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Type of Role: InvestmentsRisk

Experience Level: VP/Principal/Director

Location: Baltimore, Maryland

Salary: $207K - $298K

There is a place for you at T. Rowe Price to grow, contribute, learn, and make a difference. ​ We are a premier asset manager focused on delivering global investment management excellence and retirement services that investors can rely on today and in the future. The work we do matters. We invite you to explore the opportunity to join us and grow your career with us.

PRIMARY PURPOSE OF THE POSITION

The position is an Equity Risk Manager/Sr. Manager role within T. Rowe Price’s independent Investment Risk team, reporting to the Associate Head of Investment Risk – EMEA, who leads the global Equity Risk function.  The Equity Risk team is accountable for identifying, measuring, monitoring, communicating about, and helping to mitigate (when warranted) risks impacting portfolios managed by the firm’s equity portfolios, which collectively had assets under management of $732B as of June 30, 2023. These portfolios are predominantly long-only equity but may contain limited use of derivatives and other instruments, such as private equity, debt, and convertibles.

The primary purpose of this position is to support the delivery of the Equity Risk program in the North America region and to contribute to the continuing development of the global Equity Risk function.  The Risk Manager/Sr. Manager will interact in a consultative capacity directly with portfolio managers and portfolio specialists based in the London and Baltimore offices. Day-to-day work will be highly collaborative within the Investment Risk team and with business partners, such as the Front Office Technology team.

To be successful, the Risk Manager/Sr. Manager must:

  • Accurately evaluate portfolio risks under both normal and stressed market conditions using both vendor and proprietary tools;
  • Apply multi-factor risk models, stress testing/scenario analysis, and tail risk measures;
  • Have an investments-oriented focus and a sharp awareness of market conditions, upcoming events, and potential market rotations;
  • Contribute to the development of new and innovative ways of identifying, measuring, monitoring, and communicating risks that impact equity portfolios;
  • Clearly summarize analyses and results for quant and non-quant audiences, including fundamental portfolio managers and senior management, as deemed appropriate;
  • Collaborate effectively with peers and other team members, business partners, and key stakeholders.

PRINCIPAL RESPONSIBILITIES

Partnering with Equity Portfolio Managers:  The Risk Manager/Sr. Manager will be responsible for regular meetings with bottom-up, long-only, equity portfolio managers and their portfolio specialists to discuss the risk profiles of investment portfolios. These engagements are intended to cover the identified risks within portfolios, what portfolio management decisions or exogenous events resulted in the risks, and the potential mitigation strategies that could be implemented, if warranted, for eliminating or resizing the risks. In addition to initiating interactions with portfolio managers and portfolio specialists, the Risk Manager will also be responsible for responding to ad-hoc requests for customized risk analysis which will require strong quantitative, analytical, and technical skills. To effectively partner with equity portfolio managers, the Risk Manager will need to understand how each portfolio is managed, be fully versed on relevant market developments, and deliver direct and concise explanations of observed risks.  A primary focus will be making top-down, quantitative risk analysis helpful to fundamental bottom-up equity investors.

Risk Management Activities:  Support the Equity Risk program with the day-to-day measurement, monitoring, and communication of risks in equity portfolios which may range across Global, EAFE, EM, and regional strategies. Activities include monitoring portfolios for changes in their risk profiles over time, conducting stress tests based on both hypothetical and historical scenarios, and carrying out ad-hoc analyses for management as instructed by senior Investment Risk leadership. Looking forward, the Risk Manager will have the opportunity to contribute to research projects and impact the development of portfolio and market monitoring capabilities to help raise awareness of significant changes/trends and signs of market stress.

Extension of Risk Reporting & Tools:  Prototype and develop risk reporting and tools to expand upon the existing MSCI platform for the identification and measurement of risks within and across equity portfolios. Activities will include the specification of data needed for inclusion in reports and dashboards and may involve the development of new methodologies and techniques. Development will be coordinated with the Equity Risk team and include collaboration with associates in Investments, Risk Analytics, and Front Office Technology. Effective presentation and clear communication of analytical results will be needed to achieve buy-in from colleagues and adoption by Investment Risk’s audiences.  Strong tech skills will be helpful to prototype calculations and provide proof of concept for business requirements.

Communication with Internal & External Audiences:  In addition to frequent contact with portfolio managers as described above, the Risk Manager will need to effectively communicate with many different audiences, potentially including client-facing professionals, management, oversight committees, clients, consultants, and prospective clients as deemed appropriate by senior Investment Risk leadership.  To be effective in these interactions, the Risk Manager will need to demonstrate their strong grasp of technical details and their up-to-date knowledge of investment strategies and markets. The ability to verbally communicate complex topics in a clear, confident, and engaging manner as well as the ability to construct insightful and influential written pieces is necessary to be successful in this role. The Risk Manager will partner with Investment Risk’s Analytics team to provide timely, helpful, and accurate written responses to requests for equity risk information from clients/prospects/consultants, regulators, and internal teams that prepare communications on equity risk, such as portfolio specialists.

QUALIFICATIONS

Required: Sr. Manager

  • Bachelor’s degree and 7+ years of relevant investment risk management experience

Required: Manager

  • Bachelor’s degree and 3+ years of relevant investment risk management experience

Preferred:

  • BS degree in business/finance or a quantitative field such as quantitative finance, statistics, applied mathematics, engineering, or computer science
  • Post-graduate/Master’s in business/finance or a quantitative field such as quantitative finance, statistics, applied mathematics, engineering, or computer science
  • Investment risk management experience with a substantial portion dedicated to equity risk at a buyside, long-only asset manager
  • A thorough understanding of multi-factor risk modeling using fundamental, technical, and economic risk factors
  • Knowledge of equity derivatives pricing and risk modeling
  • Strong statistical programming and data analysis skills
  • Strong quantitative and analytical skills
  • Detailed knowledge of multi-factor risk models
  • Excellent communicator with the ability to present complex ideas clearly and confidently to non-technical/non-quantitative audiences
  • Strong interpersonal skills with the ability to handle complex interactions, reconcile differing views, and adapt style to various situations and audiences
  • Leadership qualities – ability to influence and provide direction to associates who do not report to them
  • Ability to effectively prioritize and handle dynamically changing work requirements in a fast-paced environment
  • Enjoy working as part of a global team in a collaborative environment
  • Strong organizational skills
  • Results-driven mindset with high standards of work quality and integrity
  • Intellectually curious with a commitment to continuous learning
  • Professional accreditations such as CFA, FRM, PRM, CAIA
  • Experience with MSCI’s BarraOne and RiskManager platforms
  • Experience programming in R or Python

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for remote work up to two days a week.

Commitment to Diversity, Equity, and Inclusion:

We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day.

Benefits: We invest in our people through a wide range of programs and benefits, including:

  • Competitive pay and bonuses as well as a generous retirement plan and employee stock purchase plan with matching contributions
  • Flexible and remote work opportunities
  • Health care benefits (medical, dental, vision)
  • Tuition assistance
  • Wellness programs (fitness reimbursement, Employee Assistance Program)

Our policies may change as our working lives evolve. Yet, our commitment to supporting our associates’ well-being and addressing the needs of our clients, business, and communities is unwavering.