Portfolio Officer
Washington DC, United States
JOB DETAIL
Description
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
IFC Treasury & Mobilization (CFI) has been a large and significant player in the international financial markets for more than 30 years and has achieved a global reputation as an innovative borrower, investor, mobilizer of 3rd-party capital, and risk manager. Operating globally to deliver on IFC’s strategy to create markets and mobilize private capital for development, the Treasury & Mobilization Vice Presidency manages over $120 billion in liquid assets, global market borrowings, derivatives transactions, and portfolios of 3rd-party capital. It is responsible for managing the liquidity and cash of the Corporation, executing the funding program, strengthening local-currency financing by arranging and executing local-currency and risk-management transactions for clients, and mobilizing 3rd-party capital through innovative syndication and mobilization platforms such as the Managed Co-Lending Portfolio Program (MCPP) and the AMC. The Vice Presidency also manages the capital market education programs, provides advisory services and other knowledge services related to treasury management and operations to IFC’s clients. Finally, the Vice Presidency is responsible for performing some support functions necessary to achieving its mission (e.g., measuring and managing risks, computing performance and valuations, and undertaking quantitative analyses).
Liquid Assets Management (CTMLM) in the Treasury & Syndications Vice-Presidency is responsible for managing that portion of IFC’s liquid assets not immediately required for disbursement to the mission, the “Strategic Portfolios”. CTMLM’s primary objectives are to preserve IFC’s capital and maximize returns while operating in compliance with the Investment Directive including the Risk Appetite Limits established by the Corporate Risk Committee. IFC liquid assets are invested in the highest-quality interest-bearing instruments (fixed and floating) and held in distinct and individually managed sector/region-focused-sub-portfolios. Each sub-portfolio is managed by a Portfolio Manager with individual accountability for their assigned sub-portfolio and shared accountability for the overall performance of the Strategic Portfolios.
CTMLM is a small group of highly motivated, team-oriented professionals who work closely with IFC’s risk, valuations, back-office, and accounting departments. The portfolio includes the following products:
• High credit sovereign, sovereign guaranteed, and agency bonds in US dollars or asset-swapped into U.S. dollars;
• Domestic and foreign asset-backed, mortgage-backed securities, and other structured finance products in US dollars or asset-swapped into dollars;
• AAA credit corporate bonds, including Covered Bonds;
• Derivative products, including swaps, futures, and option contracts.
CTM is looking to recruit a Treasury Liquid Assets Management: Portfolio Manager for U.S. and Canadian Securitized Products AND Supervision of risks arising from ESG factors for all liquidity portfolio activities.
Duties and Accountabilities:
CTMLMs primary objective is to preserve the Corporation’s capital and earn a return consistent with the Risk Appetite Statement approved by the Corporate Risk Committee (CRC). LAM works in concert with the Cash and Funding units of CTM to ensure that the Corporation meets the criteria set by the CRC to ensure sufficient liquidity to meet the needs of the Corporation over the near term and for an extended period should the Corporation’s ability to fund itself in the capital markets be restricted.
CTMLM is recruiting a Portfolio Officer to be based in Washington, D.C. whose primary responsibilities will be:
(i) active management of a sub-portfolio of U.S. and Canadian ABS (“SP_USA”)
(ii) participating in the Investment Committee that allocates cash and risk resources to all the sub-portfolios
(iii) supervising the surveillance of risks arising from ESG factors for the liquidity portfolio, including the banks and dealers employed by the Corporation in its liquidity management and cash management, and
(iv) Research and design potential investment strategies incorporating ESG considerations for fixed income portfolios. Implement and further develop the sustainability framework for LAM, including engagement with issuers, industry peers and other stakeholders.
CTMLM members are expected to support their fellow portfolio managers located around the globe with trade execution as needed, e.g., when a PM is on leave.
Additional Responsibilities Associated with Portfolio Management (not meant to be an exhaustive list)
• Ongoing surveillance of the eligible investment universe for the assigned portfolio
• Obtaining best execution for the Corporation
• Identifying and working towards the inclusion of new products and issuers in the investment universe
• Staying apprised of the opportunities available in the other Strategic Portfolios
• Contributing to the allocation of cash and limit resources by actively participating in the CTM Investment Committee
• Monitoring Bloomberg, Intex/remittance reports generally, MSCI and RepRisk reports for issuers in and eligible for inclusion in SP_USA
• Sharing technical knowledge by teaching derivative courses internally in association with academic institutions that partner with IFC
Additional Responsibilities Associated with Supervising ESG
• Maintain and improve the tools developed to support monitoring of ESG risks potentially arising from assets held in liquidity and counterparty relationships, including:
• Ensuring maximum coverage for issuers and counterparties in MSCI and RepRisk
• Monitoring the Corporation’s exposures (financial and reputational) to ESG controversies arising from issuers and counterparties
• Encourage and guide PMs in their engagement with issuers and counterparts on ESG issues
• Help CTM and CFI-VPU develop a more coordinated and standardized approach to ESG.
• Share ESG knowledge across the VPU including by participation in the VPUs ESG working group
• When appropriate, participate in professional collaboration, advisory engagements and workshops with official sector asset managers and other official sector institutions, especially in relation to ESG issues for liquidity management.
Selection Criteria
• MBA or master’s degree (CFA or advanced degree in economics, econometrics, international relations, sustainable finance, or related fields preferred) with at least 8–12 years of relevant experience in proprietary portfolio management and sustainability metrics applied to corporate finance and capital markets.
• Knowledge of global fixed income and derivative markets is required, including 6+ years trading IRS, XCCY swaps, options, structured products, SPVs and bonds.
• Understanding and defending views on expectations related to macro-economic indicators, markets’ liquidity, bond valuations, swap levels, and XCCY swaps.
• Strong knowledge of ESG ratings, GHG emissions, ICMA principles, SRIs, GRIs, IRIS, SDGs.
• Sound understanding, including strengths and shortfalls, of ESG ratings, labelled bonds, SLBs, LLBs, sustainability bonds, including related topics such as greenwashing, greenium, green hushing.
• Essential to have solid academic or professional experience with climate transition finance including scopes 1-3 reporting, Paris Agreement articles, net-zero, IPCC negotiations/reports, and carbon markets.
• Understand sustainability market trends and IFC’s operations. It is expected that the holder of this position will propose and improve on policies and procedures for IFC to maintain its leadership in applying ESG metrics to liquid assets management.
• Knowledge of sustainable KPIs that can be applied to structured products, cash instruments and sovereigns is highly encouraged.
• Excellent communication skills – both verbal and written are required. Experience giving presentations and communicating and interacting with a broad range of audiences on financial technical matters.
• Demonstrated ability to collaborate across departments in multidisciplinary teams to foster strategic business partnerships is required.
• Excellent team player with strong interpersonal skills, and commitment to work in a team-oriented, multi-cultural environment with the highest ethical standards is required.
• Fluency in English is required, working knowledge of French is a plus.
• Previous experience with Bloomberg Terminal and trading and booking systems is required.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.
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