Portfolio Manager (Rates & FX Volatility)

Location: Singapore

Job Function: Fixed Income & Multi Asset 

Job Type: Permanent

Req ID: 17042 

GIC is one of the world’s largest sovereign wealth funds. With over 2,000 employees across 11 locations 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.

Fixed Income
Our team employs a broad range of investment strategies that span macro, credit, and quantitative investing, including multi-asset, benchmark-agnostic, constrained, indexed, and thematic strategies.

We are seeking an experienced Rates & FX Volatility Portfolio Manager to join our Global Macro investment team. The successful candidate will be responsible for generating alpha through active management of interest rate and FX volatility exposures across developed and emerging markets. This role requires a strong macroeconomic foundation, deep understanding of volatility dynamics, and proven experience in risk-taking within a disciplined portfolio management framework.

Key Responsibilities

• 
  
  
  
  • Manage a discretionary portfolio focused on global rates and FX volatility strategies, including directional, relative value, and volatility-based trades.
  
  
  • Identify and implement macro and micro-driven opportunities across yield curves, FX pairs, and volatility surfaces.
  
  
  • Maintain robust risk discipline, adhering to internal limits and stress-testing frameworks.
  
  
  • Conduct top-down macroeconomic and policy analysis to call directionality in vol markets.
  
  
  • Develop and refine volatility and correlation models to capture relative value opportunities.
  
  
  • Collaborate with strategists and economists to translate macro themes into actionable trade ideas
  
  
  • Execute trades efficiently across linear and non-linear instruments with diligent delta hedging capability.
  
  
  • Maintain strong relationships with sell-side counterparties, liquidity providers, and market makers to ensure optimal execution and flow insights.
  
  
  • Work closely with other PMs and analysts to align portfolio themes and manage cross-asset exposures.
  
  
  • Communicate portfolio views, performance drivers, and risk metrics to senior management and investment committees.
  
  
  
  

Qualifications & Experience

• 
  
  
  
  • 7–12 years of relevant experience in macro trading, portfolio management, or proprietary trading with a focus on Rates and FX volatility.
  
  
  • Strong understanding of global macroeconomics, monetary policy, and cross-market linkages.
  
  
  • Proven track record of generating risk-adjusted returns in volatility or relative value strategies.
  
  
  • Deep familiarity with derivatives (options, swaptions, vol swaps etc.) and market microstructure.
  
  
  • Excellent communication skills and ability to articulate complex market views clearly.
  
  
  
  

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

GIC is an equal opportunity employer, and we value diversity. We do not discriminate based on race, religion, colour, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment.

Please email [email protected] at any point of the application or interview process if adjustments need to be made due to a disability.

Learn More
Learn more about our Fixed Income Department here: https://gic.careers/group/fixed-income/