Fixed Income Portfolio Associate (Securitized) – Ranger

Fixed Income Portfolio Associate (Securitized) – Ranger

Summary

The Portfolio Associate supports the Fixed Income Portfolio Manager in the day-to-day management, execution, and risk oversight of fixed income portfolios, with a core focus on securitized products and portfolio risk discipline. The role also supports the Bank’s investment portfolio under the Treasurer through securitized surveillance, risk analytics, and interest-rate risk inputs.

This is not a primary underwriting role. Success is defined by strong execution discipline, high-quality monitoring and analysis, and clear, decision-ready communication that supports both portfolio management and Treasurer-level discussions.

Trade Maintenance & Execution (Primary Day-to-Day Focus)

• Support execution workflows for corporate bonds, money market instruments, and securitized products, including price discovery, dealer runs, comparable analysis, and best-execution documentation.
• Own trade maintenance end-to-end: blotter accuracy, allocations, confirmations, settlement follow-through, exception management, and coordination with operations, custody, and accounting.
• Execute routine portfolio maintenance activity (rolls, rebalances, reinvestments) with strong process discipline, documentation, and audit readiness.
• Ensure execution and post-trade processes align with internal policies, best-execution standards, and portfolio guidelines.
  
  

Securitized Due Diligence & Surveillance (Core Emphasis – PM Treasurer Support)

• Analyze securitized investments (Agency MBS, ABS, CMBS) for portfolio fit, including structure, key risks, liquidity, and expected performance across rate and spread scenarios.
• Produce concise purchase / hold / sell recommendations, clearly articulating:
• Relative value context
• Key risk drivers and sensitivities
• Explicit “what would change the view” triggers
• Support price discovery and execution for securitized trades, including dealer runs, comparable levels, and documented execution rationale.
• Monitor the securitized sleeve at the portfolio level, including:
• Duration, yield, carry/roll dynamics
• DV01 and interest-rate sensitivity
• Concentration limits and guideline adherence
• Drift versus portfolio and Treasury targets
• Support Treasury risk processes by maintaining and validating securitized cash flows and assumptions, and by assisting with interest-rate risk modeling, reporting inputs, and reconciliations.
  

Rates, Duration Discipline & Portfolio Risk Monitoring

• Maintain a repeatable cadence of portfolio analytics and reporting, including duration, DV01 (and key-rate duration where applicable), convexity, yield, carry/roll, spread duration, liquidity profile, concentration exposure, and guideline compliance.
• Identify and flag exposure drift; propose actionable adjustments and clearly communicate trade-offs (carry vs liquidity vs DV01).
• Support scenario analysis (rate shocks, curve shifts, spread widening) and translate quantitative outputs into clear, plain-English implications for portfolio positioning.
  
  

Qualifications

• 3–6 years of relevant fixed income experience (portfolio analytics, trading support, risk, bank treasury, asset management, or sell-side), with meaningful exposure to securitized products.
• Demonstrated experience in securitized due diligence and surveillance across Agency MBS, ABS, and CMBS, including:
• Structural familiarity
• Ongoing monitoring cadence
• Liquidity awareness
• Clear escalation discipline
• Strong understanding of securitized risk drivers, including OAS/spreads, WAL/WAM, prepayment and extension behavior, tranche features, collateral fundamentals, and market technicals.
• Solid bond math foundation: yield and spread analysis, duration and DV01, convexity, carry/roll, and total return drivers.
• Tools: Bloomberg strongly preferred; Intex, Yield Book, or Trepp experience a plus.
• Advanced Excel skills required; Python, SQL, or VBA experience a plus.
  

Self-Starter & Continuous Improvement Mindset

• Proactively improves monitoring, reporting, and execution workflows through better templates, controls, automation, and documentation.
• Demonstrates strong ownership: follows issues through to resolution, escalates appropriately, and keeps stakeholders informed.
• Builds repeatable, scalable processes (e.g., watchlists, weekly risk packs, trade checklists) that reduce operational risk and improve consistency.
  
  

What Success Looks Like

• Trade workflows are executed with strong operational control, accuracy, and audit-ready documentation.
• The securitized portfolio is well-surveilled, with clear risk triggers, escalation paths, and portfolio-level implications that support PM and Treasurer decision-making.
• Portfolio duration, DV01, and liquidity exposures remain aligned with stated targets through reliable monitoring and timely action.
  
  

Career Trajectory

This role is structured as a fast-track path to Associate Portfolio Manager and, with demonstrated performance, Named Portfolio Manager responsibilities. Candidates should expect increasing ownership of securitized sleeve decisions, direct involvement in investment committee discussions, and progressive P&L accountability as the platform scales.

NOTE: This job description is not intended to be all-inclusive. Employee may perform other related duties as assigned by supervisor to meet the ongoing needs of the organization.

All Locations:

Plano-Parkwood

If any applicant is unable to complete an application or respond to a job opening because of a disability, please email us at HR@firstunitedbank.com for assistance.

First United is an Equal Opportunity Employer. To the extent required by Federal or State law, First United does not discriminate in employment opportunities or practices on the basis of race, color, religion, sex, national origin, or any other characteristic protected by law.