Fixed income Portfolio Manager/Market Analyst

Deadline for application: 16 July 2025. The ESM is looking for a Fixed Income Portfolio Manager/Market Analyst to join our Investment and Treasury division. This is a unique opportunity to work in an international environment and contribute to the management of large and strategic fixed income portfolios, with real potential for growth and responsibility. 

You will be part of a dynamic and experienced team of 10 portfolio managers, directly reporting to the Head of Investment and Treasury, and actively contributing to investment decisions, market analysis, and portfolio execution. The role offers exposure to a wide range of instruments, an intellectually stimulating environment, and the opportunity to develop your skills in quantitative and financial analysis, market operations, and responsible investment. 

The Investment and Treasury division manages over €80 billion in paid-in capital and liquidity portfolios for the European Stability Mechanism (ESM) and its predecessor, the European Financial Stability Facility (EFSF). The team invests across a wide range of public sector securities, complemented by derivatives for hedging, and plays an active role in shaping the investment framework and responsible investment practices. 

KEY ACCOUNTABILITIES 

• Monitor financial markets and provide timely analysis and insights. 

• Support and contribute to investment strategies and portfolio allocation decisions. 

• Execute transactions and manage euro-area and global fixed income portfolios in line with risk and investment guidelines. 

• Develop tools to enhance portfolio monitoring, performance reporting, and risk analysis. 

• Support innovation through automation and the development of quantitative tools, including AI-based solutions. 

• Engage with internal stakeholders and represent the organisation at international events. 

KEY BACKGROUND AND EXPERIENCE 

• Minimum of one to three years of experience  

• Advanced university degree in economics, finance, engineering, mathematics, or a related quantitative field 

• Sound knowledge of fixed income instruments and derivatives (e.g. bonds, futures, swaps, repos) 

• Excellent oral and written communication skills in English 

• Experience with portfolio management or investment strategy development would be an advantage  

• Previous work experience as an asset manager at an international financial institution, central bank, or similar environment is considered an asset 

• Programming skills (Python) and interest in applying machine learning to financial analysis would be an asset 

• Experience in Power BI would be an advantage 

• CFA, CAIA, IFID, or similar qualifications would be an asset 

• Knowledge of and experience in ESG incorporation into investment activity and relevant certifications, such as CFA Sustainable investing Certificate, CESGA, GARP SCR or similar would be an asset. 

• Looking to deepen your portfolio management experience in a mission-driven, collaborative setting 

• Any additional language would be an asset 

KEY COMPETENCIES

• Problem solving skills 

• Innovative thinking 

• Critical and strategic thinking 

• Teamwork and collaboration 

• Communication and interpersonal skills  

• Resilience and flexibility 

• Flexible approach to change 

• Developing self and others 

APPLICATION PROCESS AND PRACTICAL INFORMATION 

• Deadline for application: 16 July 2025 

• Employment grade: Officer/Senior Officer  

• Contract duration: two vacancies available 

• One fixed term of three years, with no possibility of extension 

• One fixed term of four years, with possibility of extension 

• Place of employment: Luxembourg 

• Current working arrangements: possibility to work remotely, usually up to two days a week, from Luxembourg and the border region (or from further away under certain conditions). 

The ESM strives to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply. 

Note 1: the ESM reserves the right to refrain from hiring, or to slightly modify job responsibilities, as needed. 

Note 2: As a result of the selection process, please note that you may be placed on a ‘reserve list’ valid for a duration of six months during which you might be considered for a similar position with a similar level of requirements. Only those candidates who have been notified will be placed on the ‘reserve list’. After this period, you will need to apply again for our vacancies to be considered for a different selection process. 

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. It provides financial assistance to Members facing financing difficulties. To date, the ESM and its predecessor organisation, the European Financial Stability Facility (EFSF), have launched six financial assistance programmes to five countries, provided financial support, monitored repayment capacity, and engaged with partner institutions for programme design in areas of financial interest.

The ESM is a unique place to work with around 230 individuals committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sectors. The ESM’s senior management is committed to preserving and enhancing a diverse, inclusive recruitment and work environment.