We are partnering with a multi-manager hedge fund platform to place discretionary macro portfolio managers across three seats: rates, FX and macro equity. Each is an independent book with its own capital allocation, risk budget and P&L ownership, backed by centrally supplied capital, data and risk infrastructure.
These are discretionary seats. The platform is backing judgment, but judgment that runs on a tested process rather than instinct.
The Seats
- Rates: outright duration, curve and cross-market views across developed and selected emerging markets.
- FX: G10 and emerging market currency risk, expressed in spot, forwards and options.
- Macro Equity: macro views expressed through equity index, sector and single name risk, ideally as part of an established macro pod rather than a standalone book.
The Hard Questions
These are the questions the conversation will turn on.
- Alpha and beta: strip the static tilts out of your record, long carry, long duration, short volatility. What is left, and over how many years?
- Crowding: name a consensus trade you stayed in anyway. What told you the positioning was survivable, and where was your exit if it was not?
- Strategy decay: which trade that used to work for you has stopped working, and how long did it take you to accept that rather than size into it?
- Drawdowns: take your worst drawdown. Was it the thesis, the sizing or the timing, and what in your process changed afterwards?
- Expression: when have you been right on the macro and still lost money on the way you expressed it?
The Structural Edge
- Capital, data and risk oversight supplied from day one, so your first months go into trading rather than building.
- You own view formation, sizing and book construction. The platform's role is risk oversight and capital allocation, not strategy dictation.
Ideal Profile
- Your track record: five years running the same strategy continuously, with a live P&L record you can speak to in detail through more than one rate and policy regime.
- Your process: process driven and analytical. Discretionary judgment applied inside a framework that has been tested, scaled, and carried through drawdowns rather than around them.
- Level: the profile above is the target, but mid-level and junior managers with a strong process and a real record will be considered.
Compensation & Preferences
Base salary: GBP 200,000 to GBP 300,000, plus performance-linked bonus.
Availability: candidates currently serving non-compete or notice periods are encouraged to apply. The client will wait beyond 12 months for exceptional talent.
This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.
Portfolio Manager, Discretionary Macro (Rates, FX and Macro Equity) in London employer: Onyx Alpha Partners
Onyx Alpha Partners is an exceptional employer, offering a dynamic work environment where innovation and analytical thinking are at the forefront. Located in the UK, we provide our employees with unparalleled growth opportunities, a collaborative culture, and the chance to shape the future of our rates options desk. Join us to be part of a team that values independence, creativity, and professional development.
