Fixed Income Portfolio Manager
Laz Partners
London Area, United Kingdom
We have partnered with a fast-growing UK insurer/asset manager looking to hire a Fixed Income Portfolio Manager to play a key role in driving investment performance across a large (double-digit £bn AUM) public credit/fixed income portfolio . This newly created position is focused on optimizing asset allocation across all public fixed income investments, identifying high-quality return opportunities , and improving overall portfolio efficiency and capital deployment. The business is experiencing 10%-20% annualized growth , driven by strong investment performance & AUM growth, as well as a collaborative culture combined with high-calibre investment talent and a a good work/life balance. The ideal candidate will bring a top-down perspective across global fixed income markets , coupled with the ability to form strong, actionable views across asset classes spanning corporate credit, securitized products, infrastructure debt , MBS, Munis and other MA-eligible instruments . The role also involves shaping investment decisions through proactive idea generation, strategic rebalancing , and continuous performance review , while collaborating with internal stakeholders including ALM, research, trading, and origination . Oversight of select external managers will also be an important part of the role (even though the majority of assets are managed in-house), with the primary focus on internal portfolio strategy , enhancing profitability and competitive positioning through superior capital deployment , and capturing relative value across a broad and growing opportunity set . The team operates a long-only, buy & maintain approach with active risk management and all capital is currently captive . Key Responsibilities Take ownership of portfolio-wide fixed income strategy and asset allocation decisions, focusing on enhancing returns, optimizing capital deployment, and managing risk within the Matching Adjustment (MA) framework. Continuously evaluate relative value across the full MA-eligible fixed income universe, including IG corporate credit, securitized credit, infrastructure debt, ABS, MBS, and other cash flow predictable instruments. Managing strategic partnerships with external managers as the primary decision-maker for externally managed public credit to ensure optimal access to market opportunities (whether in-house or externally managed). Identify, measure, and evaluate the premia the business can take advantage of, considering valuations, market dynamics, geopolitics, and macroeconomic conditions. Integrate these insights into the rebalancing and new business processes to enhance portfolio allocation. Propose robust investment recommendations for Matching Adjustment public assets, presenting recommendations to stakeholders and implementing them effectively. This includes driving performance within the team through effective fixed income strategy, ensuring that the overall portfolio within public credit/fixed income is allocated optimally (e.g., reassessing exposure to US IG versus European IG where premia may be more attractive). Develop and refine existing risk management frameworks, including Economic risks (levels of risk-taking, stress testing, and limit setting) and Non-economic risks (risk incidents, audit actions, etc.). Monitor macroeconomic and market developments, identifying opportunities and risks that inform portfolio construction and capital allocation strategy. Drive proactive dialogue within the investment team, challenging and refining positioning to improve risk-adjusted returns and maintain portfolio agility. Provide insight and support to structured credit and private markets teams where investment themes overlap, helping to ensure strategic alignment across investment platforms. Track regulatory developments (e.g., Solvency II reforms) and ensure the investment approach remains forward-looking, innovative, and compliant. Requirements & Qualifications 10+ years of experience in fixed income portfolio management, asset allocation, or credit strategy, ideally within an insurer, pension fund, or other capital-constrained investment environment. Demonstrated ability to assess and allocate across diverse credit assets, with a strong understanding of MA eligibility and Solvency II capital efficiency being preferred. Deep market knowledge and conviction-building skillset, with a track record of generating high-quality investment ideas and influencing portfolio direction. Strong macro awareness and ability to incorporate top-down insights into bottom-up portfolio construction. Collaborative approach with excellent communication skills able to work across teams and drive consensus on strategic investment decisions. Familiarity with oversight of external managers, though not as a primary focus. Recognised professional qualification (e.g., CFA) preferred.