SVP, Portfolio Management and Hedging

Pennymac • Westlake Village, CA

4h • Onsite

About The Position

Pennymac is (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market.
At Pennymac, our people are the foundation of our success and at the heart of our dynamic work culture. Together, we work towards a unified goal of helping millions of Americans achieve aspirations of homeownership through the complete mortgage journey.

Senior level role that oversees the daily management of the firm’s Agency MBS investments and hedges.
Responsibilities include ownership of risk exposures and performance of positions in the firm’s mortgage REIT as well as the MSR hedging books, investment idea generation utilizing both top-down and bottom-up analysis, oversight of trade execution across products, management of trading counterparties, and regular presentations to senior management.
The SVP, Agency MBS Portfolio Manager will:
Daily management of the firm’s Agency MBS positions and performance utilizing a process-based approach
Ownership of investment strategy that is adaptable across market cycles
Detailed analysis of Agency MBS market and flows to establish relative value across the TBA coupon stack, specified pools, and CMOs
Identification of prepayment trends and risks to drive levered returns on specified pool and CMO investments
Investment idea formulation for Agency MBS products and implementing cost effective approaches to managing the firm’s convexity exposure
Trade execution across all Agency MBS products, inclusive of derivative securities
Strong relationship with broker/dealer counterparties to support best execution, market color and investment idea generation
Successful balancing of costs related to hedging and turnover vs. maintaining optimal risk management profile
Partnering with other portfolio managers across interest rate and mortgage credit products to optimize management of interest rate and convexity exposures as well as allocation of capital
Partnering with Risk Management team to ensure that efficacy of daily risk analytics and process are maintained
Championing a team based environment and high-performance culture

Requirements

• Minimum of 10 years of investment experience with focus in Agency MBS
• Demonstrated track record of strong risk-adjusted returns
• Deep understanding of MBS products and risks, including TBAs, specified pools, CMOs, derivatives, prepayments, volatility and convexity management
• Strength in performing independent, analytical analysis to form detailed views and investment ideas
• Excellent analytical and quantitative skills
• Strong communication and relationship management skills
• Experience with trading platforms and financial data tools
• Excellent critical thinking, problem solving, mathematical and sound judgment skills
• Collaborative approach that prioritizes success for the broader team and organization

Responsibilities

• Daily management of the firm’s Agency MBS positions and performance utilizing a process-based approach
• Ownership of investment strategy that is adaptable across market cycles
• Detailed analysis of Agency MBS market and flows to establish relative value across the TBA coupon stack, specified pools, and CMOs
• Identification of prepayment trends and risks to drive levered returns on specified pool and CMO investments
• Investment idea formulation for Agency MBS products and implementing cost effective approaches to managing the firm’s convexity exposure
• Trade execution across all Agency MBS products, inclusive of derivative securities
• Strong relationship with broker/dealer counterparties to support best execution, market color and investment idea generation
• Successful balancing of costs related to hedging and turnover vs. maintaining optimal risk management profile
• Partnering with other portfolio managers across interest rate and mortgage credit products to optimize management of interest rate and convexity exposures as well as allocation of capital
• Partnering with Risk Management team to ensure that efficacy of daily risk analytics and process are maintained
• Championing a team based environment and high-performance culture

Benefits

• Comprehensive Medical, Dental, and Vision
• Paid Time Off Programs including vacation, holidays, illness, and parental leave
• Wellness Programs, Employee Recognition Programs, and onsite gyms and cafe style dining (select locations)
• Retirement benefits, life insurance, 401k match, and tuition reimbursement
• Philanthropy Programs including matching gifts, volunteer grants, charitable grants and corporate sponsorships

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed