Head of Commodities, Portfolio Manager

A hedge fund client of ours is hiring a senior Commodities Portfolio Manager to lead the Commodities sleeve and run risk independently with full PnL accountability. This is a true risk taking seat. The mandate is focused on cross-commodity relationship trading expressed in paper markets. Candidates must be fully comfortable running a book primarily via listed and cleared instruments. The PnL engine should come from pricing relationships across commodities and closely linked markets, with disciplined control of outright and curve exposure. The platform is not hiring a single commodity specialist running a vertical book, and it is not hiring a directional macro commodities PM. Strategies should be implemented through futures, swaps, and options (and related cleared structures), with a focus on cross-market dislocations that do not rely on persistent outright beta. Directional risk is permitted but capped: up to 30% of the book’s risk budget may be allocated to outright or curve driven views. The remaining risk is expected to be deployed in cross commodity relationship structures Responsibilities Own commodities PnL end to end: idea generation, trade construction, sizing, hedging, and day to day risk management. Build and run a diversified cross-commodity book with strict limits on outright exposure and curve sensitivity. Develop repeatable processes for signal formation, scenario analysis, and performance monitoring through different regimes. Apply disciplined risk management: exposure transparency, stress testing, and drawdown control. Partner with execution to optimise implementation costs, slippage, and risk transfer in liquid paper markets. Set the standards for portfolio construction and risk discipline within the Commodities sleeve. Not a fit Candidates whose background is primarily physical commodities trading, logistics, or supply chain. Single vertical specialists where most risk and PnL sits in one complex (metals only, crude only, gas only). Directional macro, trend, or carry led commodities books. Approaches where returns are primarily explained by outright moves or sustained curve positioning. Requirements Proven track record running a commodities book in paper markets, with cross-commodity relationships as a primary driver of returns. Strong understanding of how commodities are priced across markets and how relationships behave under stress. Ability to operate as an independent risk taker with full accountability for outcomes. Strong implementation and execution awareness in liquid derivatives. #J-18808-Ljbffr J K Barnes