Roles & Responsibilities

• Trade Agency MBS and CMO securities, with limited exposure to CRT and CLO products.
  • Monitor, participate in, and manage auctions/BWICs across these asset classes, in coordination with quant and strat teams.
  • Monitor dealer inventories for bond offerings, relative value opportunities, and market flows.
  • Execute trades through dealer liquidity channels where appropriate.
  • Monitor dealer chat flows in real time for potential offerings from other funds and pursue off-market or out-of-competition execution opportunities where attractive.
  • Maintain a deep understanding of market structure, trading protocols, and liquidity dynamics across securitized products.
• Track new-issue markets across the relevant asset classes, monitor flows, negotiate terms, and purchase new-issue bonds.
• Drive best execution through effective negotiation and venue optimisation.
• Record and maintain execution quality metrics in the appropriate systems.
• Build and maintain strong dealer relationships and gather market intelligence, including:
  • trade levels and spread indications across sectors,
  • the most active dealers and investor base by sub-asset class,
  • upcoming market, regime, and policy developments relevant to trading and portfolio construction.
• Use market intelligence to:
  • optimise execution venue selection by bond type,
  • provide feedback to improve quant processes,
  • recommend dealer-specific bid/ask adjustments by sector.
• Review indicative pricing grids produced daily by the quant team and recommend level adjustments where necessary.
• Collect and assess real-time analytics for out-of-competition and dynamically negotiated bonds in coordination with PMs.
• Review trades and system-generated relative value metrics as a sanity check.
• Contribute to improving prepayment and default models used in relative value analysis.

Desired Qualifications

• 3-5 years of experience trading Agency MBS and CMO securities; knowledge of CLOs is a plus.
• Proven ability to execute high volumes of dynamically negotiated trades in these markets.
• Deep understanding of collateral characteristics and performance behavior across securitized products.
• Strong working knowledge of Intex, Yield Book, and Bloomberg as pricing and analytical tools.
• Familiarity with prepayment and default models used in these sectors.
• Strong communication skills, with the ability to work effectively across teams and manage multiple priorities.
• Ability to understand, frame, and communicate ideas within a mathematical or analytical framework.
• Strong academic record, with a degree in a quantitative discipline such as Mathematics, Computer Science, Engineering, Economics, Physics, or a related field.
• Strong Python and coding skills, with an interest in applying AI-driven tools and automation to trading, execution analysis, market intelligence, and workflow optimisation.

The anticipated based salary range for this position is listed below. Compensation packages would also include benefits and a discretionary bonus. This is the base salary range that the Company believes it will pay for this position at the time of this posting based on the location and requirements of the position as well as the skills, qualifications, and experience of the applicant. The Firm reserves the right to modify this pay range at any time.

US Pay Range

$125,000-$175,000 USD

Inclusion, Work-Life Balance and Benefits at Man Group
You'll thrive in our working environment that champions equality of opportunity. Your unique perspective will contribute to our success, joining a workplace where inclusion is fundamental and deeply embedded in our culture and values. Through our external and internal initiatives, partnerships and programmes, you'll find opportunities to grow, develop your talents, and help foster an inclusive environment for all across our firm and industry. Learn more at www.man.com/diversity.

You'll have opportunities to make a difference through our charitable and global initiatives, while advancing your career through professional development, and with flexible working arrangements available too. Like all our people, you'll receive two annual 'Mankind' days of paid leave for community volunteering.

Our comprehensive benefits package includes competitive holiday entitlements, pension/401k, life and long-term disability coverage, group sick pay, enhanced parental leave and long-service leave. Depending on your location, you may also enjoy additional benefits such as private medical coverage, discounted gym membership options and pet insurance.