Quantitative Risk Manager Jobs in Illinois (NOW HIRING)

About Magnetar
Magnetar is a leading global alternative asset manager with ~$18B AUM as of January 1, 2026. We are based in Evanston, IL-just north of Chicago and easily accessible by the "L"-with additional offices in New York, London, Menlo Park, CA, and Austin, TX.
Grounded in two decades of investing experience, we aim to generate consistent performance for our investors by identifying differentiated investment opportunities and building scalable businesses across our core strategies: Alternative Credit and Fixed Income, Quantitative Investing, and Venture.
Magnetar employees are among the best in the business at what they do. Our employees thrive on intellectual curiosity, collaboration and identifying creative solutions to complex problems. Our team is made up of highly skilled, passionate professionals who care deeply about delivering results for our investors, our firm and one another. We are proud to foster an inclusive, welcoming environment that empowers each employee to succeed.
At Magnetar, our commitment to our employees matches our dedication to our work. We offer top-tier benefits including comprehensive health, dental and vision insurance, a 401k match, competitive paid time off, wellness programs, daily lunches, and professional development through Magnetar University. We are also passionate about giving back, supporting financial education and community engagement through our Foundation and various volunteer initiatives.
We hope you'll consider joining us as you explore a career at Magnetar!
Position Overview
Magnetar's Quantitative Investing team is seeking a driven, intellectually curious Quantitative Investment Analyst to join our team. This individual will collaborate closely with portfolio managers and researchers to research, develop, and refine systematic investing strategies across the full landscape - including but not limited to convertible, statistical, risk, and volatility arbitrage. The ideal candidate is a highly motivated self-starter with a genuine passion for finance and investing, who thrives in a fast-paced, intellectually demanding environment.
Responsibilities

• Research, develop, and back-test quantitative arbitrage strategies - including convertible, statistical, volatility, and related approaches - across equities, fixed income, credit, and other asset classes
• Support, and where needed serve as a back-up for, the Risk Arbitrage desk - independently initiating research while carrying out assigned tasks/analysis
• Analyze large datasets to identify and validate alpha signals, risk factors, and portfolio construction insights using statistical and machine learning techniques
• Partner with portfolio managers to translate research findings into actionable investment insights and implement strategies within the portfolio
• Monitor and evaluate the ongoing performance of quantitative models, identifying degradation and proposing enhancements as market conditions evolve
• Stay current on developments in quantitative finance, market microstructure, and macroeconomic trends, proactively sharing insights with the team
• Collaborate cross-functionally with technology, risk management, and operations teams to support the full investment lifecycle
• Design and deploy AI-powered tools and agentic workflows - including fine-tuned LLMs - to enhance research automation, alternative data processing, and investment decision support

Qualifications

• Bachelor's or advanced degree in Mathematics, Statistics, Engineering, Computer Science, Finance, Economics, or a related quantitative field
• 3-5 years of direct, hands-on experience at a hedge fund or institutional buy-side or sell-side firm, with meaningful exposure to a quantitative strategy desk - such as Risk Arbitrage, Convertible Bond Arbitrage, Volatility Arbitrage, Statistical Arbitrage, or a comparable quantitative strategy
• Demonstrable first-hand knowledge of Risk Arbitrage with the ability to independently initiate and carry out research and back up the Risk Arb desk
• Working knowledge of, and the ability to conduct research across, the broader arbitrage landscape - convertible, statistical, and volatility arbitrage in particular
• Strong quantitative and analytical skills; proficiency in Python, R, MATLAB, or similar programming languages, with hands-on experience in statistical modeling, time-series analysis, or machine learning
• Solid understanding of financial concepts including portfolio theory, risk/return frameworks, financial instruments, and market dynamics across asset classes
• Financial acumen and demonstrated curiosity about investing - someone who reads financial news, thinks critically about market dynamics, and is genuinely passionate about all things finance
• Highly driven, proactive self-starter who takes initiative, operates with urgency, and thrives in an environment that rewards intellectual curiosity and independent thinking
• Excellent communication skills with the ability to translate complex quantitative analysis into clear, actionable insights for both technical and non-technical audiences
• Familiarity with applied AI/ML techniques in a financial context, including experience fine-tuning large language models (LLMs) and developing agentic workflows to automate research, data extraction, or investment processes

The annual base salary range for this position is $125,000 to $200,000 USD. The actual base salary will depend upon the candidate's relevant experience, qualifications, skills, business needs and market. This role may be eligible for a discretionary bonus and if awarded is based on a variety of factors including firm and individual performance.
Applicants must be authorized to work in the United States without the need for employer sponsorship now or in the future.
Disclaimer
The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.
AI Disclaimer
Magnetar uses AI tools such as Claude, an AI assistant developed by Anthropic, to support certain recruiting and talent acquisition activities, such as tracking candidates' status in the recruiting process, interviewer preparation, and interviewer feedback consolidation.These tools may facilitate recruiting and hiring-related processes. Information processed may include application materials, resumes, interview notes, interviewer feedback, candidate status information, and related communications. Magnetar uses an enterprise version of Claude that operates in a closed-loop environment and does not permit information processed by the system to be publicly available.
The AI tool currently used for these purposes is Claude, an AI assistant developed by Anthropic. Magnetar uses AI for the following types of positions: exempt positions.
Hiring decisions are made by authorized Magnetar personnel. No AI tool makes or determines any employment decision. AI-generated output is used only as a support tool and is subject to human review. Magnetar does not rely solely on AI-generated output, including any score, tag, classification, ranking, recommendation, or similar output, with no other factors considered. Magnetar also does not use any such output as one of a set of criteria where the AI-generated output is weighted more than any other criterion, or to overrule conclusions derived from other factors, including human decision-making.
Magnetar will not use artificial intelligence with respect to recruitment, hiring, promotion, renewal of employment, selection for training or apprenticeship, discharge, discipline, tenure, or the terms, privileges, or conditions of employment in a manner that has the effect of subjecting employees or applicants to discrimination on the basis of protected classes under the Illinois Human Rights Act or any other appliable law, or use zip codes as a proxy for protected characteristics.
Fraudulent Job Alert
Magnetar is aware of fraudulent job post schemes, such as phishing emails, that invite candidates to apply and interview for positions at Magnetar. We take this matter very seriously. Please be aware that Magnetar does not send unprompted emails soliciting applications or offering interviews. If you have applied for a position at Magnetar through our Careers Page, any follow up communication will come from "@magnetar.com". Any emails from accounts that do not end in "@magnetar.com" are fraudulent. Suspicious messages can be reported to Magnetar at careers@magnetar.com.