Portfolio Manager – Cross-Market Futures / Term Structure Specialist

Location: London | Hybrid

The Mandate

We are partnering with a leading multi-strategy investment platform to place a Portfolio Manager to build and run systematic and relative-value strategies across global futures markets, centered on curve dynamics and term structure dislocations.

The mandate is capturing roll, basis, and cross-market opportunities through quantitative research and disciplined, scalable portfolio design — not discretionary directional futures trading. You're finding and quantifying genuine curve dislocations across rates, commodities, and equity index futures, then sizing and managing them within defined risk and liquidity limits.

If your edge is a directional view on where a market is headed, this isn't the seat. If your edge is a research process for identifying and monetizing term structure and cross-market RV opportunities at scale, it is.

The Hard Questions (What You Will Solve)

Curve Dislocation Identification: across rates, commodities, and equity index futures, how do you separate a genuine term structure or cross-market RV opportunity from noise in the roll and basis, and build a process that's robust enough to trade repeatably?
Capacity and Crowding: roll and carry harvesting in futures term structure is a well-populated trade. How do you design and scale a book that captures real edge without decaying into a crowded, over-arbitraged version of the same exposure everyone else holds?
Risk and Liquidity Management Through Roll Periods: term structure books carry real basis and roll risk, particularly around contract expiries and thinner liquidity windows. How do you manage risk and liquidity limits across a multi-asset futures book so scalability doesn't come at the cost of execution quality?

The Structural Edge

Institutional Infrastructure, Startup Agility: institutional-grade execution and data infrastructure, combined with the agility to pursue genuinely new sources of alpha rather than running the same crowded curve trades as everyone else.
Collaborative, Non-Siloed Environment: close collaboration with research, execution, and technology teams to sharpen strategy performance — not a book run in isolation.
Capital Behind a Scalable Process: a demonstrated, disciplined RV process is allocated capital and scaled on that basis.

Ideal Profile

The Metric

Experience: 3–10+ years managing or researching cross-market or term-structure-based futures strategies, with a demonstrable live P&L record. Hedge fund, multi-manager, or proprietary trading group background preferred.
Mindset: analytical, empirical, and commercially minded — able to bridge quantitative modeling with practical market execution, and comfortable operating with precision and integrity in a collaborative setting.

The Tech

Languages: strong proficiency in Python for data analysis and model development; familiarity with C++ or kdb+/q advantageous.
Quant Foundation: deep understanding of futures term structures, roll yield mechanics, and cross-asset relative value.

Compensation & Preferences

Non-compete: preference for candidates with ≤ 12 months remaining; buyouts considered for exceptional profiles.
Compensation: Base salary plus formulaic PnL/performance-linked bonus, in line with the platform’s standard research comp structure.

This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.

Apply Now

At Onyx Alpha Partners, we are committed to connecting the most sought after talent in the financial world, to opportunities that expand the universe of unconstrained performance within their chosen discipline. If this opportunity aligns with your career aspirations, we encourage you to apply and explore the potential for growth and unparalleled success.

Portfolio Manager (Cross Market Futures...