Analyst, Fixed Income & Currency Research

Morningstar, Inc.; London; On-site; GBP 45,000 - 85,000

Job description

The Group:

Research & Investments creates compelling insights and effective investment solutions to empower investor success. We honor time-tested investment principles and consistently apply robust methodologies to earn and protect trust. We thoughtfully deploy our key asset, our people, to scale and deliver more value to more investors. This diverse group comprises Morningstar’s Equity, Manager, and Multi-Asset Research teams in addition to our Behavioral Insights and Investment Management teams.

The Role:

The Multi-Asset Research Team is seeking an experienced Analyst to contribute to fixed income and currency research, reporting to the Head of Fixed Income and Currency Research. This role demands a strong grasp of macroeconomic trends, interest rate movements, fixed income markets, and currency dynamics, with a particular focus on non-U.S. developed, select emerging markets and global credit assets. The ideal candidate will collaborate closely with senior researchers, economists, and portfolio managers to deliver top-tier fixed income and currency research, ultimately enhancing investment outcomes for clients.

Responsibilities:

1. Support the production of fixed income and currency-related capital market research deliverables, including strategic capital market assumptions and shorter-term, valuation-driven research.
2. Maintain the monthly production of quantitative outputs from proprietary fixed income and currency valuation models.
3. Collaborate with other analysts and directors to produce annual quantitative deliverables for internal clients.
4. Lead or support the evaluation of fair value assumptions for key fixed income and asset classes, focusing on non-U.S. developed and select emerging markets.
5. Contribute to fixed income methodology improvements to sustain Morningstar’s research excellence.
6. Monitor market trends, economic indicators, and central bank policies that impact global bond markets and currency movements.
7. Enhance research robustness by producing additional analyses, including scenario analysis, backtesting, economic regime analysis, etc.
8. Collaborate with economists and the capital market assumptions team to produce country-specific economic research.

Requirements:

1. Minimum 2+ years in fixed income research within an asset management firm or sell-side research organization in the financial industry.
2. Prior experience focused on fundamental, valuation-driven fixed income and currency research, either in a dedicated research capacity or as part of an investment management team.
3. Exposure to fixed income and currency research within a multi-asset framework is strongly preferred.
4. Strong understanding of global fixed income markets, including government bonds, securitized assets, corporate debt, and emerging market bonds.
5. Solid foundation in macroeconomic analysis, monetary policy, and currency market dynamics.
6. Proven ability to articulate complex market insights in a clear, concise, and actionable manner.
7. Demonstrated ability in producing well-crafted research reports and presentations.
8. Strong quantitative skills with proficiency in financial software and research tools, such as Bloomberg, Morningstar Direct, Macrobond, SQL, and VBA.
9. CFA Charterholder designation is strongly preferred.