Senior Buy-Side Risk Quant

Thornburg Investment Management • Cuyamungue, NM

17h

About The Position

Thornburg Investment Management ($58 billion in AUM) is seeking a senior analyst to join the Portfolio Analytics and Investment Risk group. You will serve as an embedded thought partner to portfolio managers across equity, fixed income, and multi-asset class strategies, translating quantitative insights into portfolio construction decisions and investment risk that directly impact client outcomes.

At Thornburg, we believe that risk and opportunity are inseparable aspects of active management: understanding one deepens your understanding of the other. Our analysts sit alongside portfolio managers in monthly risk reviews collaborate on stress test design, blend ad hoc fundamental characteristics with risk factor views to empower security selection, and develop proprietary analytics that shape how the firm constructs and manages portfolios across market cycles.

The work is substantive and varied. In a given week you might decompose active risk into factor and security-selection contributions for an equity strategy, design a macroeconomic stress test with a fixed income PM, build a self-service Power BI dashboard tracking the migration of benchmark constituents across Thornburg’s proprietary basket framework, create and back-test a model portfolio for a new product launch, or present a research note on risk positioning after a market dislocation. Every analytic you produce must pass a demanding test: portfolio managers must find it not merely interesting, but actionable.

Requirements

• Graduate degree (MS or PhD) in finance, economics, financial engineering, mathematics, statistics, or related quantitative discipline.
• Minimum 5 years of buy-side experience in portfolio analytics, quantitative risk management, or a closely related function covering both equity and fixed income asset classes.
• Demonstrated track record of producing analytics that informed portfolio construction decisions, not just reports that were filed away.
• Extensive hands-on experience with FactSet (PA, PRB, SPAR, US) and Bloomberg.
• Expert-level understanding of factor-based risk models, including their mathematical foundations, assumptions, and practical limitations. You should know when a model tells you something useful and when it is not.
• Strong command of modern portfolio theory, portfolio optimization, risk budgeting, scenario analysis, and stress testing techniques.
• Working proficiency in Python, R, or SQL for data analysis, automation, and ad hoc quantitative research.
• Familiarity with fixed income analytics: duration, convexity, spread measures, prepayment models, credit risk metrics.

Nice To Haves

• CFA charter, FRM certification, or equivalent professional designation is strongly preferred.
• Working knowledge of the Axioma risk models and Optimizer is a significant advantage.
• Experience with performance attribution methodologies is highly desirable.
• Proficiency with Power BI or equivalent business intelligence platforms for delivering self-service analytics.
• Experience with VBA and C# is a plus.
• Experience with Morningstar, Investortools Perform, Intex, or similar fixed income analytics platforms is preferred.

Responsibilities

• Conduct ex-ante risk analysis for equity and fixed income portfolios using factor-based risk models (FactSet Multi-Asset Class with Axioma equity factors). Decompose tracking error into style, country, industry, currency, and security-selection components and communicate findings in terms portfolio managers can act on.
• Design, calibrate, and interpret stress test scenarios in collaboration with portfolio managers. Translate fundamental macro views into factor shocks, evaluate portfolio-level outcomes as they evolve over time, and drill into sector and region or asset type contributions.
• Monitor and enforce a formalized active risk budget framework: target ex-ante tracking error ranges, ensure the majority of active risk derives from security selection, and limit single-factor theme concentration.
• Blend fundamental security characteristics with quantitative factor views to deliver integrated risk and opportunity assessments that support both security selection and portfolio construction.
• Perform trade simulation analysis, modeling the risk impact of adding or removing specific securities before execution.
• Create and back-test model portfolios in support of new product development across 40-Act, ETF, SMA, and UCITS structures, collaborating with Product and Distribution teams through testing and launch.
• Maintain and expand a suite of self-service analytics delivered through Power BI, covering risk decomposition, performance attribution, basket composition, factor drift, fund flows, and MPT statistics.
• Build and maintain the underlying data processes in FactSet, Bloomberg, and other systems. Own data quality and production process integrity.
• Develop proprietary tools that bridge quantitative and fundamental perspectives, including Thornburg’s Basket Tool, which algorithmically classifies the equity universe into Basic Value, Consistent Earner, and Emerging Franchise categories using econometric factor exposures.
• Prototype new analytics collaboratively with portfolio managers, iterate on feedback, and transition validated tools to production.
• Prepare and deliver standardized risk packets. Lead monthly risk meetings with portfolio management teams, Heads of Equity and Fixed Income, presenting quantitative findings in the context of strategy objectives and market conditions.
• Author research notes on portfolio risk, factor exposures, peer positioning, and market dynamics.
• Contribute to the quantitative refinement of each strategy’s Philosophy and Process documentation.
• Lead special initiatives of strategic importance for the team and the broader investment platform.

Benefits

• Medical, dental, and vision coverage.
• Employer 401(k) safe harbor and profit-sharing contributions.
• Work/life programs such as flexible work arrangements, flexible paid time off, paid parental leave, employee assistance plan, commuter benefits, student loan repayment program, education reimbursement program
• Community involvement opportunities.
• Onsite cafeteria.
• Onsite fitness center.
• Referral Program

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level