There is a place for you at T. Rowe Price to grow, contribute, learn, and make a difference. ​ We are a premier asset manager focused on delivering global investment management excellence and retirement services that investors can rely on today and in the future. The work we do matters. We invite you to explore the opportunity to join us and grow your career with us.

ABOUT THIS POSITION

The Senior Fixed Income Risk Manager position is an integral role within T. Rowe Price’s independent Investment Risk team that is responsible for identifying, measuring, monitoring, communicating, and helping to mitigate (when warranted) risks in portfolios managed by the firm’s Fixed Income division. T. Rowe Price had $167 bn in Fixed Income assets under management (AUM) as of December 31, 2022, excluding AUM underlying multi-asset portfolios. The fixed income portfolios, both active and absolute return, are comprised of a broad array of cash and derivative instruments across global markets.

This Baltimore-based role will report to the Associate Head of Investment Risk in North America, who has responsibility for the global Fixed Income Risk and Multi-Asset Risk teams. The role is an opportunity to lead risk coverage for fixed income investment strategies managed by distinct business units of the Fixed Income division. The Senior Fixed Income Risk Manager will often act autonomously in their role while also collaborating and communicating with the global Fixed Income Risk team and the broader Investment Risk team. An effective partnership with Global Technology associates is also needed to maintain and enhance infrastructure for portfolio risk oversight. In addition to risk oversight, the risk manager will be involved in risk consultancy work for investment teams which may include unique projects, deep dive risk analyses, supplementary stress testing, and tail risk analysis. A thorough understanding of investment strategies and markets will be important for success. The Senior Fixed Income Risk Manager also provides subject matter expertise and commentary in support of regulatory requirements managed by other teams in Investment Risk.

ROLE SUMMARY

To be successful, the incumbent must have:

• Substantial experience in the asset management industry within a fixed income risk or investment department


• The ability to communicate effectively with the team and its stakeholders, including investment division management, portfolio managers, portfolio specialists, and credit analysts as well as clients, prospects, and consultants


• Strong knowledge of buy-side risk management, investments, and global financial markets 


• Programming skills to process data and perform computations efficiently

RESPONSIBILITIES

Day-to-day Risk Management Activities:  Review and interpret fixed income risk analytics and dashboards. Identify, measure, monitor, and communicate key portfolios risks to portfolio management teams with a focus on identifying significant sources of risk (e.g., factors, securities, sectors, etc.) and material changes to portfolios’ risk profiles. Analyze tail risks and perform stress tests based on hypothetical and historical scenarios. Collaborate with fixed income investment staff to understand their strategies and risk taking in portfolios.

Extension of Risk Reporting & Tools:  Prototype and develop risk reporting and tools to extend upon vendor risk platforms (primarily Bloomberg) for the identification and measurement of risks within and across fixed income portfolios. Activities will include the specification of data needed for inclusion in dashboards/reports and may involve the research and development of new methodologies and techniques. Development will include hands-on contributions and collaboration with associates in the Fixed Income and Global Technology divisions. Effective presentation and clear communication of analytical results will be needed to achieve buy-in from colleagues and adoption by Investment Risk’s stakeholders.

Communication with Internal & External Stakeholders:  In addition to frequent contact with investment teams, the risk manager will need to effectively communicate with many other stakeholders, including client-facing professionals, management, oversight committees, clients, consultants, and prospective clients, as appropriate.  To be effective in these interactions, the risk manager will need to demonstrate their strong grasp of technical details and their up-to-date knowledge of investment strategies and markets. The ability to verbally communicate complex topics in a clear, confident, and engaging manner is necessary to be successful in this role. The risk manager will contribute to timely written responses to requests for fixed income risk info from clients, prospects, consultants, regulators, and internal teams.

Ad-hoc Analysis & Projects:  Perform ad-hoc data and quantitative analyses in response to requests from fixed income portfolio managers and risk team members. Collaborate with team members and the Fixed Income quant team, as needed, to ensure methodologies are sound and best practices are followed. Understand results within the context of other in-house findings before communicating them to investment teams.

QUALIFICATIONS

Required

• Bachelor’s degree in a quantitative or scientific field such as quantitative finance, statistics, applied mathematics, operations research, engineering, computer science, or physics and 7+ years of related investment risk experience

Preferred

• Seven or more years of direct experience in fixed income risk management at a buyside asset manager

• Master’s or PhD degree in a quantitative or scientific field as listed above

• Programming skills in Python or R

• Fixed income and risk management experience in an asset management environment, including strong knowledge of portfolio risks

• Programming skills with experience using common programming languages and statistical packages

• Experience using industry standard risk models such as Bloomberg’s GRM/TRM or PORT, Aladdin, Yield Book or similar

• Completion or progress towards professional finance or risk accreditations such as CFA, FRM, and PRM

• Experience using Bloomberg’s GRM/TRM or PORT models for fixed income analysis, risk management, scenario analysis, and multifactor performance attribution

• Detailed knowledge of municipal bond, money market, and/or high yield investment portfolios

• Experience working for a global asset manager with key personnel located in other regions and offices

• Work experience with quantitative methods used to evaluate risk

• Data analysis skills

• Strong interpersonal and communication skills

• High standards of work quality and integrity

• Strong organizational skills

• Self-starter with high motivation who enjoys collaborating

• Intellectually curious with a commitment to continuous learning

• Clear understanding of securitized instruments from an investment and risk modeling perspective

• A passion for risk management and a demonstrated interest in financial markets through academic background, work experience and/or outside activities

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for remote work up to two days a week.

Commitment to Diversity, Equity, and Inclusion:

We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day.

Benefits: We invest in our people through a wide range of programs and benefits, including:

• Competitive pay and bonuses as well as a generous retirement plan and employee stock purchase plan with matching contributions


• Flexible and remote work opportunities


• Health care benefits (medical, dental, vision)


• Tuition assistance


• Wellness programs (fitness reimbursement, Employee Assistance Program)

Our policies may change as our working lives evolve. Yet, our commitment to supporting our associates’ well-being and addressing the needs of our clients, business, and communities is unwavering.

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, colour, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.