The Portfolio Management team is responsible for implementing the firm's quantitative investment strategies with the objective of maximizing portfolios' risk-adjusted expected return after cost and reducing diseconomies of scale. The team is involved in portfolio construction, risk management, portfolio finance, and cash and corporate action management, as well as trading and post execution analysis. The team works very closely with other investment teams such as Research and Technology on several firm-wide projects and product development initiatives.
Role Overview
As a Portfolio Management Intern, you will be immersed in our daily efforts, working side-by-side with members of the portfolio management team with a particular focus in portfolio construction or execution analytics. The goals are to assist in the rebalancing of portfolios and management of flows and contribute to improvements in our investment process and execution tactics via long-term projects. Guided by your manager and mentor, you will work on high impact projects that will likely involve the union of finance, statistics and coding.
Responsibilities
Market and Execution Monitoring: The portfolio management team monitors global markets in real time to track macroeconomic and company-level developments. These developments take place constantly as the world evolves. Interns will contribute to this monitoring by tracking specific regional developments and their impact on execution progress alongside our portfolio managers and reporting on these events in our daily morning meeting.
Portfolio Analytics: Arrowstreet manages portfolios in a dynamic way by applying a rigorous quantitatively driven investment process. Those in the intern program will work with portfolio managers to evaluate time series trends in the exposures and attributes of the firm wide set of portfolios, looking to understand the economic motivations for that evolution over time.
Portfolio Construction: Building portfolios in a quantitative way involves a complex implementation of portfolio construction utilizing a large set of parameters. Interns will interact with members of the portfolio construction team within portfolio management to learn about portfolio design and evaluate such parameters to calibrate the settings values.
Execution Analytics: Our trading programs are executed through complex algorithms that access myriad execution venues across the globe. Those in the intern program will work to evaluate time series trends and patterns in our execution strategies across executing brokers and across markets to relate these patterns ultimately to broker performance and implementation shortfall.
Trading Diagnostics: Our trading team works to manage thousands of orders per day across global markets. These processes require heavy automation of trading strategy and tactics used to minimize the costs associated with building our target portfolios. Interns will work with members of the portfolio management team to take a data-driven approach in assisting traders in scheduling the most customized order executions, as well as to evaluate those trading tactics historically to help dictate modifications that might minimize portfolio slippage.
Portfolio Finance: Arrowstreet manages a large set of portfolios that utilize leverage to achieve elevated return and risk characteristics. Participants in the intern program will learn about these products and the ways in which they utilize financing relationships to achieve the desired investment attributes. Interns will have the opportunity to contribute meaningfully to efforts intended to build our capabilities related to these products.
Qualifications
Strong interest in portfolio theory, market microstructure, trading and asset management
Working towards an undergraduate degree with an analytical focus
Completion of at least one prior professional experience either through a co-op program or internship
Completion of entry level investment-related courses that would provide a baseline knowledge of financial markets and equity-related instruments
Detail-oriented with excellent organizational, analytical and problem-solving skills, as well as the ability to work under pressure while meeting tight deadlines
Fluency with running database queries and dealing with large datasets
Proficiency and experience with Microsoft Office suite including Excel and Outlook required
Proficiency and experience with any of several technical and/or programming languages, including: SQL, Python, C#, STATA, R, MATLAB, VBA
Experience using Bloomberg Terminal is a plus
Strong written and verbal communication skills
We maintain a friendly, team-oriented environment and place a high value on professionalism, attitude and initiative.
