Head of ETD Commodity Operations & Market Risk - Boutique Hedge Fund (Operations & Risk hybrid - standalone role initially) in Slough

Martis Search are exclusively partnering with a boutique Mayfair based Hedge Fund to hire a permanent Head of ETD Commodity Operations & Market Risk. The role is initially a stand-alone position supporting various mainly ETD Commodity Futures & Options Traders. The chosen incumbent will be responsible for the full trade-life cycle of all trades, liaising directly with Prime Brokers and external Administrators.

There is also a percentage element of the role to be responsible for all Market Risk and Investment Risk Management Oversight (70% Operations – 30% Risk Management Oversight). This means, alongside working with the Front Office, CEO and other C Suite level from an Operational perspective, you will also own the Market Risk and Investment Risk Management Oversight.

Our client is looking for someone with both hands-on and senior ETD Commodity Operations & Risk Management Oversight experience, ideally gained within a Hedge Fund or Asset Manager, but will also consider candidates from a Commodity Trading house or Brokerage background. There is a chance to hire possibly one other Operations Analyst in the future as the business continues to grow.

Our client expects the successful candidate to be a strong advocate for technology and automation. Technical skills (Excel/VBA, SQL, Python) are not required, but a clear instinct for automating manual work, designing scalable processes, and pushing the firm’s tooling forward is essential.

Key Responsibilities:

• Owning the full trade lifecycle across listed derivatives (ETD’s/ Futures & Options), Cleared OTC, and Physical Copper — Confirmations, Allocations, Give-Ups, Settlements, Expiries, Margins, and the resolution of any Reconciliations breaks.
• Owning daily Reconciliations — trade, position, cash, brokerage, PB/FCM statements — and the integrity of positions, P&L and reference data in the CTRM (Loqsea).
• Owning Treasury and Payments — instructing Payments from Manco accounts, approving payments from fund accounts as authorised signatory, executing cash movements between trading accounts, and managing borrowing-base and financing rolls.
• Owning the day-to-day relationships with Prime Brokers, FCMs, Clearing Banks, Fund Administrator and Depositary; signing off the monthly NAV.
• Owning the Operational running of the Physical Copper book — warehouse receipts, LME Warrants, financing rolls, insurance, assays, freight, demurrage.
• Owning the Risk function: setting and monitoring credit and exposure limits at PBs/FCMs; daily measurement and review of VaR, exposure, market, credit and liquidity risk on the derivatives book; assessing the impact of market events and scenarios on the books and escalating to the founder/MD; warehousing, title, insurance and logistics risk on the physical book.
• Owning the operational, finance and administrative running of the firm — brokerage and invoice approvals, expense and vendor management, audit support, fund board reporting input, BCP and information-security oversight with the outsourced IT provider.
• Liaison with external compliance consultants on regulatory reporting (EMIR / UK EMIR via DTCC, AIFMD Annex IV, position reporting, periodic FCA/CFTC submissions); liaison with auditors, depositary, and fund directors.
• Driving automation and tooling improvements across the operations stack — partnering with the firm’s outsourced IT provider and pushing for scalable, low-touch processes wherever manual work can be eliminated.

Candidate Profile:

• Approximately 10+ years in Commodity-focused Operations, Risk, or COO functions at an Investment Manager, Hedge Fund, Commodity Trading House, or comparable institution.
• Deep familiarity with Listed & Cleared Commodity Derivatives — Exchanges, Clearing, Trade Lifecycle, Margin, Expiry, Give-Ups.
• Solid working knowledge of risk concepts — VaR, exposure measurement, sensitivities, stress and scenario analysis — and a clear ability to read a book and articulate how market events would impact P&L, margin and liquidity.
• Hands-on experience with PB/FCM relationships, authorised-person paperwork, and credit/exposure limit frameworks.
• Track record of personally owning fund-side operations: NAV, reconciliations, payments, fund admin and depositary liaison, audit support.
• Strong pro-technology mindset — instinct for automating manual work and improving tooling, even if not personally technical.
• Operator mindset suited to a lean, owner-managed firm: pragmatic, hands-on, and genuinely comfortable owning execution rather than supervising it.
• Strong advantages: experience with Physical Commodities (Warrants, Borrowing-Base, Title); dual UK/US regulation (FCA + CFTC/NFA); familiarity with our stack (Loqsea, TT, WebICE, Bloomberg, FIA Tech, DTCC GTR); personal proficiency with Excel/VBA, SQL or Python.

Salary: Between £110k pa - £130k pa (possibly higher) plus a highly competitive discretionary bonus, plus healthcare, pension, electric car subsidy.