Our client is Generali Asset Management, a European investment specialist, offering a wide range of active funds and bespoke solutions across both public and private markets. Their investment experience is grounded in a solid heritage, with skills that have been developed and honed over time by managing Generali Group and external clients' assets. We are looking for a:
Portfolio Manager Government Bonds - LDI Fixed Income
Main responsibilities
The candidate will report to the Head of Govies and will be responsible for the portfolio management activity on the Sovereign related portion of LDI Fixed Income portfolios, in alignment with clients’ Strategic Asset Allocation and reinvestment yield targets. Alongside the core focus on the Govie market, the candidate would ideally also support in the broader oversight of the Shuldschein (SSD) book, with the task to manage such exposure coordinating also with LDI credit PMs when needed.
MAIN RESPONSIBILITIES
The ideal candidate will work on the following activities:
- Managing LDI portfolios aligned with client liabilities, regulatory frameworks, and risk budgets;
- Identifying and screening market opportunities on the Govie Fixed Income space, generating investment ideas across both primary and secondary markets;
- Coordinating buy/sell decisions on assigned portfolios, interacting with other LDI PMs and the trading desk to optimize portfolio risk return, reduce exposure when necessary, and maintain alignment with LDI frameworks;
- Collaborate with LDI PMs on trade ideas, portfolio rebalancing, and hedging strategies (e.g., swaps, futures, inflation‑linked instruments), contributing to duration, convexity, and hedge‑ratio monitoring aiming to maintain liability profiles aligned;
- Integrate within the portfolio management activity multiple constraints such as duration targets, benchmarks, liquidity limits, cash flow matching, reinvestment yield objectives, performance benchmarks and compliance with accounting standards. The PM must ensure all decisions fit, inter alia, within Solvency II and ESG driven requirements;
- Liaise with trading desks, operations and risk control function to ensure smooth execution and settlement of transactions;
- Monitor interest‑rate markets, yield curves, inflation dynamics, and macroeconomic drivers relevant to LDI strategies;
- Prepare portfolio analytics, performance related evidence and all needed back up material for internal committees and clients;
- Maintain and enhance internal models, dashboards, and data tools used for portfolio monitoring;
- Support client presentations, RFPs, and reporting materials.
In addition to the above, the ideal candidate will be specifically in charge of the Fixed Income Shuldschein (SSD) portfolio patrolling, with the following main tasks:
- Retain responsibility for the management and monitoring of such exposure across both Govies and Corporates;
- When dealing with credit SSD, coordinating the needed support of corporate analyst and/or dedicated Credit LDI PMs;
- Analyze, manage and execute trades on the product, including the need to perform documentation due diligence/review and to patrol on corporate actions over the life of the instrument.
Candidate profile
- Master’s degree in Finance, Economics, Engineering, Mathematics, or another quantitative discipline;
- Minimum 5 years of experience in Govie Fixed Income portfolio management;
- Strong understanding of fixed‑income instruments, especially: Government bonds & Interest‑rate derivatives;
- Adequate knowledge of Schuldschein structures, documentation, and market conventions;
- A good understanding of Corporate credit fundamentals is also a plus;
- Familiarity with LDI concepts such as Liability valuation, Duration matching, Regulatory frameworks (e.g., Solvency II, pension fund rules);
- Advanced knowledge of Bloomberg and portfolio risk analytics;
- Familiarity with IFRS and local GAAP accounting frameworks;
- Native/High proficiency German essential, alongside advanced English level;
- Strong communication skills and good team working abilities in order to collaborate with cross-functional teams (Research, ESG, Risk, Trading, etc.);
- Ability to perform under pressure, manage multiple priorities, and apply a strong analytical and problem-solving mindset;
- Proactive and accountable mindset, with the ability to manage strong stakeholders;
- Curiosity, continuous‑learning mindset, and willingness to improve processes.
Location
Milan or Trieste, with possibility of hybrid working
Generali is proud to be an inclusive employer that considers applicants regardless of gender, gender identity, sexual orientation, ethnicity, disability, religion, political views, marital status or philosophy of life.