Managing Director, MBS Portfolio Manager, Chief Investment Office (CIO)

PNC•New York, NY

1d•Onsite

About The Position

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As the Managing Director, MBS Portfolio Manager within PNC's Asset & Liability Management organization, you will be based in New York City. The CIO Investments team is searching for a Portfolio Manager (PM) to lead the Agency Mortgage-Backed Securities (MBS) sector. The position will report to the Chief Investment Officer. The CIO Investments team is part of the ALM organization and manages 200+bn in securities and derivatives; Agency MBS is a large part of the investment mandate and portfolio. At PNC CIO, we aim to optimize risk-adjusted economic returns, ensuring compliance with regulatory requirements, and aligning investments with the institution's balance sheet objectives. We are seeking an experienced MBS PM who is well versed with evaluating relative value and generating excess returns within the MBS universe. There are no product silos in the CIO Investments team; the successful candidate will have the opportunity to work directly with other portfolio managers and the Chief Investment Officer to manage a broad portfolio of fixed income assets and derivative products. The position is based in New York City and is fully in office. Additional Responsibilities: The candidate will lead the team that manages the agency MBS portion of the CIO investment portfolio. Specific to the agency MBS sector the candidate will: •Enhance the investment approach based on strong analytics and deep understanding of investor dynamics and market and regulatory developments affecting the MBS market e.g. the changing refinancing rules affecting FHA borrowers. •Engage with MBS dealers to ensure efficient information flow and trade execution. •Partner with the CIO portfolio analytics and modeling teams to develop robust analytics to measure risk and assess relative value. •Monitor and report risk metrics and portfolio performance. •Manage the agency MBS portfolio team with a focus on talent development. With regard to the overall investment portfolio the candidate will: •Monitor macro-economic and policy developments relevant to fixed-income markets. •Collaborate with other senior PMs and the Chief Investment Officer on investment strategy for the CIO investment portfolio. •Mentor junior talent in the CIO Investments team. Preferred experience/qualifications MBS specific experience and expertise: •Minimum 12 years of experience in fixed-income portfolio management, with a focus on agency MBS. •Expertise in agency MBS valuation, risk analysis, and portfolio optimization. •Ability to interpret market trends and translate them into actionable strategies. General expertise: •Strong knowledge of ALM practices in a banking environment. •Understanding of regulatory frameworks and interest rate risk management. •Excellent analytical, communication, and decision-making skills. •Education: Masters or higher degree in finance, economics, engineering, or related fields. PNC will not provide sponsorship for employment visas or participate in STEM OPT for this position. PNC is an in-office company that fosters a supportive culture where employees can thrive and achieve balance. We encourage candidates to connect with their recruiter and hiring manager to understand workplace expectations and ensure the role aligns with their goals. Job Description Leads and oversees transaction and portfolio level analysis, research and report preparation. Performs and/or oversees due diligence and statistical analysis related to portfolio management. Frequently utilizes a significant understanding of financial instruments and overall investment portfolio to contribute to investment decision-making process and development of investment/trading strategies. Manages various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives. Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge. Develops and oversees the administration and performance of defined processes and procedures. Makes and presents recommendations to key ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assesses the potential impact of these on ALM and the assigned business unit. PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be: Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions. Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.

Requirements

Minimum 12 years of experience in fixed-income portfolio management, with a focus on agency MBS.
Expertise in agency MBS valuation, risk analysis, and portfolio optimization.
Ability to interpret market trends and translate them into actionable strategies.
Strong knowledge of ALM practices in a banking environment.
Understanding of regulatory frameworks and interest rate risk management.
Excellent analytical, communication, and decision-making skills.
Masters or higher degree in finance, economics, engineering, or related fields.
Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role.
Roles at this level typically require a university / college degree and higher level education such as a Masters degree, PhD, or certifications.
Industry -relevant experience is typically 8+ years.
At least 5 years of prior management experience is typically required.
Proven leadership experience with a large scope of responsibility is required.

Nice To Haves

Asset Allocation
Auditing Operations
Business Case Analyses
Credit Risk Analysis
Data Analytics
Data Visualization
Decision Making
Investments
Market Research
Asset and Liability Management (ALM)
Industry Knowledge
Investments
Market Risk
Portfolio Management
Pricing Models and Analytics
Regulatory Environment - Financial Services

Responsibilities

Lead the team that manages the agency MBS portion of the CIO investment portfolio.
Enhance the investment approach based on strong analytics and deep understanding of investor dynamics and market and regulatory developments affecting the MBS market e.g. the changing refinancing rules affecting FHA borrowers.
Engage with MBS dealers to ensure efficient information flow and trade execution.
Partner with the CIO portfolio analytics and modeling teams to develop robust analytics to measure risk and assess relative value.
Monitor and report risk metrics and portfolio performance.
Manage the agency MBS portfolio team with a focus on talent development.
Monitor macro-economic and policy developments relevant to fixed-income markets.
Collaborate with other senior PMs and the Chief Investment Officer on investment strategy for the CIO investment portfolio.
Mentor junior talent in the CIO Investments team.
Leads and oversees transaction and portfolio level analysis, research and report preparation.
Performs and/or oversees due diligence and statistical analysis related to portfolio management.
Frequently utilizes a significant understanding of financial instruments and overall investment portfolio to contribute to investment decision-making process and development of investment/trading strategies.
Manages various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives.
Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.
Develops and oversees the administration and performance of defined processes and procedures.
Makes and presents recommendations to key ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assesses the potential impact of these on ALM and the assigned business unit.

Benefits

PNC offers a comprehensive range of benefits to help meet your needs now and in the future.
Depending on your eligibility, options for full-time employees include: medical/prescription drug coverage (with a Health Savings Account feature), dental and vision options; employee and spouse/child life insurance; short and long-term disability protection; 401(k) with PNC match, pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption, surrogacy, and doula reimbursement; educational assistance, including select programs fully paid; a robust wellness program with financial incentives.
In addition, PNC generally provides the following paid time off, depending on your eligibility: maternity and/or parental leave; up to 11 paid holidays each year; 9 occasional absence days each year, unless otherwise required by law; between 15 to 25 vacation days each year, depending on career level; and years of service.

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