Macro Analyst London | Macro RV Pod

We are partnering with a high-performing global macro hedge fund to hire a Macro Analyst to join a Fixed Income Macro RV pod. This role sits directly alongside the Portfolio Manager and plays a key part in idea generation, trade construction, and risk management. The focus is on micro RV and market microstructure within global fixed income markets.

The Role

• Generate and develop micro relative value ideas across developed market rates
• Analyse market microstructure, flow dynamics, positioning, and liquidity conditions
• Identify dislocations across cash bonds, futures, swaps, and repo markets
• Support trade structuring, entry/exit timing, and risk calibration
• Build and enhance systematic tools to monitor basis relationships, roll dynamics, and execution quality
• Work closely with the PM on portfolio construction and tactical positioning

Strategy Focus

This is not a top-down macro forecasting role. The emphasis is on:

• Curve and butterfly dislocations
• Cross-market basis trades
• Futures vs. cash relative value
• Swap spread dynamics
• Auction behaviour and dealer balance sheet constraints
• Flow-driven and technical inefficiencies

The successful candidate will be comfortable operating at the intersection of macro context and granular market mechanics.

Candidate Profile

• 5-8 years’ experience in rates strategy, RV trading, or macro research
• Strong understanding of fixed income instruments and pricing
• Experience analysing positioning, flows, and liquidity
• High proficiency in Python and data analysis tools
• Intellectual curiosity and a strong interest in market structure
• Comfortable working in a fast-paced, risk-taking environment

This is an opportunity to sit in a lean, performance-driven pod where your work directly influences risk allocation and P&L. The role offers meaningful exposure to capital and a clear path toward increased responsibility within the investment process.

To apply, please send your CV to

mailto:[email protected]