Portfolio Manager – Emerging Markets Credit

We have been exclusively mandated by a long-standing hedge fund to identify a Senior Portfolio Manager for a London-based, macro oriented Emerging Markets team. The strategy invests across sovereign and corporate bonds, FX and rates through a top-down macro lens, with sovereign dynamics, geopolitical risk and rates developments driving positioning across global Emerging Markets. Relative value expression and disciplined, multi-instrument hedging sit at the core of how the book is managed. The strategy places particular emphasis on identifying asymmetric relative value opportunities across Emerging Markets fixed income and constructing technically rigorous hedging programmes across rates, FX and credit instruments. Areas of Expertise Sovereign bonds, Corporate bonds, Interest rate swaps, FX options, Credit indices, Hard & local currency, Cross-market RV The Strategy Top-down, macro-informed Emerging Markets fixed income with an emphasis on relative value and technically sophisticated hedging The Role Construct and manage a global Emerging Markets fixed income portfolio through a top-down macro lens, covering sovereigns, quasi-sovereigns and corporates across LATAM, CEEMEA, APAC and broader global Emerging Markets in both hard and local currency Identify and execute asymmetric relative value opportunities across curves, cross-market dislocations and spread relationships, expressing macro-informed views with precision and discipline Design and actively manage technically complex, multi-instrument hedging strategies across interest rate swaps, FX options, credit indices and related derivatives, isolating and controlling risk across geographies, currencies and instrument types Monitor sovereign credit dynamics, rates markets, geopolitical developments and market flows, adjusting positioning dynamically as the macro backdrop evolves across target regions Maintain strong sell-side relationships to source liquidity, track market technicals and execute efficiently across cash and synthetic instruments Collaborate with senior leadership on risk budgeting, capital allocation and the ongoing development of the strategy Who we are looking for A senior Emerging Markets investment professional with a clear track record running a macro-driven fixed income book across LATAM, CEEMEA and/or APAC, with sovereign dynamics and rates at the centre of the investment process Proven depth in relative value investing across Emerging Markets fixed income, with a well-developed instinct for identifying curve, cross-market and spread dislocations and the technical precision to size and execute them well Genuine expertise in constructing and managing multi-instrument hedging programmes across interest rate swaps, FX options, credit indices and other derivatives, in both hard and local currency markets Strong command of sovereign credit, Emerging Markets rates and the geopolitical factors that drive spread and currency behaviour across target regions Buy-side portfolio management and experienced sell-side trading profiles are both relevant; the defining criterion is a disciplined, macro-informed track record in liquid global Emerging Markets fixed income Established relationships across Emerging Markets sell-side desks and trading counterparties viewed favourably