Job Description:
The Group
Headquartered in Boston, the 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 Harbor CLOs, with a combined CLO AUM of $11 billion.
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The Role
The Structured Credit Research Analyst will evaluate and manage investments in structured credit products, including MBS, ABS, and CLOs. The ideal candidate will leverage their deep understanding of structured finance markets to provide actionable insights and contribute to all phases of the investment process, from sourcing, through underwriting and negotiation, to investment realization.
The Value You Deliver
- Support investment activities in public and private structured credit investments. Perform in-depth collateral and credit analysis and on-going monitoring of RMBS, ABS, and structured corporate credit securities such as CLOs and private debt rated feeders.
- Source and perform initial screening of potential investments; participate in marketing calls.
- Conduct due diligence, negotiate terms, and develop quantitative models for underwriting and stress testing investments suitable for Fidelity funds and clients.
- Communicate investment recommendations through detailed investment reports and presentations.
- Contribute to internal publications, providing market updates, marketing insights, and funds reporting.
- Identify market trends and regulatory changes impacting structured finance.
The Expertise and Skills You Bring
- Bachelor's degree in finance, economics, or a related field; advanced degree or CFA designation preferred.
- 3-5 years of direct experience in the securitized products markets.
- Proficiency in RMBS security analysis is essential, with additional experience in ABS, CLOs, and/or other structured products highly desirable. Previous experience in structuring, trading, or research at an investment bank, or in investing in securitized assets at an investment manager, is required.
- Comprehensive understanding of structured finance markets, including issuers' business models, roles of service providers, rating methodologies, and key drivers of security/asset performance.
- Solid understanding of securitization structures. Proven ability to generate collateral performance assumptions, evaluate credit risks and negotiate deal terms.
- Strong skills in fixed income mathematics; comfortable running bonds through Intex and Bloomberg. Proficiency in data analysis tools (SQL, Tableau, etc.), and advanced programming skills are a plus.
- Exceptional analytical, communication, and presentation skills, with strong attention to detail.
- Ability to collaborate effectively in a team environment, working closely with analysts, portfolio managers, and cross-functional teams. A high level of integrity is essential.
Certifications:
Category:
Investment Professionals
Fidelity's hybrid working model blends the best of both onsite and offsite work experiences. Working onsite is important for our business strategy and our culture. We also value the benefits that working offsite offers associates. Most hybrid roles require associates to work onsite every other week (all business days, M-F) in a Fidelity office.