Portfolio Manager - Foreign Exchange Division, Markets Directorate London, England
Job description
Portfolio Manager - Foreign Exchange Division, Markets Directorate
- (008830)The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Markets Directorate includes seven Divisions which are:
- Financial Risk Management
- Foreign Exchange
- Future of Banking Unit
- Market Intelligence
- Markets & Banking COO
- Middle Office
- Sterling Markets
The Reserves Investment and Funding team (RIF) is part of the Reserves Management area in the Bank of England's Foreign Exchange Division.
Working with other colleagues in Markets and across the Bank, we act as the front office trading unit responsible for managing over $200bn of foreign currency assets. We manage reserves for both HMT and the Bank’s balance sheet.
RIF work collaboratively with colleagues across Markets to manage the strategic asset allocation investments for HMT’s reserves, including the trading of derivatives to hedge FX and interest rate risk. On the Bank’s balance sheet, RIF are active in both investing and financing the reserves. These activities involve direct exposure to markets and financial market participants.
Analytical project work is also a key part of the team’s work. This falls into two broad areas. First, we complete policy analysis that is presented to senior Bank staff on the approach to managing the FX reserves. Secondly, all team members contribute to the Bank’s Market Intelligence efforts, leveraging our expertise of financial markets to keep policy makers informed.
The team is responsible for managing a suite of operational and analytical tools based around R Shiny dashboards. These are used to implement and improve key processes.
We value a diverse set of backgrounds and perspectives, and provide a supportive environment in which individuals are encouraged to develop their skills and to and challenge others’ thinking.
We are recruiting for a portfolio manager. There are five core elements to the role:
- Working collaboratively with colleagues across Markets, you will shape and implement the investment of FX reserves held by both HMT and the Bank, including associated derivatives trades.
- Managing a pool of foreign currency liabilities issued by the Bank to finance its FX reserves. This consists of leading on the issuance of the annual bond, and contributing to the commercial paper programme.
- Completing analysis and reporting on the UK’s and Bank’s FX reserves, presenting findings to Senior Bank staff.
- Developing the suite of operational and analytical tools based in R Shiny that the team utilise to complete its role.
- Contributing to the Bank’s Market Intelligence efforts, utilising our expertise developed in markets and access to market practitioners.
This role provides ample scope for self-development. In addition to on-the-job training, a portion of time will be ring-fenced for other learning.
Applicants should have a strong interest in learning about financial markets and how they function; be capable of managing a variety of tasks simultaneously; and be adept at working both collaboratively and independently.
Significant on the job training is provided for this role and the team has taken on people with a broad range of previous experience.
Applicants should embody the Bank’s behaviours. The role holder will be passionate about cultivating a work environment where people are motivated to do their best. They will be open to learning from colleagues who have different ideas, backgrounds, and characteristics. And they will act with honesty, integrity, and authenticity at all times.
A strong applicant is likely to demonstrate most of the following attributes and experiences. But please do not be put off applying if you do not meet every criteria on the list. If you only meet some of these, we still want you to apply!
The skills that can be utilised in this role are diverse – recent new members to the team have had strengths in areas like computer programming, economics, econometric modelling, market intelligence, or policy analysis.
Minimum Essential Criteria
- An understanding and curiosity about financial markets
- Experience in, or a desire to learn, analytical tools such as R
- Strong analytical ability, alongside evidence of initiative and problem solving skills
- Strong written and verbal communication skills
- Experience and technical knowledge of fixed income markets and financial market functioning
- Data science expertise including data storage, processing and visualisation techniques
- Understanding of the policy purposes of international foreign exchange reserves
- Experience of gathering market intelligence or otherwise representing an institution externally
The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.
We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to job shares, flexible and part time working patterns.
Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.
We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.
The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.
This specific role offers a base salary range of £48,000 - £60,000 per annum (depending on skills and experience) on a full-time basis.
In addition we also offer a comprehensive benefits package as detailed below. We encourage flexible working & part time working , therefore both salary and associated benefits will be adjusted on a pro-rata basis for part-time colleagues
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
- A discretionary performance award based on a current award pool.
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
- 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
- Private medical insurance and income protection.
Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.
The closing date for applications is 16 May 2023.
