The Municipal Bond Trader executes municipal bond transactions for client portfolios as part of Valeo's centralized investment team, supporting more than 100 financial advisors. Based in our Carmel, Indiana office, this position works closely with Investment Team members across a large book of client accounts, executing trades in accordance with established investment guidelines while upholding the firm's fiduciary responsibilities and commitment to best execution. The ideal candidate combines strong market knowledge, sound judgment, and attention to detail to help deliver favorable outcomes for clients.
This position requires consistent in-person attendance at our Carmel, Indiana headquarters.
DUTIES & RESPONSIBILITIES- Executes fixed income transactions in accordance with internal investment team strategy and guidelines.
- Ensures fair and equitable treatment and allocation of all trade orders across client accounts.
- Maintains an understanding of the factors that drive bond pricing - market environment, supply/demand technicals, rate moves, and economic fundamentals.
- Identifies investment opportunities and attractive risk-adjusted, tax-adjusted relative value in the primary and secondary markets.
- Identifies concentrations, gaps, and structural flaws in existing client portfolios and identifies trades to address them.
- Conducts bond trading, including sales across multiple execution venues; maintains daily broker/dealer contact to source inventory and price liquidity.
- Documents execution decisions to support best-execution review and compliance requirements.
- Works closely with investment operations and analysts to invest efficiently, monitor holdings, and improve risk management.
- Serves as a resource to Senior Investment Directors and advisors on the municipal market and specific securities.
- Maintains orderly receipt, tracking, and execution of bond orders.
REQUIREMENTS- Bachelor's degree is required, preferably in finance, economics, accounting, or a related field. CFA charter or progress toward the designation is preferred.
- 5 years of relevant fixed income experience preferred.
- Strong knowledge of fixed income markets, municipal securities, trading practices, and credit research, with the ability to assess risk-adjusted and tax-adjusted relative value opportunities.
- Working knowledge of municipal bond structures, including general obligation and revenue bonds, sector-specific credit considerations, rating agency methodologies, and credit enhancement features.
- Understanding of municipal bond tax considerations, including taxable-equivalent yield calculations, de minimis rules, and state-specific investment preferences.
- Ability to evaluate relative value opportunities across the yield curve, credit quality spectrum, and bond structures, including coupon, call, premium, and discount characteristics.
- Experience utilizing fixed income trading and market platforms such as Bloomberg, along with familiarity with trade reporting and market transparency tools.
- Strong communication, collaboration, and decision-making skills, with the ability to remain composed and effective in dynamic market environments.
- Exceptional attention to detail, organizational skills, and a demonstrated commitment to fiduciary responsibility and best execution practices.
