Municipal Bond Portfolio Manager

Northern Trust•Chicago, IL

About The Position

Manage municipal bond portfolios for individual and institutional clients and funds, aligning investment decisions with client objectives, risk tolerance, tax considerations, and income needs. Apply municipal market expertise, disciplined portfolio construction, and technology skills to implement investment strategies, monitor risk and performance, and improve portfolio-management workflows. Communicate portfolio positioning and results to clients and contribute to the development of investment analytics and processes. The role manages fiduciary and agency accounts, high-net-worth individuals, pension accounts, and common funds. It implements investment strategies through security selection, sector allocation, duration and yield-curve positioning, and specific trades, while considering credit quality, diversification, liquidity, maturities, calls, and reinvestment needs. The manager works with clients to establish objectives and guidelines, evaluates benchmarks and portfolio performance, monitors risk and exposures, uses portfolio systems and analytical tools, prepares client analyses and reports, and maintains current knowledge of municipal markets and fixed-income developments.

Requirements

At least 10 years of investment-management and financial-markets experience, including at least 5 years of portfolio management and trading.
At least 5 years of municipal fixed-income experience, including hands-on portfolio management and trading, with demonstrated knowledge of municipal market structure, credit considerations, and portfolio risk.
Knowledge of portfolio-management theory, statistics, and quantitative methods in finance, with the ability to apply them to portfolio construction, risk assessment, and performance analysis.
Strong proficiency with portfolio-management systems and investment analytics, including the ability to interpret data, evaluate holdings and exposures, support trading decisions, and generate clear reports.
Knowledge of fiduciary responsibilities and legal and regulatory requirements governing investment decisions, with the ability to apply applicable laws, codes, regulations, and investment guidelines.
Ability to clearly explain portfolio decisions, investment risks, and performance to clients and other stakeholders.
Authorization to work in the U.S. without current or future employment-based visa sponsorship.

Nice To Haves

Experience improving investment workflows through automation, analytical-tool development, or more effective use of portfolio data and technology.
Strong knowledge of Perform and/or experience using Aladdin.

Responsibilities

Manage municipal bond portfolios for fiduciary and agency accounts, high-net-worth individuals, pension accounts, and common funds in pursuit of client objectives and benchmark-relative performance within established risk parameters and investment guidelines.
Implement investment strategies through municipal security selection, sector allocation, duration and yield-curve positioning, and specific trades.
Consider credit quality, diversification, liquidity, maturities, calls, and reinvestment needs in portfolio decisions.
Work with clients to develop investment objectives and guidelines reflecting risk tolerance, tax considerations, and income needs.
Align portfolio structure with client objectives, investment policy, economic factors, and municipal market conditions.
Evaluate appropriate performance benchmarks in accordance with established investment policy.
Monitor portfolio returns, exposures, and positioning against benchmarks and client guidelines, and assess whether strategies remain appropriate as markets and client needs change.
Use portfolio-management systems and analytical tools to evaluate holdings, support trading decisions, monitor risk, and produce reports.
Identify opportunities to improve data quality, streamline recurring workflows, and strengthen investment analysis.
Prepare portfolio analyses for existing and prospective clients.
Lead periodic discussions of performance, positioning, strategy, and reporting, and respond to client inquiries.
Maintain current knowledge of municipal markets and fixed-income developments through economic research, market contacts, and continuing education.