Municipal Trader/Portfolio Manager

THE OPPORTUNITY

Build your career at an award-winning firm that's redefining fixed income investing.

F/m Investments grew from zero to $18 billion in assets in under seven years by challenging how investors access the bond market. Our flagship TBIL ETF—now over $6 billion—pioneered single-security Treasury exposure, and we recently filed the industry's first SEC application for tokenized ETF shares. In 2025, MMI/Barron's named us Asset Manager of the Year. Now we're bringing that same innovative mindset to municipal bonds.

Our Municipal Fixed Income team manages $650 million across separately managed accounts and a growing municipal bond ETF. We're looking for an Associate Portfolio Manager to work alongside a 30-year industry veteran directly on the trading desk helping make investment decisions. This is a defined path to portfolio management for someone ready to master one of the most complex and rewarding corners of the bond market.

WHY THIS ROLE

• True investment responsibility. Execute trades, analyze credits, and contribute to portfolio construction from day one—not after years of waiting.
• Direct mentorship. Work alongside a Senior PM who has navigated every market cycle since the early 1990s and is invested in developing a successor.
• Entrepreneurial platform. Our flat structure and growth trajectory mean you'll have visibility and impact that simply don't exist at larger institutions.
• Innovation DNA. We recently launched ZMUN, the first ultrashort callable municipal bond ETF. Ideas here become products, and you'll be part of building what's next.

WHAT YOU'LL DO

• Trade. Execute municipal bond transactions across our SMA and ETF strategies—managing bids, offers, pricing, and post-trade settlement.
• Analyze. Identify relative value opportunities across the tax-exempt landscape, evaluating structure, call features, credit spreads, and yield-curve dynamics.
• Construct. Support portfolio allocation decisions, duration positioning, and performance attribution working directly with the Senior PM.
• Build. Develop and enhance analytical tools—using Bloomberg (AIM/TOMS, YAS, MUNI), Excel, and Python or VBA—to improve trading efficiency and decision-making.
• Coordinate. Partner with compliance, operations, and custodial teams to ensure seamless execution and account integrity.

WHO YOU ARE

• 2–5 years in trading, operations, portfolio support, or investment analysis—buy-side, sell-side, or asset management. Prior municipal experience is a plus but not required.
• Bachelor's degree in Finance, Economics, Mathematics, or a related field. CFA progress or fixed-income coursework is valued.
• Fluent in Excel with working knowledge of Bloomberg. Bonus points for Python, VBA, or other analytical programming skills.
• Series 65 required (or ability to pass within 90 days of hire).
• Detail-obsessed, numerically sharp, and genuinely curious about markets. You thrive in a collaborative environment that combines high expectations with a sense of humor.

ABOUT F/m INVESTMENTS

F/m Investments is an $18 billion independent asset management firm headquartered in Washington, DC. Since 2018, we've built a reputation for challenging industry conventions—from the US Benchmark Series that transformed Treasury access to the Compoundr ETFs that rethink tax efficiency. Our mission is straightforward: solve real portfolio problems with innovative products built on integrity, simplicity, and transparency.

We move fast, think differently, and believe fixed income doesn't have to be boring.

READY TO JOIN?

Send your resume and a brief note explaining why this role interests you to [careers@fminvest.com].