Risk Manager, Credit

The Firm seeks a Risk Manager to join its Credit Risk Management team in New York. The successful candidate will oversee the independent risk management of credit portfolios across corporate bonds, loans, credit derivatives, and structured credit in the United States, Europe, and Asia.

Primary responsibilities include:

• Owning independent risk oversight: overseeing global credit portfolios, with a clear view of exposures across credit spread, default, recovery, curve, basis, convexity, embedded optionality, ratings migration, financing, liquidity, and correlation.
• Analysing P&L and risk: analysing risk drivers, P&L attribution, hedging efficiency, scenario behaviour, and tail outcomes for portfolios trading corporate bonds (investment grade and high-yield), leveraged loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products such as CLOs and non-agency MBS.
• Developing and overseeing risk guidelines: establishing guidelines for portfolio construction, concentration, liquidity, gap risk, financing, and drawdown. Ensuring mandates are defined, scalable, and consistently observed.
• Reviewing trade and portfolio construction: reviewing positions with close attention to bond and loan terms, covenants, capital structure, seniority and security, structural protections, embedded optionality (calls, puts, prepayment and extension risk), CDS documentation, index and tranche construction, financing and margin assumptions, and event risk (ratings actions, refinancings, restructurings, and defaults).
• Reviewing portfolio risk: working closely with portfolio managers to assess positions where risk may be mispriced, crowded, imperfectly hedged, or less aligned with mandate, liquidity, or market regime, with particular focus on default and downgrade risk, complex structures, and crowded credit themes.
• Evaluating portfolio manager candidates: assessing prospective Portfolio Manager candidates by testing the strength of their process, risk discipline, hedging approach, portfolio construction, and historical returns.
• Improving risk infrastructure: enhancing the Firm's models, systems, and reporting for credit risk. Working with quantitative researchers and technologists to improve valuation, stress testing, exposure decomposition, default and loss modelling, and real-time reporting.
• Communicating with precision: presenting key exposures, stress results, and changes in market structure clearly to senior leadership and investment teams.
• Monitoring global market developments: tracking primary and secondary market activity, issuance trends, liquidity, market structure, rating migration, default cycles, and regional differences in the U.S., Europe, and Asia that may affect risk-taking and portfolio construction.