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About the Role

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.

Responsibilities

Lead the team that manages the agency MBS portion of the CIO investment portfolio.
Enhance the investment approach based on strong analytics and deep understanding of investor dynamics and market and regulatory developments affecting the MBS market.
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.
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.
Lead and oversee transaction and portfolio level analysis, research and report preparation.
Perform and/or oversee due diligence and statistical analysis related to portfolio management.
Utilize a significant understanding of financial instruments and overall investment portfolio to contribute to investment decision-making process and development of investment/trading strategies.
Manage various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives.
Interact with internal/external service partners, including broker dealers and/or analytics providers, and leverage their knowledge.
Develop and oversee the administration and performance of defined processes and procedures.
Make and present recommendations to key ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assess the potential impact of these on ALM and the assigned business unit.

Requirements

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.
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.
PNC will not provide sponsorship for employment visas or participate in STEM OPT for this position.
Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role.
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.
This position is subject to the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA) and, for any registered role, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and/or the Financial Industry Regulatory Authority (FINRA), which prohibit the hiring of individuals with certain criminal history.

Skills

Asset Allocation
Auditing Operations
Business Case Analyses
Credit Risk Analysis
Data Analytics
Data Visualization
Decision Making
Investments
Market Research
Asset and Liability Management (ALM)
Industry Knowledge
Market Risk
Portfolio Management
Pricing Models and Analytics
Regulatory Environment - Financial Services

Location

New York City

Work Type

Fully in office
In-office

Experience Level

8+ years industry-relevant experience
5+ years prior management experience

Education Level

Masters or higher degree in finance, economics, engineering, or related fields

Salary/Compensations

Base 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.

Benefits

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
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

About the Company

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve.
We are all united in delivering the best experience for our customers.
We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success.
PNC is an in-office company that fosters a supportive culture where employees can thrive and achieve balance.
For nearly 160 years, PNC has strived to make a meaningful impact for our employees, customers, communities, and shareholders.
We believe our success and positive reputation are built on open and honest dialogue, an unwavering focus on smart risk management, relationship-based customer service and community investments.
Our inclusive workplace allows our employees to be heard, valued, and developed to do their best work.
Being a great place to work means we are making a lasting difference for everyone we serve.
PNC’s total rewards package includes things like time off, benefits, learning and career development, wellness programs, recognition and much more.

Equal Opportunity

PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.
At PNC we foster an inclusive and accessible workplace.
We provide reasonable accommodations to employment applicants and qualified individuals with a disability who need an accommodation to perform the essential functions of their positions.