Middle Office Analyst

About Us

Engelhart was founded in 2013 by BTG Pactual Group as a commodities trading company. Its business model is “asset light” and highly diversified – giving it the ability to adapt effectively and nimbly to changing market conditions. It has assembled successful multidisciplinary teams, leveraging advanced fundamental analysis with deep quantitative and weather research capabilities. Its activities are underpinned by strong risk management practices and by powerful technology and operational excellence. Its exceptional teams have diverse global backgrounds and decades of experience, and are driven by a highly collaborative culture, across products and competencies.

In 2024, Engelhart acquired Trailstone, a global energy trading and technology company. The acquisition provides Engelhart with new expertise, analytics and proprietary technology which is used to provide risk management and optimisation services to manage the intermittency of renewable power generation for its client base. The acquisition also expanded Engelhart’s capabilities into physical natural gas across North America.

Its talented and experienced individuals work together according to its four company values: be bold, be collaborative, be proactive, be your best.

Middle Office Analyst – Houston, Texas

About the Role

This is a permanent and exciting opportunity to join our Global Middle Office team as an analyst based in Houston. The analyst will primarily perform a controlling function, involving daily P&L calculation and position allocation/management for multiple businesses. Additionally, the analyst will engage in daily reconciliations and the development of internal projects aimed at optimizing existing controls. This key role offers direct exposure to the trading desks, risk department, IT, accounting, and other internal stakeholders.

Main duties include, but are not limited to:

• Preparing and assisting in the daily P&L and position reports for multiple businesses, specifically within the North American physical and financial Power & Gas markets.
• Performing daily reconciliations of trades and positions.
• Acting as a liaison between the trading desks, ISOs, and FCMs.
• Managing static data setups for internal systems (products, prices, etc.).
• Reconciling exchange and index curves against 3rd party systems to internal.
• Commenting daily on P&L movements and explaining and critiquing the major positions and risks taken by the desk.
• Reconciling internal systems versus external counterparties.
• Pricing Futures, Options, and Physical Power & Gas products.
• Liaising with different stakeholders (market risk, ALM, operations, finance, IT, business
• managers), serving as the main reference point for several aspects related to these businesses.
• Proactively engaging in internal projects to enhance processes and controls.
• Ensuring that processes are continually reviewed and improved, risks are managed, and results meet expectations.
  
  

Qualifications Required

• University degree.
• Minimum of 4-5 years of experience within a commodities trading environment, specifically in Physical North America Power & Gas.
• Knowledge of some or all exchanges: CME, ICE, NODAL, and NGX.
• Working knowledge of ISO operations and the markets they administer (PJM, MISO, CAISO, NYISO, SPP, etc.).
• Previous understanding of financial derivatives (futures and options) and physical power and gas.
• Familiarity with trade flow at commodity exchanges.
• Proficiency in Excel is a must. Other programming skills, such as VBA, Python and SQL, are an asset.
• Knowledge about risk management (VaR, drawdown, Greeks) is an asset.
• Familiarity with the following applications is a plus: Bloomberg, Morningstar, SAP.
• Proactive and self-directed.
• Good interpersonal and teamwork skills with the ability to develop solid working relationships across functions.
  
  
  
  

What we offer

• Competitive compensation and participation in Engelhart’s discretionary bonus plan.
• 20 days of annual holiday entitlement, excluding US public holidays.
• Robust benefits package such as Medical, Dental, Vision, Life insurance, 401k match, and supplemental benefits partially subsidized by the Company.
• Eligibility to receive external and internal training in accordance with our Training & Development Policy.
  
  

We believe in inclusivity and are therefore dedicated to ensuring all employees – across gender identity, race, ethnicity, sexual orientation, religion, life experience, background and more – feel welcome and included in the company. We promote diversity because we believe it is essential to our ability to think holistically.