Associate Portfolio Officer

Associate Portfolio Officer

Job #:req25475Organization:IFCSector:TreasuryGrade:GFTerm Duration: 3 years 0 monthsRecruitment Type:International RecruitmentLocation:Washington, DC,United StatesRequired Language(s):EnglishPreferred Language(s):Closing Date:1/4/2024 (MM/DD/YYYY) at 11:59pm UTC

 

 Description

IFC - a member of the World Bank Group - is the largestglobal development institution focused on the private sector in emergingmarkets. We work in more than 100 countries, using our capital, expertise, andinfluence to create markets and opportunities in developing countries. Infiscal year 2023, IFC committed a record US$43.7 billion to private companiesand financial institutions in developing countries, leveraging the power of theprivate sector to end extreme poverty and boost shared prosperity as economiesgrapple with the impacts of global compounding crises. For more information,visit www.ifc.org.

Liquid Assets Management (CTMLM) in the Treasury &Syndications Vice-Presidency is responsible for managing that portion of IFC'sliquid assets not immediately required for disbursement to the mission, the"Strategic Portfolios".  CTMLM's primaryobjectives are to preserve IFC's capital and maximize returns while operatingin compliance with the Investment Directive including the Risk Appetite Limitsestablished by the Corporate Risk Committee. IFC liquid assets are invested inthe highest-quality interest-bearing instruments (fixed and floating) and heldin distinct and individually managed sector/region-focused-sub-portfolios. Eachsub-portfolio is managed by a Portfolio Manager  (a GG or higher-grade Portfolio Officer with responsibility for adefined subset of fixed-income assets held in the liquidity portfolio) withindividual accountability for their assigned sub-portfolio and sharedaccountability for the overall performance of the Strategic Portfolios.

CTMLM is a small group of highly motivated, team-orientedprofessionals who work closely with IFC's risk, valuations, back-office, andaccounting departments. The portfolio includes the following products:

  High credit sovereign, sovereign guaranteed, and agency bonds in US dollars or asset-swapped into U.S. dollars;
  Domestic and foreign asset-backed, mortgage-backed securities, and other structured finance products in US dollars or asset-swapped into dollars;
  AAA credit corporate bonds, including Covered Bonds;
  Derivative products, including swaps, futures, and option contracts.

CTMLMs primary objective is to preserve the Corporation's capital and earn a return consistent with the Risk Appetite Statement approved by the Corporate Risk Committee (CRC). LAM works in concert with the Cash Management and Funding units of CTM to ensure that the Corporation meets the criteria set by the CRC to ensure sufficient liquidity to meet the needs of the Corporation over the near term and for an extended period, should the Corporation's ability to fund itself in the capital markets be restricted. In addition, team members in CTMLM and Cash Management should be able to back-up one another when needed.
CTMLM is recruiting an Associate Portfolio Officer to be based in Washington, D.C. whose primary responsibilities will be to support the Portfolio Managers through ad-hoc macro-economic analysis, security level analysis (credit, market and ESG) and trade execution support.

Duties and Accountabilities

Responsibilities include, but are not limited to: 
  Aiding with the surveillance of eligible investments' executable market levels, credit and ESG characteristics including, inter alia, bonds issued by sovereigns and their instrumentalities, private corporations (mostly commercial banks) and SPVs
  Obtaining best execution for the Corporation following the orders of portfolio managers and entering executed transactions into IFC systems/verifying success of straight-through processing
  Executing repurchase transactions for US Treasuries held in Net Worth Liquidity and transactions during London trading hours when needed. This position will require staff to come to the office very early, e.g., 4 a.m., periodically.
  Aiding with credit and market-risk assessment for new securities and their issuers. 
  Aiding with the surveillance and analysis of the legal and political environments for eligible investments
  Develop and maintain financial models to monitor the creditworthiness of portfolio companies and prospective portfolio companies and/or tranches of securitizations.
  Analysis of the various options for hedging foreign exchange and interest rate risk for eligible investments
  Opening accounts with dealers and maintaining KYB when applicable
  Aiding with Portfolio Monitoring (ongoing surveillance) and Reporting, including, inter alia, preparation of inputs for and summaries of meetings of the portfolio managers and inputs for the notes to IFC's financial reports for investors.

Selection Criteria

  Graduate-level Degree in Finance or a quantitative field and a CFA
  4 or more years of relevant experience or an equivalent combination of education and experience.
  Knowledge of the ways FX swaps and OTC derivatives (interest-rate and cross-currency basis swaps) are used for hedging fixed-income instruments.
  Completion of a commercial bank or IFC credit training course preferred.
  Ability to work under pressure.
  Understanding of macroeconomics.
  Strong quantitative skills.
  Open to initiatives and risks; comfortable operating in an open, team-based environment.
  Excellent oral and written communication skills.
  Detail oriented.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.