Research Analyst (Western Asset)

About the Role

As a Research Analyst at Western Asset Management (WAM), you are a key member of the money market, municipal, and liquidity research teams. You will partner closely with portfolio managers, traders, risk, and operations to help manage daily liquidity across fixed-income portfolios. The role sits at the intersection of markets, cash forecasting, and portfolio construction—providing analytics, research, and decision support related to funding, cash balances, liquid instruments, and liquidity risk. You will help ensure portfolios meet liquidity guidelines, support trade execution readiness, and contribute to ongoing enhancements to our liquidity toolkit and processes. This role is based in our New York office with a hybrid schedule of 4 days in-office.

Western Asset Management, part of Franklin Templeton, is a globally integrated fixed-income manager focused on long-term fundamental value investing. We leverage cutting-edge strategies and deep insights to unlock opportunities for long-term wealth creation, supporting clients' financial goals through multiple diversified strategies. Our collegial team culture enables us to harness the combined experience and fixed-income acumen of our investment professionals worldwide.

Responsibilities

• Conduct fundamental credit research on investment-grade corporates, state-sponsored agencies, non-bank financial institutions, and global systemically important banks.
• Lead annual credit reviews, continuously assess issuer-specific, liquidity, event-driven, and systemic risks, and support investment decisions across 2a-7 and EU money market funds as well as short-duration separate accounts.
• Maintain credit files in accordance with regulatory requirements for money market funds, including daily surveillance of credit ratings, preparation of formal credit reports, and documentation of material credit developments.
• Evaluate changes in issuer credit quality by integrating market developments with fundamental analysis and support issuer approval decisions for money market fund eligibility.
• Serve as the sole credit authority on the trading desk, providing buy and sell recommendations to portfolio managers.
• Coordinate with risk and compliance to provide updates on ratings changes, research methodology, and ensure completion of regulatory reporting requirements.
• Collaborate with the broader global investment management team on cross-sector and cross-regional credit insights.
• Maintain ongoing professional development to stay current on market developments and regulatory changes.

Requirements

• Minimum 5 years of relevant experience within asset management, fixed-income research, trading, portfolio analytics, treasury/cash management, or liquidity/risk analytics.
• Chartered Financial Analyst (CFA) designation highly desirable.
• Strong understanding of fixed-income markets and instruments, including rates, credit, funding markets, and the drivers of market liquidity.
• Demonstrated analytical capability: comfort working with large datasets, developing repeatable analyses, and translating outputs into clear recommendations.
• Proficiency with Bloomberg and Excel; experience with data/analytics tools such as Python, SQL, R, VBA, Power BI/Tableau, or similar is a plus.
• Excellent written and verbal communication skills; ability to convey technical concepts to portfolio managers, traders, and cross-functional partners.
• High attention to detail with strong judgment and the ability to prioritize in a fast-paced, market-driven environment.
• Bachelor’s degree in Finance, Economics, Mathematics, Engineering, or a related quantitative discipline.

Benefits

• Competitive base compensation with an annual discretionary bonus.
• 401(k) plan with a generous employer match.
• Recognition rewards and employee stock investment program.
• Comprehensive healthcare options, insurance, and disability benefits.
• Learning resources and career development programs, including reimbursement for certain education expenses.
• Paid time off (vacation, holidays, sick leave, parental & caregiving leave, bereavement, volunteering, and floating holidays).
• Motivational wellbeing program.

Pay

We expect the base salary for this position to range between $150,000 - $200,000 depending on level of relevant experience, plus discretionary bonus.