AVP, Portfolio Manager - Systematic Volatility, Portfolio Engineering and Solutions

GIC is one of the world’s largest sovereign wealth funds. With over 2,000 employees across 11 offices around the world, we invest in more than 40 countries globally across asset classes and businesses. Working at GIC gives you exposure to an extraordinary network of the world’s industry leaders. As a leading global long-term investor, we Work at the Point of Impact for Singapore’s financial future, and the communities we invest in worldwide.

Portfolio Execution & Solutions Group​

We have teams in Singapore, London and New York, and we provide a full spectrum of services for the Total Portfolio. These include trading and structured advisory, funding and liquidity management, securities lending, beta management, portfolio rebalancing, applied quantitative research, and counterparty relationship management. We also deliver systematic portfolio solutions and innovation, such as portfolio construction techniques and tail-risk management, to strengthen total portfolio construction and resilience.

Portfolio Engineering & Solutions

You will be part of a team that engineers systematic, cross-asset solutions with a Total Portfolio and ownership mindset. The team comprises Portfolio Construction & Convexity, EQ Solutions, Cross-Asset Solutions and Solutions Research.

What will you do as a Portfolio Manager?

You will contribute to the end-to-end development and management of the team's systematic volatility strategies in FX and commodities, from research and implementation to portfolio and risk management. These strategies aim to provide (i) cost-efficient hedging or (ii) carry generation

• Contribute to the design and develop systematic option strategies in FX and commodities that exploit structural and transitory volatility dislocations and relative value opportunities in each asset class:
• Develop volatility forecasting models and signals that capture skew, smile, term structure, carry and roll-down, cross-asset relationships and market regimes.
• Own the end-to-end research process, from hypothesis design and data processing to backtesting and out-of-sample validation. Pay careful attention to transaction costs, liquidity, capacity, tail risk and robustness across market regimes.
• Assess build vs. buy alternatives, including evaluating and allocating to bank QIS (quantitative investment strategies).
• Assess whether strategies can be traded given liquidity and trading costs, choose between listed and OTC implementation, and review and sign off model-generated trades.
• Manage the systematic volatility strategies developed, including rolls, rebalancing and position adjustments. Combine systematic rules with a governed discretionary overlay that has clearly defined override criteria. Decompose P&L into Greeks and conduct post-event reviews to check whether strategies and discretionary actions performed as designed.
• Monitor portfolio risk metrics, including first- and second-order Greeks by tenor and strike, conduct scenario analysis and stress testing, and ensure compliance with risk limits, investment guidelines and governance processes.
• Develop market screening tools to flag structural and transitory volatility dislocations. Closely follow exogenous factors such as geopolitical shocks, central bank decisions and macroeconomic trends, as well as hedging and structured product flows, that affect volatility markets and the portfolio's strategies.
• Develop and maintain the research and portfolio management platform, including backtesting, pricing and risk analytics, and performance monitoring.
• Present strategy proposals, performance reviews and risk insights to senior management and investment committees in clear, decision-ready papers and presentations. Turn complex quantitative analysis into practical conclusions for non-technical audiences.

What qualifications or skills should you possess in this role?

• Master's or PhD degree in a quantitative discipline such as Mathematics, Statistics, Physics, Engineering, Operations Research or Financial Engineering from a leading university.
• Preferably 2–5 years of experience developing and managing systematic volatility strategies, with a proven track record in FX and/or commodity options at an asset manager, hedge fund, bank or asset owner. Experience in tail hedging or convexity strategies is strongly preferred.
• Strong understanding of options pricing theory, including stochastic calculus, replication, and volatility surface modelling and dynamics.
• Deep knowledge of FX and commodity volatility markets, including commodity futures curves and seasonality. This includes the main drivers of volatility supply and demand (structured product, corporate and producer hedging, and central bank flows) and their impact on implied parameters.
• Solid foundation in statistics, time-series analysis, econometrics and optimisation, with experience in robust backtesting and validation.
• Experience developing or allocating to bank QIS is a plus.
• Strong coding skills in Python (or R) and SQL, with experience working with large market datasets, backtesting frameworks and pricing libraries. Experience writing production-quality, version-controlled code is expected; familiarity with AI/ML tools is a plus.
• Excellent written and spoken English, with the ability to present complex ideas clearly and succinctly to senior decision-makers and non-technical audiences, and to influence and collaborate effectively across teams.
• Highly detail-oriented, rigorous and self-motivated, with intellectual curiosity, sound judgement under market stress and a strong commitment to delivering high-quality work.

Work at the Point of Impact

We need to be forward-looking to attract the right people to help us become the Leading Global Long-term Investor. Join our ambitious, agile, and diverse teams - be empowered to push boundaries and pursue innovative ideas, share your views, and be heard. Be anchored on our PRIME Values: Prudence, Respect, Integrity, Merit and Excellence, which guides us in how we make our day-to-day decisions. We strive to inspire. To make an impact. .

Flexibility at GIC
At GIC, our offices are vibrant hubs for ideation, professional growth, and interpersonal connection.  At the same time, we believe that flexibility allows us to do our best work and be our best selves.  Thus, our teams come into the office four days per week to harness the benefits of in-person collaboration, but have the flexibility to choose which days they work from home and adjust this arrangement as situational needs arise.

GIC is an equal opportunity employer 
As an employer, we passionately believe every individual brings with them unique diversity of thought and perspectives to meaningfully enrich perspectives of GIC teams to drive competitive performance. An inclusive environment yields exceptional contribution.

Learn more about our Portfolio Execution and Solutions Group Department here:

https://gic.careers/departments/portfolio-execution-solutions-group/