Agency MBS Portfolio Manager – Associate

When someone joins JPMorgan Chase, they should know this is a place where they belong. The Treasury and Chief Investment Office (TCIO) at JPMorgan Chase & Co. is responsible for firm wide asset and liability management for one of the world's largest global financial institutions with more than $5.0tn in assets and liabilities, including more than $2.7tn in deposits. TCIO is responsible for developing and executing the firm's capital, balance sheet, liquidity and funding strategy. TCIO oversees a $800 billion global investment securities portfolio that is used to earn returns on excess deposits while managing the interest rate risk of the firm against its liabilities. We are looking for a junior portfolio manager to join our TCIO Investment Portfolio Agency Mortgage-Backed Securities Team, one of the primary asset classes within TCIO's broader portfolio of fixed income investments.
As an Associate or Vice President in our Investment Portfolio Agency Mortgage-Backed Securities Team, within the TCIO, you will spend each day generating research, executing trades, and monitoring markets — contributing to a team responsible for prudently managing the firm's Agency MBS investments with the goal of maximizing risk-adjusted returns in the context of the firm's overall objectives and capital and liquidity framework.
Job responsibilities
Conduct data-driven, relative-value analysis to generate trade ideas and help inform the portfolio's overall MBS exposure, coupon positioning, and security selection across TBA and specified pool markets
Execute trades, engage in dialogue, and build relationships with sell-side counterparties, incorporating market color and axes into the desk's view
Analyze broader trends around supply and demand, prepayments, housing, and the macro environment to inform positioning
Improve desk processes and analytics
Prepare and deliver presentations and market updates for the broader TCIO Investment Portfolio team and senior management
Work with business partners including Middle Office, Risk, Finance, and TCIO Strategy
Required qualifications, capabilities, and skills
3+ years of relevant experience in fixed income sales and trading, portfolio management, or research
Strong understanding of interest rates and fixed income markets
Strong quantitative and data analysis skills
Self-starter with ability to continually drive results even under uncertainty
Excellent communication skills; ability to simply convey complex ideas
Team-oriented, collaborative mindset; ability to engage in and promote healthy discussion about markets and potential investments
Preferred qualifications, capabilities, and skills
Strong understanding of mortgage market dynamics, prepayments, and convexity
Proficiency in Python or similar for manipulating and analyzing data
Knowledge of macroeconomics and macro-driven investing
3+ years of relevant experience within Agency MBS fixed income, in areas such as sales and trading, portfolio management, or research