T. Rowe Price
Senior Risk Manager, Fixed Income
T. Rowe Price, Baltimore, Maryland, United States, 21276
There is a place for you at T. Rowe Price to grow, contribute, learn, and make a difference. We are a premier asset manager focused on delivering global investment management excellence and retirement services that investors can rely on today and in the future. The work we do matters. We invite you to explore the opportunity to join us and grow your career with us.
The Senior Risk Manager, Fixed Income Risk position is a key member within T. Rowe Price’s independent Investment Risk team that is responsible for identifying, measuring, monitoring, communicating/escalating, and helping to mitigate risks in portfolios managed by the firm’s Fixed Income division. T. Rowe Price had $180 bn in Fixed Income assets under management as of June 30, 2024. The portfolios, comprising both active and absolute return, include a broad array of cash and derivative instruments across global markets.
This Baltimore-based role offers the opportunity to lead risk management coverage for fixed income investment strategies managed by the Investment Grade (IG) team. As the IG coverage lead, the Senior Risk Manager will often act autonomously in their role while also collaborating with US-based and London-based Fixed Income Risk team members and the broader Investment Risk team. An effective partnership with Global Technology associates is also essential to maintain and enhance infrastructure for portfolio risk oversight. Additionally, the Senior Risk Manager will be involved in risk consultancy work for investment teams, which may include deep dive risk analyses, supplementary stress testing, and tail risk analysis. A thorough understanding of investment strategies and markets will be important for success. The Senior Risk Manager will also contribute subject matter expertise and commentary in support of regulatory requirements managed by other teams in Investment Risk.
To be successful, the incumbent must have:
Substantial experience in the asset management industry within a fixed income risk or investment/trading department
Deep expertise in investment-grade credit with a strong focus on securitized investments.
This includes a thorough understanding of the nuances and complexities of credit markets as well as the ability to assess and manage the risks associated with various types of securitized products, such as Mortgage-Backed Securities (MBS), Commercial Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), and Collateralized Loan Obligations (CLO); this expertise is critical to effectively identify, measure, and mitigate risks within the portfolios.
Strong knowledge of buy-side risk management, investments, and global financial markets.
The ability to communicate effectively with the team and its stakeholders, including investment division leaders, portfolio managers, and portfolio specialists as well as clients, prospects, and consultants.
Programming skills to process data and perform computations efficiently.
PRINCIPAL RESPONSIBILITIES
Day-to-day Risk Management Activities:
Review and interpret fixed income risk analytics and dashboards.
Identify, measure, monitor, and communicate key portfolios risks to portfolio management teams with a focus on identifying significant sources of risk (e.g., factors, securities, sectors, etc.) and material changes to portfolios’ risk profiles.
Analyze tail risks and conduct stress tests based on hypothetical and historical scenarios.
Collaborate with fixed income investment staff to understand their strategies and risk taking in portfolios.
Extension of Risk Reporting & Tools:
Prototype and develop risk reporting and tools to enhance existing vendor risk platforms (primarily Bloomberg and MSCI RiskManager) for the identification and measurement of risks within and across fixed income portfolios.
Specify data requirements for inclusion in dashboards/reports and potentially research and develop new methodologies and techniques.
Contribute hands-on to the development process, working closely with associates in the Fixed Income and Global Technology divisions.
Present and communicate analytical results effectively to ensure buy-in from colleagues and adoption by Investment Risk stakeholders.
Communication with Internal & External Stakeholders:
Interact with many stakeholders beyond frequent contact with investment teams, including client-facing professionals, management, oversight committees, clients, consultants, and prospective clients, as appropriate.
Demonstrate a strong grasp of technical details and an up-to-date knowledge of investment strategies and markets.
Communicate complex topics clearly, confidently, and engagingly in both verbal and written forms.
Contribute to timely written responses for fixed income risk information requested by clients, prospects, consultants, regulators, and internal teams at times.
Ad-hoc Analysis & Projects:
Perform ad-hoc data and quantitative analyses in response to requests from fixed income portfolio managers and risk team members.
Collaborate with team members and the Fixed Income quant team, as needed, to ensure methodologies are sound and best practices are followed.
Reconcile results with other in-house findings before communicating them to investment teams.
QUALIFICATIONS
Required
• A passion for risk management and a demonstrated interest in financial markets through academic background, work experience and/or outside activities
• Bachelor’s degree in a quantitative or scientific field such as quantitative finance, statistics, applied mathematics, operations research, engineering, computer science, or physics
• Work experience with quantitative methods used to evaluate risk
Fixed income and risk management experience in an asset management environment, including strong knowledge of investment grade credit, particularly securitized investments (e.g., MBS, CMBS, ABS, and CLO)
• Programming skills with experience using common programming languages and statistical packages
Experience using industry standard risk models/systems such as Bloomberg’s GRM/TRM or PORT, MSCI RiskManager, Aladdin, Yield Book or similar
• Data analysis skills
• Strong interpersonal and communication skills
• High standards of work quality and integrity
• Strong organizational skills
• Self-starter with high motivation who enjoys collaborating
• Intellectually curious with a commitment to continuous learning
Preferred
• More than 10 years of direct experience in fixed income risk management at a buyside asset manager
• Master’s or PhD degree in a quantitative or scientific field as listed above
• Programming skills in Python
• Completion or progress towards professional risk or finance accreditations such as CFA, FRM, and PRM
• Experience using Bloomberg’s GRM/TRM or PORT models for fixed income analysis, risk management, scenario analysis, and multifactor performance attribution
• Experience using MSCI RiskManager for VaR and stress testing/scenario analysis
• Experience working for a global asset manager with key personnel located in other regions and offices
FINRA Requirements
FINRA licenses are not required and will not be supported for this role.
Work Flexibility
This role is eligible for hybrid work up to two days a week.
Base salary ranges:
$158,500.00 - $270,500.00 for the location of: California, New York
$140,000.00 - $239,000.00 for the location of: Washington, D.C
$127,000.00 - $216,500.00 for the location of: Colorado, Maryland, Washington and all other US locations
Placement within the range provided above is based on the individual’s relevant experience and skills for the role . Base salary is only one component of our total compensation package . Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.
Commitment to Diversity, Equity, and Inclusion
We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day.
Benefits
We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources , benefits , and work-life balance so you can thrive in ways that matter to you .
Featured employee benefits to enrich your life:
Competitive compensation
Annual bonus eligibility
A generous retirement plan
Hybrid work schedule
Health and wellness benefits, including online therapy
Paid time off for vacation, illness, medical appointments, and volunteering days
Family care resources, including fertility and adoption benefits
Learn more about our benefits. (https://www.troweprice.com/corporate/us/en/careers/benefits.html)
Our policies may change as our working lives evolve. Yet, our commitment to supporting our associates’ well-being and addressing the needs of our clients, business, and communities is unwavering.
T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.
The Senior Risk Manager, Fixed Income Risk position is a key member within T. Rowe Price’s independent Investment Risk team that is responsible for identifying, measuring, monitoring, communicating/escalating, and helping to mitigate risks in portfolios managed by the firm’s Fixed Income division. T. Rowe Price had $180 bn in Fixed Income assets under management as of June 30, 2024. The portfolios, comprising both active and absolute return, include a broad array of cash and derivative instruments across global markets.
This Baltimore-based role offers the opportunity to lead risk management coverage for fixed income investment strategies managed by the Investment Grade (IG) team. As the IG coverage lead, the Senior Risk Manager will often act autonomously in their role while also collaborating with US-based and London-based Fixed Income Risk team members and the broader Investment Risk team. An effective partnership with Global Technology associates is also essential to maintain and enhance infrastructure for portfolio risk oversight. Additionally, the Senior Risk Manager will be involved in risk consultancy work for investment teams, which may include deep dive risk analyses, supplementary stress testing, and tail risk analysis. A thorough understanding of investment strategies and markets will be important for success. The Senior Risk Manager will also contribute subject matter expertise and commentary in support of regulatory requirements managed by other teams in Investment Risk.
To be successful, the incumbent must have:
Substantial experience in the asset management industry within a fixed income risk or investment/trading department
Deep expertise in investment-grade credit with a strong focus on securitized investments.
This includes a thorough understanding of the nuances and complexities of credit markets as well as the ability to assess and manage the risks associated with various types of securitized products, such as Mortgage-Backed Securities (MBS), Commercial Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), and Collateralized Loan Obligations (CLO); this expertise is critical to effectively identify, measure, and mitigate risks within the portfolios.
Strong knowledge of buy-side risk management, investments, and global financial markets.
The ability to communicate effectively with the team and its stakeholders, including investment division leaders, portfolio managers, and portfolio specialists as well as clients, prospects, and consultants.
Programming skills to process data and perform computations efficiently.
PRINCIPAL RESPONSIBILITIES
Day-to-day Risk Management Activities:
Review and interpret fixed income risk analytics and dashboards.
Identify, measure, monitor, and communicate key portfolios risks to portfolio management teams with a focus on identifying significant sources of risk (e.g., factors, securities, sectors, etc.) and material changes to portfolios’ risk profiles.
Analyze tail risks and conduct stress tests based on hypothetical and historical scenarios.
Collaborate with fixed income investment staff to understand their strategies and risk taking in portfolios.
Extension of Risk Reporting & Tools:
Prototype and develop risk reporting and tools to enhance existing vendor risk platforms (primarily Bloomberg and MSCI RiskManager) for the identification and measurement of risks within and across fixed income portfolios.
Specify data requirements for inclusion in dashboards/reports and potentially research and develop new methodologies and techniques.
Contribute hands-on to the development process, working closely with associates in the Fixed Income and Global Technology divisions.
Present and communicate analytical results effectively to ensure buy-in from colleagues and adoption by Investment Risk stakeholders.
Communication with Internal & External Stakeholders:
Interact with many stakeholders beyond frequent contact with investment teams, including client-facing professionals, management, oversight committees, clients, consultants, and prospective clients, as appropriate.
Demonstrate a strong grasp of technical details and an up-to-date knowledge of investment strategies and markets.
Communicate complex topics clearly, confidently, and engagingly in both verbal and written forms.
Contribute to timely written responses for fixed income risk information requested by clients, prospects, consultants, regulators, and internal teams at times.
Ad-hoc Analysis & Projects:
Perform ad-hoc data and quantitative analyses in response to requests from fixed income portfolio managers and risk team members.
Collaborate with team members and the Fixed Income quant team, as needed, to ensure methodologies are sound and best practices are followed.
Reconcile results with other in-house findings before communicating them to investment teams.
QUALIFICATIONS
Required
• A passion for risk management and a demonstrated interest in financial markets through academic background, work experience and/or outside activities
• Bachelor’s degree in a quantitative or scientific field such as quantitative finance, statistics, applied mathematics, operations research, engineering, computer science, or physics
• Work experience with quantitative methods used to evaluate risk
Fixed income and risk management experience in an asset management environment, including strong knowledge of investment grade credit, particularly securitized investments (e.g., MBS, CMBS, ABS, and CLO)
• Programming skills with experience using common programming languages and statistical packages
Experience using industry standard risk models/systems such as Bloomberg’s GRM/TRM or PORT, MSCI RiskManager, Aladdin, Yield Book or similar
• Data analysis skills
• Strong interpersonal and communication skills
• High standards of work quality and integrity
• Strong organizational skills
• Self-starter with high motivation who enjoys collaborating
• Intellectually curious with a commitment to continuous learning
Preferred
• More than 10 years of direct experience in fixed income risk management at a buyside asset manager
• Master’s or PhD degree in a quantitative or scientific field as listed above
• Programming skills in Python
• Completion or progress towards professional risk or finance accreditations such as CFA, FRM, and PRM
• Experience using Bloomberg’s GRM/TRM or PORT models for fixed income analysis, risk management, scenario analysis, and multifactor performance attribution
• Experience using MSCI RiskManager for VaR and stress testing/scenario analysis
• Experience working for a global asset manager with key personnel located in other regions and offices
FINRA Requirements
FINRA licenses are not required and will not be supported for this role.
Work Flexibility
This role is eligible for hybrid work up to two days a week.
Base salary ranges:
$158,500.00 - $270,500.00 for the location of: California, New York
$140,000.00 - $239,000.00 for the location of: Washington, D.C
$127,000.00 - $216,500.00 for the location of: Colorado, Maryland, Washington and all other US locations
Placement within the range provided above is based on the individual’s relevant experience and skills for the role . Base salary is only one component of our total compensation package . Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.
Commitment to Diversity, Equity, and Inclusion
We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day.
Benefits
We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources , benefits , and work-life balance so you can thrive in ways that matter to you .
Featured employee benefits to enrich your life:
Competitive compensation
Annual bonus eligibility
A generous retirement plan
Hybrid work schedule
Health and wellness benefits, including online therapy
Paid time off for vacation, illness, medical appointments, and volunteering days
Family care resources, including fertility and adoption benefits
Learn more about our benefits. (https://www.troweprice.com/corporate/us/en/careers/benefits.html)
Our policies may change as our working lives evolve. Yet, our commitment to supporting our associates’ well-being and addressing the needs of our clients, business, and communities is unwavering.
T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.