Principal, Portfolio Management EMEA

Purpose of Job

The Principal Portfolio Management EMEA is an interest rates and FX market expert who is responsible under supervision and guidance of the Director and/or the Associate Director for the development of the Banks local currency financing capacity and the management of financial risks in designated currencies.

In the most developed markets role will mainly focus on the management of the Banks market and structural risk in FX and interest rates as well as the liquidity and funding exposures within the constraints of managing a mark-to-market book with P&L targets.

Given the underdeveloped nature of most local currency markets in which the Bank operates the role goes well beyond managing local currency financial and market risks. Under the guidance of the Director and/or Associate Director the role will also involve:
- developing further both the internal and external framework to expand the Banks capacity to manage local currency market risks and offer local currency products meeting clients demand.
- providing specialised financial guidance on what loan and bond features the Bank can offer to its clients in each local currency.

In the least developed markets the role will mainly focus on supporting market development being the precondition enhancing the Banks local currency operations in the latter markets.

Background

The core function of Treasury is to protect the Banks capital and liquidity and within the liquidity and other constraints to optimise return on capital by achieving P&L targets. All of the lending investing and borrowing of the Bank is internally match funded through the G7 and EMEA Portfolio Management desks and as such this is where all of the risk which results from our natural activities pools.

The Portfolio Management - EMEA is the nexus for the local currency operations of EBRDs Treasury. The desk has functional responsibility for the development of the Banks local currency operations and the management of all financial risks to the Bank associated with the Banks local currency activities.

Its principal responsibilities are:

The management and provision of liquidity in support of the Banks local currency lending activities. Crucially this risk comprises both the market risks and the liquidity / cash management risks of the Bank. It is the function of the desk to manage these risks and where relevant run its own risk in pursuit of its P&L targets.
Defining designing and improving local currency loan and bond features that can be offered to clients ensuring they meet as closely as possible demand in each market.
Developing further both the internal and external framework to expand the Banks capacity to manage local currency market risks and offer local currency products meeting clients demand. Developing the external framework requires policy dialogue with domestic authorities (mainly central banks) and stakeholders to develop new products or enhance domestic markets. As the core of practical financial markets expertise in the Bank the Portfolio Management EMEA desk leads the policy dialogue to support the creation of an efficient interest transmission mechanism. As such it is involved in supporting policy dialogue on monetary policy design and implementation and all elements that support the local banking system being able to manage the risks associated with a more dynamic interest and FX market. As such the team leads the Banks work to develop money and derivatives local currency markets.

Accountabilities & Responsibilities

The Principal Portfolio Management EMEA is expected to perform the following duties under supervision and guidance of the Director and/or Associate Director:

To manage and develop EBRD capacity to offer local currency financing to the Banks clients:

• Responsible for assessing the market environment and managing the market risks in the relevant currencies within the EBRD risk and limits. This includes managing interest rate FX liquidity (both long and short term) and credit risk. Managing liquidity risk includes cash management which is crucial to ensuring that the Bank can operate on a day-to-day basis including the honouring of its debt obligations disbursements to Banking projects and any other Treasury investments and payments as necessary.
• Responsible for meeting the personal P&L target in the relevant currencies within the risk constraints set for them and the operational guidelines outlined in the T&TRMA.
• Formulate communicate and implement investment strategies in the relevant markets.
• Responsible for the creation and maintenance of liquidity and products in relevant currencies for maturities and interest rate risk profiles that are important for the Banks clients. This includes developing both the internal and external frameworks in support of such developments.
• Develop and maintain relationships with local market counterparties and Central Banks to facilitate the Banks provision of local currency lending.
• Develop and maintain relationships with market counterparties other MDBs and relevant industry bodies.
• Build a network of working relationships and dialogue/co-operation with all relevant departments within the Bank to ensure effective product delivery.
• Attend industry related events and conferences as participant.
• Support initiatives of other departments and units of the Bank as required.

To further support market development:

• Help develop and maintain relationships and policy dialogue with local market counterparties and Central Banks to facilitate the development of domestic instruments and markets needed to enhance the Banks provision of local currency lending. This may include where relevant the running and advising of money market working groups and facilitating of capacity building.
• Organise and coordinate policy dialogue and/or Technical Cooperation (TC) necessary to support the work by Portfolio Management EMEA to support market development in specific countries.
• Provide advisory technical and/or administrative support to Portfolio Management EMEA team on TC projects management related issues throughout the TC project cycles: TC project design Grant Unit submission and approval processes donor funding procurement of Bank and/or Client led consultancy services contract negotiations contracting monitoring of TC projects reporting on TC projects evaluations and lessons learnt of TC projects.
• Provide training for new team joiners on TC project related matters rules and procurement procedures.

Knowledge Skills Experience & Qualifications

To manage and develop EBRD capacity to offer local currency financing to the Banks clients:

• Significant financial markets experience ideally in a major financial institution.
• An established knowledge of interest rate & FX markets their dynamics and inter-linkages preferably gained via trading / execution or a Treasury role is desirable.
• A strong understanding of all relevant products is desirable: vanilla interest rate derivatives (IRS OIS FRAs Futures & options); FX spot fwd & swaps; cross currency basis swaps single currency basis swaps; Repos MMKTs and the trade life cycle.
• Strong ability to interpret macro economic and financial information.
• Capacity to adapt and develop new solutions through analytical interpretative evaluative creative and innovative thinking
• Partnership influencing problem solving and client relationship/orientation skills to enable the delivery of Treasurys and the Banks quantitative and qualitative business targets.
• Ability to find and secure donor funding and previous experience with managing TC projects and donor funding is a plus.
• Having an established network of relationships is a plus.
• Strong technological skills in the use of all relevant systems: Bloomberg Excel (some VBA) Summit Reuters dealing & Eikon Powerpoint Outlook and other systems as relevant.
• Minimum Bachelors degree or equivalent experience. Masters degree desirable but not required.
• Strong English reading writing and comprehension skills are a necessity. A second language of one of EBRDs Countries of Operation is highly desirable.

What is it like to work at the EBRD / About EBRD

Our agile and innovative approach is what makes life at the EBRD a unique experience! You will be part of a pioneering and diverse international organisation and use your talents to make a real difference to peoples lives and help shape the future of the regions we invest in.

At EBRD our Values Inclusiveness Innovation Trust and Responsibility are at the heart of how we work. We bring these to life through our Workplace Behaviours: listening well and speaking up collaborating smartly acting decisively with full commitment and simplifying to amplify our impact. These principles shape our culture and define our success. We seek individuals who not only share these values but are also committed to embedding them in their daily work fostering a positive and high-performing environment.

The EBRD environment provides you with:

• Varied stimulating and engaging work that gives you an opportunity to interact with a wide range of experts in the financial political public and private sectors across the regions we invest in.
• A working culture that embraces inclusion and celebrates diversity. Our workforce reflects a broad range of backgrounds perspectives and experiences bringing fresh ideas energy and innovation and enhancing our ability to serve our clients shareholders and counterparties effectively.
• A hybrid workplace that offers flexibility to teams and individuals; that is based on trust flexibility and connectedness.
• An environment that places sustainability equality and digital transformation at the heart of what we do.
• A workplace that prioritises employee wellbeing and provides a comprehensive suite of competitive benefits.

Diversity is one of the Banks core values which are at the heart of everything it does. As such the EBRD seeks to ensure that everyone is treated with respect and given equal opportunities and works in an inclusive environment. The EBRD encourages all qualified candidates who are nationals of the EBRD member countries to apply regardless of their racial ethnic religious and cultural background gender gender identity sexual orientation age socio-economic background or disability.

Please note that due to the high volume of applications received we regret to inform you that we are unable to provide detailed feedback to candidates who have not been shortlisted (for further consideration).