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Director, Head of Portfolio Management, London

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Client:

The European Bank for Reconstruction and Development

Location:

London, United Kingdom

Job Category:

Other

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EU work permit required:

Yes

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Job Reference:

523bbaa69a87

Job Views:

9

Posted:

12.08.2025

Expiry Date:

26.09.2025

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Job Description:

Purpose of Job

The Director, Head of Portfolio Management G7 is responsible for the oversight and management of all liquidity and market risk embedded in the EBRDs balance sheet.

This is a key role responsible for the largest market risk positions in the Bank and requires significant and broad expertise across financial markets, macro-economics, and financial policy matters.

The role encompasses both the liquidity management function in Treasury, as expressed by a € 30 billion portfolio, a CP issuance programme and a sovereign liquidity portfolio of € 1 billion combined with the management of all market and basis risk present in the EBRDs balance sheet. The role also manages the dynamic management of the duration of capital.

As the key derivatives expert within the Bank the Director is also expected to be involved with the relevant trade associations (ISDA, ICMA, AFME, etc); and importantly to understand the exposure mechanics and lead the negotiation of counterparty agreements and the various valuation adjustments (XVAs) associated with trading derivatives bilaterally. The Director will also be expected to be familiar with regulations around Risk Free Rates (RFR), Dodd Frank, & Mifid II, as they affect the business and the underlying market structure.

The Director needs to understand and manage both the core position of the EBRD’s balance sheet in terms of strategy and financial risk, and to be engaged beyond the Bank to steer in the wider regulatory and policy context.

Background

The G7 Portfolios broadly comprise of 2 parts split by maturity of exposure and types of risk managed, which together form the hard currency balance sheet. These 2 parts can be broadly split into market risk and liquidity risk. This group, together with the local currency side, also known as hard and local currency Balance Sheet Management (HC & LC BSM), is the nexus for the financial risk management operations of the EBRD.

The core function of Treasury is to protect the Bank’s capital, and with that in mind the Treasury works to optimise return on capital, there is therefore a set of annual P&L targets to achieve. All of the lending and borrowing of the Bank is internally match funded through this desk, the desk therefore absorbs all market risk associated with the banks assets and liabilities and is tasked with managing them within set parameters.

Accountabilities & Responsibilities

• Responsible for the running of G7 Portfolio Management, Hard Currency BSM and for the realisation of the overall Hard Currency BSM P&L target.
• Responsible for the management of market risks within the EBRD risk framework.
• Responsible for the creation and maintenance of liquidity and products in currencies, maturities and interest rate risk profiles that are important for the Bank’s clients.
• Responsible for the setting of the FTP between Treasury and Banking.
• Responsible for the management of the dynamic capital duration strategy.
• Responsible for the assessment of the market environment in order to identify the appropriate asset allocation of short term liquidity.
• Responsible for the assessment of the market environment in order to manage the financial risks of the Bank’s balance sheet within approved risk limits.
• Responsible for a major part of IT strategy for Treasury, collaborating across Finance and IT to ensure delivery of required framework and systems to enable Treasury.
• Takes an active role in the management of Treasury, through the Treasury Management Group, the Asset and Liability Committee (ALCOM), and speaking at the monthly P&L meeting with the CFO.
• Directly accountable for the engagement and effective overall management of staff including recruitment, compensation (as agreed with the Head of Department, if applicable), performance management, coaching and development.
• As a member of the Bank’s Corporate Leadership Group, champion and role model the Bank’s Workplace Behaviours, ensuring adherence within the team so that the highest standards of integrity and ethical conduct are exhibited at all times
• Represent the Treasury internally at all levels, particularly within the VP CFO, and with other colleagues in Treasury Management, serving as a knowledge centre for all matters relating to responsibility area.
• Represent the Treasury and the Bank externally at all levels, particularly in regulatory circles and trade associations, as well as at various conferences and meetings.

Knowledge, Skills, Experience & Qualifications

• Relevant bachelor’s degree, with Master’s desirable or equivalent experience.
• Extensive practical experience of financial markets, ideally in a major financial institution whether a Bank or Asset Manager.
• An established knowledge of interest rate & FX markets, their derivatives including basis and volatility, and their dynamics and inter-linkages; preferably gained via trading, portfolio management, or a Treasury role.
• A solid understanding of all relevant products: vanilla interest rate derivatives across IRS, OIS, FRAs, exchange traded products including options, caps/floors/swaptions; FX products across spot, forwards, swaps & options; crucially also across basis products term & cross currency basis swaps; Repos, CPs, Money Market products; and of course the trade life cycle.
• Strong technological skills in the use of all relevant systems: Bloomberg, Summit, Reuters, SQL+, MS Office including some VBA, and other systems as relevant particularly across the order & execution management space.
• Demonstrated expertise engaging/negotiating with and influencing both internal/external stakeholders, particularly in order to ensure that the Bank receives timely and proactive information, advice and market access/execution services.
• Strong partnership, influencing, problem solving and client relationship/orientation skills
• Effective coaching, mentoring and leadership skills
• Ability to identify and articulate strategic direction and goals, and to lead the team and multiple external stakeholders towards mutually acceptable outcomes.
• Strategic/critical thinker with good business acumen, the ability to work well under pressure and make sound business decisions.
• Proven ability to work across organisational boundaries and operate effectively in multi-cultural and cross-functional work environment.
• Excellent communication skills: both written and spoken English.

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.