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Securitized Portfolio Manager (VP II) at State Street Investment Management, Boston.
Lead RMBS, CMBS, ABS & CLO portfolio management, credit research, and risk oversight.
Why this role is important to us
The team you will be joining is a part of State Street Investment Management, one of the biggest asset managers in the world, that provides services to the world’s governments, institutions and financial advisors across the globe. With over four decades of experience and trillions of dollars in assets under management, we offer one of the broadest selections of services across asset classes, risk profiles, regions and styles. As pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. Join us if making your mark in the asset management industry from day one is a challenge you are up for.
Portfolio Management & Investment Decision-Making
Manage securitized credit portfolios across agency and non-agency RMBS, CMBS, ABS, and CLOs
Construct portfolios consistent with client objectives, risk budgets, and regulatory constraints
Implement investment strategies across yield, spread, and structure opportunities
Execute trades and manage positioning across primary and secondary markets
Credit Research & Security Selection
Conduct fundamental credit analysis of underlying collateral pools, issuers, and deal structures
Evaluate loan-level and pool-level performance dynamics, including default and loss expectations, prepayment and extension behavior, collateral quality, vintage, and underwriting characteristics
Analyze structural protections, triggers, and tranche behavior under baseline and stressed scenarios
Develop and maintain relative value assessments across sectors, shelves, vintages, and structures
Generate actionable investment ideas informed by both bottom-up credit work and market technicals
Relative Value & Market Analysis
Generate relative value views across securitized sectors, structures, and capital stack positions
Analyze collateral performance, prepayment dynamics, credit trends, and macroeconomic drivers
Integrate top-down macro views with bottom-up security selection
Risk Management & Portfolio Construction
Monitor and manage key risks including: spread duration and interest rate exposure, prepayment and extension risk, credit and structural risk (including tranche behavior), ensure portfolios remain aligned with established risk frameworks and guidelines
Collaboration & Investment Process
Partner closely with securitized research analysts, multi-sector PMs and asset allocation teams, quantitative research, trading and risk groups
Contribute to the ongoing development of research frameworks, models, and portfolio construction tools
Help drive integration of research insights into scalable portfolio decisions
What we value
These skills will help you succeed in this role:
Investment excellence and intellectual curiosity
Integrated portfolio management and research mindset
Collaboration and team orientation
Risk discipline and accountability
Growth mindset and platform development
Education & Preferred Qualifications
A Master’s degree in finance, economics, mathematics, or other relevant field of study and or a CFA are preferred.
10 plus years of experience in fixed income portfolio management, with a focus on securitized products
Deep expertise across RMBS, CMBS, ABS and/or CLO markets
Credit Research background preferred
Salary Range:
$120,000 - $202,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Benefits
Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans. For a full overview, visit https://hrportal.ehr.com/statestreet/Home .
About State Street
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.
Legal Notice
As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.
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It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.