We are PIMCO, a leading global asset management firm. We manage investments and develop solutions across the full spectrum of asset classes, strategies and vehicles: fixed income, equities, commodities, asset allocation, ETFs, hedge funds and private equity. PIMCO is one of the largest investment managers, actively managing more than $1.8 trillion in assets for clients around the world. PIMCO has over 3,070 employees in 22 offices globally. PIMCO is recognized as an innovator, industry thought leader and trusted advisor to our clients.
PIMCO is one of the world's premier fixed income investment managers with thousands of professionals around the world united in a single purpose: creating opportunities for our clients in every environment. Since 1971, we have brought innovation and expertise to our partnership with the institutions, financial advisors and millions of individual investors who entrust us with their assets. We aspire to cultivate performance and leadership through empowering our people, diversity of thought, and a commitment to an inclusive culture that engages in our global communities.
Portfolio Management Interns in this area will have two rotations across our Analytics, Quantitative Strategies and Risk Management.
Analytics : The team works closely with Portfolio Management in providing quantitative input to PIMCO's investment process by developing models for alpha generation as well as managing risk. The group partners with both discretionary and quantitative portfolio managers across all asset classes. Members of the team work either as experts in individual markets such as e.g. credit, rates, or mortgages, or one of the more cross-market roles such as e.g. asset allocation, portfolio construction, or execution. Technical tasks include performing econometric analyses of historic returns, building empirical and risk-neutral valuation models, applying macroeconomic research, or analyzing large sets of transaction data with a view to improving trade execution.
Quantitative Strategies : The team focuses on the development and implementation of quantitative trading strategies. In managing the implementation of various strategies, tasks includes generating trades by running code or spreadsheet, sending those trades to specialist desks for execution, making sure trades are allocated appropriately, verifying theoretical model positions with actual portfolio holdings, and looking at actual realized returns vs theoretical expectations. Team members perform research and backtest different trading strategies across various asset classes and test improvements for existing strategies. This involves working with specialist PMs in order to understand how market trades and building strategies to systematically capitalize on inefficiencies in addition to more exploratory work of looking for inefficiencies using statistical or other approaches. The group assists in the portfolio construction process and vetting of future strategies.
Risk Management : The team works across Portfolio Management to ensure that portfolio risk exposure is consistent with the firm's economic outlook, the intended risk-return profile of each mandate, and the philosophy and preservation of our client's capital. Risk managers review portfolio composition and concentrations, and manage associated risk by analyzing and identifying risk issues in the form of market risk (including counterparty risk) and initiating change where necessary through dialogue with other portfolio managers. Interns will work to develop analysis/reporting tools in Excel, VBA and by accessing databases (SQL), conduct reviews of historical and current performance and dispersion in the portfolios to identify market trends and perform detailed portfolio reviews, including reviews of trade types, layering, and analysis of line items. The team also supports client facing account and product managers on risk-related questions and attend client meetings to present PIMCO's approach to risk management.
Career Development, Training and Mentoring Every intern begins their summer with a formal week of training. The PIMCO Fundamentals training program will provide you with the skills, knowledge and relationships that will prepare you to succeed in your internship. Your informal training will continue throughout the summer at PIMCO - everyday, in a perpetual learning environment. In addition, you will be teamed with a seasoned professional who offers guidance and mentorship throughout the internship.
Requirements : ??? Quantitative Master's degree (financial engineering or other technically demanding program such as theoretical physics or math) with an expected graduation date of December 2023 -June 2024 ??? Bachelor's degree focus in Finance, Economics, or other technical degree is preferred. ??? Minimum 3.2 cumulative collegiate grade point average, on a 4.0 scale or the equivalent, at an accredited 4-year college or university ??? Fluent in English (speaking, reading, writing)
Positions are located in Newport Beach, CA.
Desired candidates should possess the following skills and characteristics:
Interest & background in finance theory, especially portfolio theory, asset allocation techniques, option pricing, and asset pricing.
Programming skills and numerical problem solving techniques; training & experience with Python, Matlab, SAS, C++, or other related language. SQL knowledge preferred.
Formal training in Econometrics is desired, particularly time series econometrics such as vector auto regression, error correction models, Kalman filtering techniques, etc.
Comfortable working with large data sets, both structured & unstructured