Position OverviewAs 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.
QualificationsSuccessful candidates must demonstrate appropriate knowledge, skills, and abilities for a role. Listed below are skills, competencies, work experience, education, and required certifications/licensures needed to be successful in this position.
Preferred SkillsAsset Allocation, Auditing Operations, Business Case Analyses, Credit Risk Analysis, Data Analytics, Data Visualization, Decision Making, Investments, Market Research
CompetenciesAsset and Liability Management (ALM), Industry Knowledge, Investments, Market Risk, Portfolio Management, Pricing Models and Analytics, Regulatory Environment - Financial Services
Work ExperienceRoles 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. In lieu of a degree, a comparable combination of education, job specific certification(s), and experience (including military service) may be considered.
EducationMasters
CertificationsNo Required Certification(s)
LicensesNo Required License(s)
Pay TransparencyBase Salary: $143,000.00 - $297,000.00
Salaries may vary based on geographic location, market data and on individual skills, experience, and education. This role is incentive eligible with the payment based upon company, business and/or individual performance.
Application WindowGenerally, this opening is expected to be posted for two business days from 10/21/2025, although it may be longer with business discretion.
BenefitsPNC 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.
To learn more about these and other programs, including benefits for full time and part-time employees, visit pncthrive.com.
