Associate Portfolio Management, Credit; Financials

· Leading global investment fund

Associate PM - Buy side - AT1s & T2s - Subordinated debt - Covered bonds

A notable investment fund is seeking an Associate Portfolio Manager to join its financials credit team in London. This is a senior seat for a candidate ready to take meaningful ownership of a financials credit book - spanning bank and insurance issuers across the capital structure, with a focus on subordinated and hybrid instruments including AT1s, Tier 2, other sub financial debt and covered bonds.

• Contribute to the management of financials credit portfolio with direct P&L accountability, working alongside senior portfolio managers on strategy and positioning
• Identify and execute relative value trades across issuers, instruments and points on the capital structure in both IG and HY
• Conduct fundamental analysis on banks, insurers and other financial institutions, forming and defending independent credit views
• Actively participate in the new issue market - evaluating FIG primary transactions, engaging with syndicate desks on deal terms and pricing, and building the fund's presence as a key account
• Cultivate and maintain strong relationships with FIG syndicate and credit sales/trading desks across leading investment banks
• Monitor existing positions and manage risk across the book, including spread, duration and technical factors
• Present investment ideas and portfolio updates to the investment committee

Broadly at VP-level, although our client is open-minded in this regard, in financials credit, buy or sell side; prior trading or credit research experience required.

• Hands-on experience across AT1s, T2s, sub financial debt and covered bonds
• Fundamental & RV skills:
  Strong credit underwriting ability combined with a track record of generating RV ideas and converting them into positions
• Markets & relationships:
  Active participant in FIG primary markets with established syndicate and sell-side relationships
• Communication:
  Articulate and confident presenting views to senior stakeholders

Compensation:
Competitive base and discretionary bonus commensurate with seniority

Mandate:
Real portfolio ownership with direct P&L responsibility

Platform:
Established, well-resourced fund with a strong track record in credit

Progression:
Credible path to full Portfolio Manager