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 Bank’s 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 Bank’s 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 Bank’s 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 Bank’s local currency operations in the latter markets.

Background

The core function of Treasury is to protect the Bank’s 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 EBRD’s Treasury. The desk has functional responsibility for the development of the Bank’s local currency operations and the management of all financial risks to the Bank associated with the Bank’s local currency activities.

Its principal responsibilities are:

•    The management and provision of liquidity in support of the Bank’s 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 Bank’s 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 Bank’s 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 Bank’s 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 Bank’s 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 MDB’s 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 Bank’s 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 Bank’s 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 Treasury’s and the Bank’s 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 Bachelor’s degree or equivalent experience. Master’s degree desirable but not required.
• Strong English, reading, writing and comprehension skills are a necessity. A second language of one of EBRD’s 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 people's 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 Bank’s 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).