Portfolio Manager – Emerging Market Local Debt
The Global Fixed Income, Currency and Commodities team (GFICC) at J.P. Morgan Asset Management is one of the world’s deepest and best-resourced fixed income managers, with expertise across all major fixed income sectors, including niche markets. Every investment decision in our fixed income solutions is underpinned by the proprietary research of a globally integrated team of sector specialists. Our shared research language, combining fundamental, quantitative valuation and technical inputs, facilitates the comparison of ideas across sectors and geographies. Global Fixed Income, Currency and Commodities manages a broad range of strategies, through funds and/or separate accounts, including broad market, long duration, stable value, intermediate high yield, emerging market debt, short and ultra-short duration, global bonds, structured products, mortgages and tax-aware strategies.
The Emerging Market Local Debt team is responsible for managing Local Currency denominated Government bond portfolios within GFICC, as well as contributing to the Emerging Market macro view across the broader GFICC team. The team has a long and proven track record in managing portfolios throughout various cycles over the last 20 years. It has also launched innovative products in the sector which position the team well to see significant asset growth in assets as investors are reconsidering the space more strategically.
Role Summary
Own the generation, evaluation, and implementation of investment ideas in Emerging Markets (EM) local rates and currencies to deliver excess returns consistent with the portfolios’ risk budgets, investment guidelines, and benchmark constraints.
Develop and articulate macro and market views across assigned EM countries/regions, and translate those views into portfolio positioning recommendations.
Collaborate across the Global Fixed Income, Currency & Commodities (GFICC) platform to incorporate cross-sector insights into EM Local portfolios and to communicate the EM Debt (EMD) team’s house view to internal stakeholders.
Key Responsibilities
Idea Generation and Implementation
Source, structure, and execute trade ideas across EM local curves and relative value expressions, targeting alpha within defined risk limits and liquidity parameters.
Manage positions through the full lifecycle: entry, risk calibration, performance attribution, and exit, with clear documentation of thesis, catalysts, and risk factors.
Optimize country and curve exposures (e.g., duration, DV01 allocation, curve shape, breakevens) in line with portfolio objectives and client guidelines.
Macro and Country Coverage
Maintain and present a rigorous macro framework for assigned EM countries/regions
Produce timely, high-conviction recommendations informed by data, policy trajectories, and market technicals; update views as catalysts evolve.
Cross-Platform Collaboration
Partner with global rates, FX, credit, and quant teams to integrate cross-asset insights into EM Local portfolios.
Communicate the EMD team’s views to portfolio managers, traders, and client-facing teams; contribute to investment committees and risk forums.
Risk Management and Governance
Adhere to portfolio guidelines, risk budgets, and compliance requirements; ensure positions align with approved mandates and liquidity profiles.
Monitor and report key risk metrics (e.g., tracking error, VaR, stress, scenario/sensitivity analysis); escalate deviations promptly and propose mitigation actions.
Contribute to formal performance attribution and post-trade reviews, including lessons learned and process improvements.
Research, Tools, and Process
Build and maintain models, dashboards, and datasets supporting signal generation, valuation, and risk monitoring (e.g., carry/roll, term premium, fair-value frameworks).
Leverage coding and LLM-based tools to accelerate research, backtesting, and documentation while adhering to data governance standards.
Decision Remit and Scope
Primary decision remit: Propose and size trades within the EM Local rates opportunity set; implement trades subject to portfolio manager approval and risk limits.
Coverage scope: Assigned EM countries/regions in EMEA and/or broader EM as determined by the team; may shift as team needs evolve.
Risk parameters: Operate within pre-agreed risk budgets (e.g., DV01, tracking error, country limits) and liquidity thresholds; comply with client and regulatory constraints.
Required qualifications, capabilities and skills
5–10 years of experience managing or taking risk in EM local rates, including hands-on execution in government bonds and interest rate derivatives.
Demonstrated track record of alpha generation and sound risk management under varying market regimes.
Strong macroeconomic grounding and fixed income market expertise (policy analysis, inflation dynamics, market microstructure).
Proficiency with analytical toolsets and coding for research and monitoring (e.g., Python, R, or similar), and effective use of large language models for workflow acceleration.
Excellent communication skills, with the ability to present views, trade rationales, and risk assessments clearly to investment committees and stakeholders.
High attention to detail and strong organizational skills with the ability to prioritize and execute in a fast-paced, multi-tasking environment.
Preferred qualifications, capabilities and skills
Degree in economics, finance, applied mathematics, or a related quantitative field; advanced degree or relevant certifications (e.g., CFA) are a plus.
Direct risk-taking background (e.g., trading, portfolio management, hedge fund desk analysis) in EMEA rates.
Familiarity with portfolio construction techniques (e.g., risk budgeting, factor exposures, optimization) and with performance attribution frameworks.
Success Measures
Consistent excess return generation within risk budgets and drawdown limits.
High-quality investment memos and country updates with clear catalysts and risk scenarios.
Effective collaboration and timely dissemination of views across the platform.
Robust risk oversight evidenced by clean audit/compliance reviews and disciplined trade documentation.
Work Model and Reporting
Reports to: EM Debt Portfolio Manager/Head of EM Local Rates.
Location:London; some travel for on-site meetings, conferences, and due diligence may be required.