Tactical Asset Allocation Strategist – Fixed Income

T. Rowe Price • Baltimore, MD

1d • Hybrid

About The Position

The Tactical Asset Allocation (TAA) Strategist – Fixed Income generates differentiated insights and actionable tactical recommendations across global fixed income markets for T. Rowe Price’s Multi-Asset portfolios. The strategist uses top-down research to identify opportunities for implementation across those portfolios and has two primary objectives: generating trade ideas and producing high-value content for internal and external partners. Success is measured by the alpha contribution of implemented ideas and the value of insights delivered to clients and internal stakeholders. The role includes ownership of the underlying framework and accountability for results, building trusted relationships across investment divisions, serving as a recognized fixed income expert, and engaging with clients, sell-side research firms, and industry peers.

The strategist develops and monitors recommendations across a broad fixed income universe, applying a four-pillar research framework of Macro, Fundamentals, Valuation, and Sentiment. The role leverages the firm’s global research platform and collaborates with fundamental and quantitative research teams, portfolio managers, traders, and other investment professionals. It also develops proprietary indicators and analytical tools, incorporates systematic signals and scenario analysis, and uses AI-enabled research tools. The strategist presents recommendations to Multi-Asset portfolio managers and investment committees, advises on portfolio implications and implementation approaches while respecting portfolio manager discretion, and produces research and market updates for internal stakeholders and, where appropriate, external clients.

Primary asset-class coverage includes emerging market debt (hard and local currency), high yield, international hedged bonds, bank loans, securitized credit, and inflation-linked bonds (TIPS). Additional coverage may include convertible bonds, emerging market corporate debt, and foreign exchange. The role is eligible for hybrid work, with up to one day per week from home.

Requirements

• Bachelor's degree or an equivalent combination of education and relevant professional experience.
• 10+ years of experience in multi-asset investing, tactical asset allocation, or fixed income investing.
• Strong experience in fixed income research, strategy, portfolio management, or tactical asset allocation.
• Deep understanding of global fixed income markets, macroeconomic drivers, monetary policy, credit fundamentals, and relative valuations.
• Demonstrated ability to generate differentiated investment ideas and translate research into actionable recommendations.
• Strong analytical and quantitative capabilities, including financial models, market data, and investment research tools.
• Excellent written and verbal communication skills and the ability to defend investment views with senior investment professionals.
• Collaborative mindset and ability to build relationships across investment teams.

Nice To Haves

• CFA designation or an advanced degree in finance, economics, or a related discipline.
• Familiarity with AI-enabled research tools.

Responsibilities

• Lead research and develop tactical views across global fixed income markets, including government bonds, investment grade and high yield credit, emerging market debt, securitized credit, loans, and inflation-linked bonds.
• Apply the Macro, Fundamentals, Valuation, and Sentiment research framework to identify market dislocations, investment opportunities, and risks.
• Translate research into clear overweight, neutral, or underweight recommendations supported by an investment rationale, key risks, and potential trade expressions.
• Monitor market developments and reassess recommendations as investment conditions evolve.
• Collaborate with fixed income analysts, portfolio managers, traders, and other investment professionals to uncover differentiated insights.
• Develop and maintain proprietary indicators, dashboards, and analytical tools for systematic monitoring of fixed income markets.
• Collaborate with quantitative research teams to incorporate systematic signals, models, and scenario analysis into discretionary research.
• Use AI-enabled research tools to enhance research efficiency, analytical capabilities, and idea generation.
• Present and debate recommendations with Multi-Asset portfolio managers and investment committees, challenging assumptions and contributing to cross-asset discussions.
• Serve as a fixed income subject matter expert, advising on portfolio implications and potential implementation approaches while respecting portfolio manager discretion.
• Produce concise investment research, recommendations, and market updates for internal stakeholders and, where appropriate, external clients.
• Build relationships across the investment platform and with external research providers to source ideas and challenge consensus.
• Engage with clients, sell-side research firms, and industry peers.

Benefits

• Competitive compensation
• Annual bonus eligibility
• 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

What This Job Offers

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