Purpose of Role

The Public Markets Credit Middle Office team is responsible for security pricing controls, NAV calculations, fee modelling, and portfolio rebalancing across Feeder/Master/Multi-Book structures. The team also sets trading levels and instructs FX hedges related to client capital flows across Man's Public Markets Fixed Income/Credit Funds.

The Specialist Credit, Discretionary Middle Office will play a key role in supporting the integrity of the firm's capital and portfolio records, providing management information to asset managers, and maintaining oversight of external fund administrators. The role requires close collaboration with Front Office, Operations, Finance, Compliance, and Technology teams, while actively contributing to operational change and process improvement initiatives.

Specific Responsibilities

Credit Fund Operations

• Review and analyse a broad range of fixed income securities and derivatives — including credit default swaps, bonds, loans, and other fixed income instruments — with a focus on pricing accuracy and P&L calculations
• Perform fixed income-specific valuations, including yield curve analysis, duration calculations, and credit spread assessments
• Calculate Net Asset Value (NAV) of funds on a daily, weekly, and monthly basis; verify accrued income and expenses; and provide intra-NAV estimates to the business as required
• Review and analyse fund profit and loss accounts on a daily basis and report performance findings to the Asset Manager
• Liaise with fund administrators to reconcile final fund NAVs and resolve discrepancies in a timely manner
• Ensure the quality and effectiveness of pricing governance and controls through ongoing risk identification, mitigation, and clear documentation of any enhancements to the framework
• Manage and coordinate new fund launches, closures, and significant cash flows (inflows/outflows), ensuring operational readiness and accuracy of records
• Support the Discretionary business through complex transactions, liaising with Front Office, Operations, Compliance, and other internal teams as required
• Attend and contribute to meetings with external administrators and internal pricing committees
• Utilise internal tools and databases to deliver fixed income reporting and analytics
• Contribute to process improvement and automation initiatives specific to fixed income fund operations

Stakeholder Engagement

• Build and maintain strong working relationships with key internal stakeholders, including Operations, Finance, Management, Business COOs, and Technology leads
• Support new business initiatives, fund transitions, and migration projects, ensuring smooth operational execution
• Represent the Middle Office team on broader Man Group projects, such as trading system enhancements and regulatory change integration
• Prepare and deliver regular and ad-hoc analysis and reporting to management, asset managers, and other stakeholders covering historic performance, trading activity, costs, fees, and other relevant metrics

Technical Development & Process Improvement

• Contribute to the team's continuous improvement of systems, controls, and workflows related to fixed income fund administration
• Learn and apply programming and automation tools to enhance team processes, reporting efficiency, and data quality

Technical Competencies

• Working knowledge of fixed income instruments and derivatives
• Understanding of pricing methodologies and vendor pricing sources (e.g. Bloomberg, Markit)
• Experience with NAV calculation across complex fund structures, including fixed income accrual accounting and fund administration reconciliation workflows
• Ability to review and explain daily P&L for credit portfolios and prepare MI and performance reports for asset managers and senior stakeholders
• Familiarity with pricing governance frameworks, escalation procedures, and the ability to identify and communicate valuation risks to pricing committees
• Proficiency in Excel; exposure to portfolio/fund administration platforms and willingness to develop programming skills (Python, SQL) for automation and reporting
• Understanding of operational risk controls and key regulatory frameworks relevant to fund operations is a plus
• Strong communication skills with the ability to engage across front office, operations, finance, and external administrators, with experience supporting change or project initiatives in a financial services context