Relative Value Credit Analyst

RELATIVE VALUE MID-LEVEL CREDIT ANALYST

The Company

Our client is an Investment Adviser that was founded over a decade ago as a spin-out of one of the largest proprietary groups in the industry, and whose founder has over 20 years of experience. The senior investment team began working together in the early 2000s, and is best known for having pioneered credit relative value and capital structure trading strategies. The firm currently manages three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds. Their investors are predominately institutions and include corporate pensions, public pensions, foundations, fund of funds, endowments, and family offices. The company is 100% self-owned and is headquartered in midtown in New York and is registered with the SEC and CFTC.

The Position

This is an opportunity to join a relative value credit arbitrage group. The strategies include:

1) Credit Relative Value (Flagship) focuses on identifying dislocations across the capital structure. It utilizes a long / short, market neutral approach in credit and equity markets.

2) Tail Hedge seeks to provide a cost-effective portfolio hedge with potentially strong absolute returns during periods of market stress and dislocation. This is implemented by investing primarily in credit default swaps (“CDS”) on a portfolio of low spread investment grade companies. In addition, the company opportunistically buys CDS on indices and high yield companies, as well as equity puts and related instruments. By using proprietary tools and active portfolio management the company aims to generate alpha relative to tail hedges that rely more heavily on passive index strategies.

3) Closed-End Funds (“CEFs”) focuses on securities that are trading at significant discounts to NAV, thereby offering more yield than their underlying fixed income instruments – predominately high yield bonds and loans. In addition, the company selectively pursues an activist approach where corporate actions may be an effective tool to unlock shareholder value and monetize the discount to NAV. The company seeks to generate superior absolute returns compared to high yield ETFs and similar instruments.

Qualifications

·     Impeccable academic credentials combined with at least two to five years in finance with direct experience in credit trading/research or financial statement analysis 

·     Experience trading Capital Structure Arbitrage and identifying relative value credit opportunities between equity and debt using an integrative and quantitative framework to price all pieces of a firm’s capital structure

·     At least two years’ experience as a credit analyst trading within the capital structure and generating pair trading ideas

·     Candidate should be a self-starter AND a team player who is motivated by the ability to participate with a lean team that is managing significant capital

·     They should have a strong point of view and be willing to take risks

·     The candidate should be effective in an aggressive, fast-paced, intellectually challenging, and collegial environment

·     They will have excellent interpersonal and communication skills

·     Honesty and integrity are paramount. The candidate should have a strong sense of purpose and a compelling desire to excel – someone who functions effectively with minimum direction