Structured Credit Research Analyst

Fidelity Investments Inc.; London; On-site; GBP 60,000 - 100,000

Job description

Job Description:

The Group

Headquartered in Boston, the Fidelity Investments High Income & Alternatives group manages over $100 billion in assets under management (AUM). The group’s investments span “across the capital structure,” including high-yield bonds, leveraged loans, convertible bonds, alternative credit, structured credit, and equities. Fundamental research forms the backbone of the group’s investment process. The team allocates capital from various Fidelity funds and separately managed accounts (SMAs) for institutional and retail clients. Additionally, it oversees Fidelity Investments’ global collateralized loan obligation (CLO) issuance business, encompassing the USD Ballyrock CLOs and the EUR Grand Harbour CLOs, with a combined CLO AUM of $12 billion.

The Role

Fidelity Investments is seeking a highly motivated and experienced Structured Credit Analyst to join its global Structured Credit investment team in London. This is an exciting opportunity to join a dynamic team that is actively building out Fidelity's structured credit capabilities. While this role will primarily focus on CLO coverage, there will be scope to expand into other structured credit asset classes over time, offering broad exposure and professional growth within the team.

As a key member of the team, you will play an integral role in analyzing, monitoring, and generating investment ideas within the European CLO market. Working alongside our CLO management business, you will have direct exposure to all facets of the industry, presenting a unique opportunity to contribute to the strategic development and growth of Fidelity’s global structured credit platform.

Key Responsibilities

• Market Analysis & Trade Idea Generation: Conduct in-depth analysis of primary and secondary CLO markets, proactively identifying and presenting actionable investment recommendations.
• Market Intelligence: Provide insightful market commentary and relative value analysis to portfolio managers and investment committees, contributing to investment strategy discussions.
• Collaboration & Relationship Management: Partner closely with the leveraged loan team, fostering strong relationships with banks, syndication desks, and CLO managers to gather market colour and identify investment opportunities.
• Portfolio Management & Monitoring: Perform ongoing monitoring of existing CLO investments, including cash flow analysis, stress testing, and call/refinancing evaluations. Contribute to risk management by identifying potential challenges and opportunities within the portfolio.
• Due Diligence & Transaction Support: Participate in due diligence on potential CLO investments and securitization issuers, analyzing transaction documentation and assessing risk/return profiles.
• Quantitative Analysis & Tool Development: Utilize strong quantitative skills to analyze large datasets, build cash flow models, and develop tools for evaluating relative value across sectors, asset classes, and geographies. Leverage data visualization tools such as Power BI to effectively communicate findings.
• Market Research & Data Analysis: Track macro-economic trends, monitor leveraged loan market data, and collaborate with Fidelity's credit research team to maintain a watchlist of underlying assets.
• Structured Credit Coverage: Provide monitoring and backup coverage for non-CLO Structured Credit sectors, demonstrating the ability to learn and contribute across various structured product asset classes.
• New Asset Class Exploration: Maintain awareness of emerging trends within structured credit and demonstrate an aptitude for evaluating new investment opportunities.

Required Experience and Qualifications

• Minimum of 5 years of direct experience analysing and investing in European CLOs
• Deep understanding of CLO structures, cash flow mechanics, and legal documentation
• Knowledge of other structured credit asset classes (ABS, CMBS, RMBS), US CLOs or leveraged loans is a plus
• Strong quantitative and analytical skills with proven experience in cash flow modelling and analyzing complex structured products
• Proficiency in data analysis and visualisation tools; advanced Excel skills are essential, experience with Power BI and Python highly desirable
• Familiarity with Intex or similar market data platforms
• Excellent oral and written communication skills, with the ability to articulate complex investment ideas clearly and concisely
• Strong interpersonal skills and a collaborative, team-oriented approach