Specialist Credit, Discretionary Middle Office in London

About Man Group

Man Group is a global alternative investment management firm focused on pursuing outperformance for sophisticated clients via our Systematic, Discretionary and Solutions offerings. Powered by talent and advanced technology, our single and multi-manager investment strategies are underpinned by deep research and span public and private markets, across all major asset classes, with a significant focus on alternatives. Man Group takes a partnership approach to working with clients, establishing deep connections and creating tailored solutions to meet their investment goals and those of the millions of retirees and savers they represent. Headquartered in London, we manage $253.6 billion and operate across multiple offices globally.

Purpose of Role

The Public Markets Credit Middle Office team is responsible for security pricing controls, NAV calculations, fee modelling, and portfolio rebalancing across Feeder/Master/Multi-Book structures. The team also sets trading levels and instructs FX hedges related to client capital flows across Man's Public Markets Fixed Income/Credit Funds. The Specialist Credit, Discretionary Middle Office will play a key role in supporting the integrity of the firm's capital and portfolio records, providing management information to asset managers, and maintaining oversight of external fund administrators. The role requires close collaboration with Front Office, Operations, Finance, Compliance, and Technology teams, while actively contributing to operational change and process improvement initiatives.

Specific Responsibilities

• Review and analyse a broad range of fixed income securities and derivatives — including credit default swaps, bonds, loans, and other fixed income instruments — with a focus on pricing accuracy and P&L calculations.
• Perform fixed income-specific valuations, including yield curve analysis, duration calculations, and credit spread assessments.
• Calculate Net Asset Value (NAV) of funds on a daily, weekly, and monthly basis; verify accrued income and expenses; and provide intra-NAV estimates to the business as required.
• Review and analyse fund profit and loss accounts on a daily basis and report performance findings to the Asset Manager.
• Liaise with fund administrators to reconcile final fund NAVs and resolve discrepancies in a timely manner.
• Ensure the quality and effectiveness of pricing governance and controls through ongoing risk identification, mitigation, and clear documentation of any enhancements to the framework.
• Manage and coordinate new fund launches, closures, and significant cash flows (inflows/outflows), ensuring operational readiness and accuracy of records.
• Support the Discretionary business through complex transactions, liaising with Front Office, Operations, Compliance, and other internal teams as required.
• Attend and contribute to meetings with external administrators and internal pricing committees.
• Utilise internal tools and databases to deliver fixed income reporting and analytics.
• Contribute to process improvement and automation initiatives specific to fixed income fund operations.

Stakeholder Engagement

• Build and maintain strong working relationships with key internal stakeholders, including Operations, Finance, Management, Business COOs, and Technology leads.
• Support new business initiatives, fund transitions, and migration projects, ensuring smooth operational execution.
• Represent the Middle Office team on broader Man Group projects, such as trading system enhancements and regulatory change integration.
• Prepare and deliver regular and ad-hoc analysis and reporting to management, asset managers, and other stakeholders covering historic performance, trading activity, costs, fees, and other relevant metrics.

Technical Development & Process Improvement

• Contribute to the team's continuous improvement of systems, controls, and workflows related to fixed income fund administration.
• Learn and apply programming and automation tools to enhance team processes, reporting efficiency, and data quality.

Technical Competencies

• Working knowledge of fixed income instruments and derivatives.
• Understanding of pricing methodologies and vendor pricing sources (e.g. Bloomberg, Markit).
• Experience with NAV calculation across complex fund structures, including fixed income accrual accounting and fund administration reconciliation workflows.
• Ability to review and explain daily P&L for credit portfolios and prepare MI and performance reports for asset managers and senior stakeholders.
• Familiarity with pricing governance frameworks, escalation procedures, and the ability to identify and communicate valuation risks to pricing committees.
• Proficiency in Excel; exposure to portfolio/fund administration platforms and willingness to develop programming skills (Python, SQL) for automation and reporting.
• Understanding of operational risk controls and key regulatory frameworks relevant to fund operations is a plus.
• Strong communication skills with the ability to engage across front office, operations, finance, and external administrators, with experience supporting change or project initiatives in a financial services context.

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.

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.

Equal Employment Opportunity Policy

Man Group provides equal employment opportunities to all applicants and all employees without regard to race, color, creed, national origin, ancestry, religion, disability, sex, gender identity and expression, marital status, sexual orientation, military or veteran status, age or any other legally protected category or status in accordance with applicable federal, state and local laws. Man Group is a Disability Confident Committed employer; if you require help or information on reasonable adjustments as you apply for roles with us, please contact TalentAcquisition@man.com.