Bachelor's Degree in finance, accounting, economics or business management and administration, Applied Mathematics or Statistics and two (2) years of work experience in institutional investing, pension fund management, trust fund management, or applied mathematics. Master's degree in the above fields or Financial Engineering may substitute for two (2) years of the recommended work experience.
This position exists to assist senior portfolio managers for New Mexico Educational Retirement Board's (NMERB) investment grade fixed income portfolio, approximately $1 billion, of our total $12.5 billion investment assets. Responsibilities will include the daily operations of the portfolio trading, monitoring economic and market metrics, assisting the senior portfolio managers in analyzing credit and structure decisions regarding value and fit to the Core Bonds Fund, and monitoring the fund performance against an industry-wide benchmark and within the mandates of New Mexico statutes.
Key responsibilities include:
1. Assist the senior portfolio managers in the selection and trading of securities for the core fixed income portion of NMERB's asset portfolio and participate in portfolio strategy and structure discussions.
• Monitor and analyze market conditions through general news and investment reporting and both paid and broker-provided research.
• Participate in scenario analysis to determine impact of changing market conditions on the portfolio and on individual securities.
• Assist senior portfolio managers in determining asset sector weightings relative to the benchmark, including independent research on sectors and industries within the benchmark.
• Research and analyze investment securities and make recommendations to the senior portfolio managers. This includes the analysis of individual securities, corporate credit, collateral performance, capital structure, cash flow waterfalls, bond covenants, prepayment risk, and duration risk.
• Use research and credit rating agencies to evaluate individual securities and companies. Analyze company financial statements to determine creditworthiness and relative value to other issuers.
2. Participate with the portfolio managers in tracking and maintaining diligence materials on current and prospective investment opportunities.
• Monitor and manage the portfolio daily cash flows by reviewing daily reports from the custody bank for current cash and future trade, income and corporate action settlements. Monitor other cash flows in the portfolio such as receipts of principal from maturing securities and contributions or withdrawals due to overall portfolio asset allocation.
• Monitor custodial issues (corporate actions, calls, tenders, settlements) and alert senior portfolio managers as needed.
• Perform daily trade documentation process (blotter, ticket writing, scanning, emailing) for approval and submit appropriate documentation for settlement.
• Coordinate with the investment accounting office for trade settlement issues.
• Update files for broker relationships and credit of counterparties.
3. Participate with the portfolio managers in the monitoring of the current portfolios.
• Using portfolio management software, prepare forward-looking analysis of market change expectations and modeling portfolio impact of planned portfolio changes and modeling stress tests on the portfolio.
• Develop an understanding of performance, tracking error and various measurements of investment risks.
• Create spreadsheets and reports as requested by senior portfolio managers.
• Gain proficiency in systems: Bloomberg, Aladdin, My State Street, Microsoft Office, MarketAxess.
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