Position Overview

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As a Chief Investment Office ALM Portfolio Management (IC) Managing Director within PNC's Asset & Liability Management organization, you will be based in New York City. This position is primarily located in a PNC location. Responsibilities require time in the office or in the field on a regular basis. Some responsibilities may be performed remotely, at manager's discretion.


ALM Investments – Portfolio Management – (Managing Director)

PNC’s bank portfolio (ALM investments) team is searching for a Portfolio Manager in Agency Mortgage-Backed Securities sector. The ALM team manages 150+bn in assets and Agency Mortgage-Backed Security forms a large part of the investment mandate and portfolio. At PNC ALM, we aim to maximize long-term profitability and optimize risk-adjusted returns, ensuring compliance with regulatory requirements, and aligning investments with the institution's balance sheet objectives. We are seeking a candidate who can develop robust investment processes and tailor to the specific needs of PNC ALM.

The candidate will bring a deep background in Agency Mortgage-Backed Securities, be able to excel in a team environment and take part in investment decision-making and implementation. The successful candidate will have the opportunity to work directly with other senior portfolio managers and PNC’s CIO and be a key contributor to a team which manages a broad portfolio of fixed income assets and derivative products.

Job Responsibilities:

Portfolio Management
• Manage the Agency Mortgage-Backed Securities portfolio to meet performance goals and support ALM objectives.
• Monitor portfolio performance (excess returns and valuations) and risk metrics, including duration, convexity, and prepayment risk.
• Analyze market trends, interest rate movements, and macroeconomic factors to guide portfolio decisions.
• Stay informed on policy changes, regulatory developments, and market innovations affecting mortgage-backed securities investments.

Risk Management and Reporting
• Assess and manage risks associated with the Mortgage-Backed Securities portfolio. Maintain prepayment models specific to ALM portfolio.
• Ensure compliance with bank policies, regulatory requirements, and ALM limits.
• Work closely with ALM, Technology and Risk teams to align portfolio strategies with the bank’s overall balance sheet objectives.
• Automate work sets around markets, risk, and attribution.

Preferred experience/qualifications

• Minimum 5 years of experience in fixed-income portfolio management, with a focus on agency Mortgage-Backed Securities.
• Strong knowledge of ALM practices in a banking environment.
• Expertise in agency Mortgage-Backed Securities valuation, risk analysis, and portfolio optimization.
• Proficiency in Bloomberg, pricing/risk management software (Aladdin/YB), and advanced Excel modeling.
• Excellent analytical, communication, and decision-making skills.
• Ability to interpret market trends and translate them into actionable strategies.
• Understanding of regulatory frameworks and interest rate risk management.
• Programming in python/sql/vba
• Bachelor’s degree in finance, engineering, economics, accounting, or related field. MBA or CFA designation preferred.

PNC will not provide sponsorship for employment visas or participate in STEM OPT for this position

Job Description

• Oversees moderately complex transaction and portfolio level analysis, research and report preparation. Performs and/or oversees due diligence and statistical analysis related to portfolio management.
• Frequently utilizes an understanding of financial instruments and overall investment portfolio to contribute to investment decision making process and development of investment/trading strategies.
• Manages various projects and analytics which may include creation, maintenance and ut