Location: London
The Mandate
Our client, a leading global hedge fund, is building a discretionary rates options capability that does not currently exist within the firm. This is a new area for the business rather than a backfill of an existing seat: the successful candidate will be the first dedicated voice on interest rate options, defining how the desk expresses views, manages risk, and builds out its process from first principles.
This is a rare opportunity to own the strategy end-to-end, working closely with senior stakeholders across the broader rates franchise while the permanent leadership structure is still taking shape.
The Hard Questions (What You Will Solve)
Framework Design: how do you build a repeatable, analytically grounded process for expressing views in rates options, when no existing playbook or infrastructure is in place?
Model & Tooling Build-Out: what models and tools do you put in place to move from discretionary judgement to a disciplined, fault-tolerant process that can scale with the franchise?
Risk & Desk Formation: how do you establish risk frameworks, sizing discipline, and reporting lines from scratch, in a way that will hold up once permanent senior leadership joins?
Stakeholder Alignment: how do you work with senior stakeholders across the wider fixed income build-out during this formative stage, ensuring what you build integrates cleanly into the established structure to come?
Ideal Profile
An experienced Portfolio Manager with a demonstrable track record in discretionary rates options strategies, who brings a highly analytical framework to how they express views in the market.
Comfortable operating without an existing playbook, leveraging models and tools to build a repeatable, fault-tolerant process rather than relying on instinct alone.
Deep understanding of interest rate options pricing, risk, and market structure, with the credibility and independence to shape a desk ahead of a permanent team lead arriving.
Entrepreneurial, process-minded, and motivated by the opportunity to build a new capability rather than step into an established one.
Compensation & Preferences
£250,000 – £350,000 base salary plus competitive bonus. 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.
Apply Now
At Onyx Alpha Partners, we connect the most sought-after investment talent with opportunities that expand their universe of unconstrained performance. If this opportunity aligns with your ambitions, we encourage you to apply or contact the Onyx Alpha team in confidence.
Portfolio Manager, Rates Options 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.
