The role of the Structured Products Analyst is to lead credit research and security selection for the Non-Agency RMBS investment efforts in SSGA's Fixed Income, Cash & Currency (FICC) department. The role will also involve contributions to the broader structured products and ABS investment efforts. The Senior Analyst is part of the Structured Products Credit Research team supporting the relevant investment processes for FICC Active portfolio managers with fundamental credit opinions, valuation analyses, and daily portfolio construction efforts. Quantitative modelling skills, experience in securitization cash flow modelling, and expertise in mortgage securitization are required. The existing surveillance infrastructure, as well as the policies and procedures established by the SSGA Credit Research team, will be utilized to support the analyst.
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Primary responsibilities
- Subject matter expert on US Residential Real Estate Debt and Non-Agency RMBS in Fixed Income
- Contributing analytical responsibilities for a broad set of structured investment products, including esoteric ABS sectors
- Possess strong relationships with street research and trading desks, industry strategists and the respective analysts at the credit rating agencies
- Review primary and secondary market Non-Agency RMBS investments to determine suitability for any of the managed portfolios. Reviews to include qualitative and quantitative analysis of the underlying loans in the perspective investments. Make purchase and sale recommendations based on credit profile and valuation
- Synthesize real estate market conditions to create/update base, stress, and other scenarios to analyze the Non-Agency RMBS investments in order to generate cash flows to test for potential impairments and identify potential risks or trading opportunities
- Review legal documents related to securitization investments and evaluate the structural nuances of investment opportunities
- Lead role in the ongoing portfolio construction, analysis and monthly surveillance of structured product and ABS holdings in Active Fixed Income funds and in insurance portfolios
- Contribute to top-down sector risk targeting discussions
Qualifications
- Five to ten years of experience in real estate and/or structured products with experience in Non-Agency mortgages
- CFA and/or MBA preferred
- Thorough understanding of the structural nuances that govern the securitization is necessary
- Ability to work under pressure
- Ability to incorporate multiple risk profiles when making investment recommendations
- Proficiency with EXCEL
- Proficiency in Blooberg, Intex, Trepp and other standard industry platforms, in order to utilize CMBS, RMBS, and CMO securities libraries for quantitative modeling exercises
Standard Daily Schedule:
- Daily/morning review (if applicable) of new issue and secondary market opportunities for Non-Agency RMBS investments, as well as additional structured finance and ABS sectors.
- Collaborate with portfolio managers to recommend investments, sales and portfolio re-balancing, as appropriate.
- Daily review of credit rating changes in existing book of investments
- Utilize existing suite of tools to assess RMBS and structured product investment opportunities: Intex, Trepp, Aladdin/ANSER, and Proprietary (excel-based) New Issue Stress Model
- Discuss ongoing surveillance of existing portfolio holdings, on as-needed basis.
Are you the right candidate? Yes!
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.
About State Street Global Advisors
What We Do. As the asset management arm of State Street Corporation, State Street Global Advisors has served the world's governments, institutions and financial advisors for over four decades. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become one of the world's largest asset managers with trillions of dollars under our care.
Our Mission. At State Street Global Advisors our mission is to invest responsibly to enable economic prosperity and social progress. We are driven by a desire to help our clients, and those who rely on them, achieve a better future. We have a long history of developing innovative investment strategies to provide our clients with reliable and transparent returns, cost-effectively, and without excessive risk.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to Flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you. State Street is an equal opportunity and affirmative action employer.
Company: State Street Global Advisors
Salary Range:
$125,000 - $200,000 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Job Application Disclosure:
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
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