Structured Credit Associate

The Opportunity

The Structured Credit Associate will be responsible for the evaluation, structuring, diligence, and on-going monitoring of structured credit investments for MassMutual’s General Investment Account (GIA).

This role will have direct responsibility for the secondary coverage of assigned sectors of the GIA. The structured credit portfolio consists of a portfolio of diverse assets, structures, and managers; the assets are often complex, bespoke, and under negotiated terms.

Team

The Fixed Income Portfolio Management (FIPM) team has responsibility for asset allocation, fundamental credit underwriting and monitoring, ESG investment strategy, and macroeconomic research. A small and highly collaborative team, FIPM works with other teams in Investment Management to manage the product segment portfolios and the approximately $250 billion GIA.

The team pairs fundamental investment analysis and asset allocation skills with quantitative and asset/liability management expertise. This high-profile group works across all of Investment Management as well as with our other internal stakeholders including product, actuarial, treasury, accounting, risk, legal, and compliance, among others.

The Impact

The associate will support the continued growth of the structured credit portfolio and the GIA more broadly with the structuring, underwriting, monitoring, and closing of asset-backed transactions and Investment Management Agreements. This work will assist the investment management department’s goal of providing MassMutual policy holders’ financial security.

Act as a thought leader for designated areas of concentration. Execute fundamental credit analysis of individual holdings within various structured asset classes and recommendations of action where necessary. Recommendations are used by Portfolio Managers, the Head of Asset Allocation, and the Head of FIPM to drive and influence investment decisions for the GIA, and to ensure investment recommendations are aligned to our investment philosophy/fit our long-term strategy (i.e. patient, long-only investment style that strives to manage risks and take advantage of opportunities).

Research, underwrite, analyze, and monitor multiple fixed income asset classes including bringing names and/or strategies through Investment Committee(s). Conduct in-depth macro research into various investment-related topics to support the evaluation of potential investment opportunities as well as the surveillance of current GIA holdings.

Deep, thorough, and original structured credit research results in actionable, real-time investment decisions across assigned sectors. Work with owned and/or outside asset managers to review their respective GIA fixed income portfolios, strategy, and performance to provide recommendations to the senior leadership of FIPM. Contribute to MassMutual Investment Management’s collaborative investment process by sharing views with Investment Management leadership (PMs and Analysts), providing critical input to the team related to their analysis and associated buy/sell recommendations.

The Minimum Qualifications

• Bachelor’s Degree
• 3+ years of relevant experience structuring and underwriting complex structured credit investments in an Investment Banking role, a Junior Portfolio Management role for an asset manager, or similar.
• 3 + years of experience modeling complex investments across Asset-Backed Securities markets.

The Ideal Qualifications

• Advanced degree in Finance, MBA or CFA designation preferred.
• Experience working with transaction counsel and analyzing complex structures.
• A systematic and deep thought process with the ability to understand and articulate portfolio implications of individual ideas.
• Comfort with basic concepts in structured finance, such as structural leverage, LTV & attachment and detachment points, triggers, covenants, collateral types, speeds, default curves, average life, structure types and performance metrics.
• Ability to underwrite, structure and act as diligence-lead on private ABS transactions.
• A high degree of intellect, curiosity, drive for continued improvement, and a passion for investing.
• An effective communication style that has been applied in presenting to clients, senior leadership, and broader audiences; strong communication skills (both written and oral) that result in succinct and defensible recommendations.