ETF Sub Portfolio Manager

Institute of Project Management; Greater London; On-site; GBP 80,000 - 100,000; Full time

Job summary

A leading global hedge fund is seeking an experienced ETF Sub-Portfolio Manager to join a highly successful team in London. The role involves contributing to P&L generation, managing strategies across ETFs and futures, and collaborating closely with the lead PM. The ideal candidate will have proven ETF trading experience, strong analytical skills, and the ability to thrive in a fast-paced environment. This position offers significant responsibility and a pathway for increased autonomy for top performers.

Qualifications

• Proven experience in ETF trading at a hedge fund, trading firm, or top-tier bank.
• Strong track record of risk-adjusted returns as a trader, sub-PM, or PM.
• Deep understanding of ETFs, futures, swaps, index arbitrage, and basket trading.
• Excellent risk management discipline within volatility limits.
• Ability to thrive in a fast-paced hedge fund environment.

Responsibilities

• Act as Sub-PM within a Delta One pod, contributing directly to P&L generation.
• Design, implement, and manage strategies across ETFs, futures, and indexes.
• Identify pricing inefficiencies between ETFs and underlying constituents.
• Manage risk tightly, including intraday and overnight exposures.
• Collaborate with lead PM on portfolio construction and trade structuring.

Skills

ETF trading experience

Risk management

Quantitative skills

Analytical skills

Coding (Python, VBA, SQL)

Job description

A leading global hedge fund with approximately $35bn in AUM is seeking an experienced ETF Sub-Portfolio Manager to join a highly successful Delta One Senior PM in London. The role will work closely with a well-established, top-performing Portfolio Manager and will play a key role in alpha generation, risk management, and execution across global ETF and index-linked products. This is a high-impact position offering significant responsibility, strong visibility, and a clear pathway toward increased capital and autonomy for top performers.

Responsibilities

• Act as Sub-PM within a Delta One pod, contributing directly to P&L generation
• Design, implement, and manage relative-value, arbitrage, and directional strategies across ETFs, futures, and index instruments
• Identify pricing inefficiencies between ETFs, baskets, futures, swaps, and underlying constituents
• Manage risk tightly, including intraday and overnight exposures, factor sensitivities, and liquidity constraints
• Partner closely with the lead PM on portfolio construction, idea generation, and trade structuring
• Work with execution, trading, and technology teams to optimize trade implementation and reduce costs
• Monitor market microstructure, flows, rebalances, index changes, and corporate actions
• Contribute to ongoing enhancement of models, tools, and analytics supporting the Delta One strategy

Requirements

Proven experience in ETF trading at a hedge fund, proprietary trading firm, or top-tier investment bank. Strong track record of risk-adjusted returns as a trader, sub‑PM, or PM. Deep understanding of ETFs, futures, swaps, index arbitrage, and basket trading. Excellent risk management discipline and ability to operate within tight drawdown and volatility limits. Strong quantitative and analytical skillset; coding experience (Python, VBA, SQL, or similar) is advantageous. Ability to thrive in a fast‑paced, performance‑driven hedge fund environment. Entrepreneurial mindset with a collaborative approach to working within a pod structure.