TFM comprises six groups:
Applied Research and Models (ARM)
Delivers impactful research and develops quantitative models and analytical tools that support the department in its management of the Fund.
Exposure, Leverage & Liquidity Management (ELLM)
Responsible for management and delivery of the Fund’s exposures, leverage and liquidity. The integrated group dynamically manages the balancing portfolio and the balance sheet to optimize the trade-offs between exposures, leverage and liquidity. Additionally, the group manages the Total Fund’s financing activities, including collateral optimization and sourcing of liquidity through unsecured, secured and synthetic financing.
Strategy & Operations (S&O)
Works with the leadership team to design, monitor and drive implementation of the TFM strategy and objectives, helps manage key internal and external relationships, acts as the liaison for TFM to the rest of the Fund, and provides stewardship and support for implementation of the Total Portfolio Investment Framework.
Oversees global trading and execution of all public assets (excluding credit) across all major markets on behalf of all investment departments and the Balancing Portfolio.