Manager, Covenant Advisor

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Manager, Employer Covenant Advisor

Pensions employer‑covenant advisory is a challenging and fast‑growing area. Isio’s Covenant Solutions team assesses the financial strength and commercial outlook of sponsors of defined benefit pension schemes, to understand the cash flows and assets available to support funding of pension liabilities. This includes advising on covenant mitigation solutions where there are corporate events such as M&A, refinancing or restructuring.

Isio is looking for qualified accountants with employer covenant advisory experience and/or a transaction/restructuring advisory background to join our team in advising clients and supporting our growth plans.

Isio is seeking a Manager to help support the growth of its covenant advisory business. The candidate will build a portfolio of corporate and trustee advisory clients and advise in M&A/transaction, run‑on and superfund transaction situations. The role involves working on some of the most complex transactions and challenging pension issues businesses and trustees face, and working alongside a range of Isio specialists in actuarial and investment services to provide integrated solutions to support pensions strategy.

The candidate will have employer covenant expertise and/or transactions/restructuring advisory experience. This will include experience of preparing insolvency estimated outcome statements for the purposes of assessing potential returns to creditors/pension schemes.

This is a great opportunity for a high‑calibre candidate to fast‑track their career prospects, widen their skillset and be part of Isio’s ambitious growth plans for its pensions and covenant advisory business.

• Building and managing a portfolio of pension trustee advisory clients, providing advice on their employer covenant assessments and integrated risk management framework;
• Performing and reviewing financial and commercial analysis for employer covenant assessments, including coaching and development of junior team members;
• Assessing the impact of a corporate activity such as a transaction, restructuring or refinancing on the employer covenant provided to pension schemes;
• Advising on solutions to mitigate changes in the employer covenant security provided to pension schemes;
• Advising corporate sponsors of pension schemes in negotiations with trustees over employer covenant and mitigation/financial support options;
• Supporting external marketing initiatives to support Isio’s growth ambitions.

Our ideal applicant would work alongside our existing team in either Manchester, Edinburgh or London. However, we can offer suitable applicants the opportunity to work from our other Isio offices. We work on a hybrid basis, offering the opportunity for colleagues to split their working time between working in the office and  a business we are great at building strong communities amongst our employees – both across locations and teams, hosting regular team building, charity, and social events.

• Qualified ACA/CA/ACCA accountant with clear evidence of relevant post‑qualified experience;
• Proven Employer covenant and/or transaction/restructuring advisory experience;
• Commercial awareness and a general interest in how businesses work;
• Experience of insolvency analysis/recoveries, e.g. preparing Entity Priority Models and Estimated Outcome Statements to advise clients of the implications;
• Excellent report writing, financial analysis, client and project management skills;
• Ability to research and report on clients, industries, the wider market/economy and ESG risks; develop marketing collateral and initiatives; and build, manage and leverage client relationships to originate work and support sales;
• Experience using AI and data analysis tools to improve efficiency in research and reporting;
• An enthusiasm for and genuine commitment to business development and supporting market initiatives.

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