledge of the investments business and ability to analyze and evaluate asset types, market and industry trends, major issues, and regulatory considerations.
Market Risk - Knowledge of processes, tools, and techniques used for analyzing market risk; ability to assess and manage investment exposures to market risk.
Portfolio Management - Knowledge of and ability to utilize the tools, techniques, and acceptable business practices associated with managing a client's securities investments.
Pricing Models and Analytics - Knowledge of pricing tools, techniques and methods; ability to assess analytical and pricing models through the use of statistical principles.
Regulatory Environment - Financial Services - Knowledge of and ability to help an organization adapt to applicable federal, state, local, and company-specific regulations, policies, and guidelines affecting business practices.
Work Experience
Roles at this level typically require a university / college degree. Higher level education such as a Masters degree, or PhD is desirable. Industry experience is typically 8 + years. Specific certifications are often required. In lieu of a degree, a comparable combination of education and experience (including military service) may be considered.
Education
Bachelors
Additional Job Description
- Base Salary: 104,000 - $350,000
Where a person is paid in the compensation range is aligned to their experiences and skills. Placement within the compensation range is based on the specific role and the following factors:- Lower in range - Building skills and experience in the job
- Within the range - Experience and skills within the proficiency in the role
- Higher in the range - Experience and skills add value above the typical requirements of the role
- Compensation ranges may vary based on geographic location
Incentives:
Role is incentive eligible with the payment based on the company, business and individual performance.
Attachments
Benefits
PNC offers employees a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full-time employees include medical/prescription drug coverage (with a Health Savings Account feature); dental and vision options; employee and spouse/child life insurance; short- and long-term disability protection; maternity and parental leave; paid holidays, vacation days and occasional absence time; 401(k), pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption assistance; educational assistance and a robust wellness program with financial incentives. To learn more about these and other programs, including benefits for part-time employees, visit pncbenefits.com > New to PNC.
Disability Accommodations Statement:
The PNC workplace is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the PNC Careers website or submission process, please call 877-968-7762 and select Option 4: Recruiting or contact us via email at pathfinder@pnc.com.
The Human Resources Service Center hours of operation are Monday - Friday 9:00 AM to 5:00 PM ET.
Equal Employment Opportunity (EEO):
PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.
California Residents
Refer to the California Consumer Privacy Act Privacy Notice to gain understanding of how PNC may use or disclose your personal information in our hiring practices.
