- We are seeking a highly analytical Associate to join our Asset-Backed Finance & Structured Credit team. The platform provides bespoke, large-scale funding solutions to leading non-bank financial institutions and specialty lenders across a range of asset classes.
This is a technically demanding role with a strong emphasis on structuring, quantitative analysis, and cash flow modelling, requiring deep engagement across the full transaction lifecycle. You will play a critical role in evaluating and executing complex asset-backed transactions, including warehouse facilities, forward flow agreements, and capital markets take-outs.
Core Responsibilities Structuring & Executio
Support the structuring and execution of complex asset-backed financing transactions, including:
- Warehouse and back-leverage facilities
- Term ABS/RMBS securitisations
- Forward flow and private asset purchase agreements
- Analyse and optimise transaction structures, including credit enhancement, tranching, liquidity support, and trigger frameworks
- Work closely with legal counsel to negotiate transaction documentation (facility agreements, trust structures, servicing arrangements, hedging documentation)
- Manage execution timelines, coordinating across counterparties including originators, trustees, rating agencies, and internal stakeholders
- Build and own granular cash flow models for structured credit transactions across multiple asset classes
- Model dynamic collateral performance scenarios, incorporating:
- Prepayment vectors
- Default and loss assumptions
- Recovery timing and severity
- Interest rate stresses and hedge effectiveness
- Analyse structural features such as priority of payments, reserve mechanisms, triggers, and amortisation profiles
- Evaluate risk-return across tranches, including IRR, WAL, break-even analysis, and sensitivity testing
- Conduct detailed underwriting of:
- Originators and servicers (business models, underwriting standards, funding profiles)
- Underlying collateral pools (loan-level or stratified data)
- Perform loan-level and portfolio-level analytics, including:
- Vintage curves, delinquency roll rates, and loss emergence
- Correlation analysis and concentration risk
- Develop internal credit views and downside scenarios aligned with fund risk appetite
- Prepare detailed investment memoranda for internal investment committee approval
- Monitor performance of existing investments and warehouse portfolios
- Track covenant compliance, performance triggers, and structural integrity
- Update models with actual performance data and reassess expected returns and risk metrics
- Produce ongoing surveillance and investor reporting materials
- Evaluate relative value across structured credit opportunities and capital structures
- Analyse securitisation markets, investor demand, and pricing trends across debt tranches
- Benchmark transactions against comparable issuance and secondary market levels
- Contribute to the development of new asset classes and product strategies within the platform
- 2–6 years’ experience in:
- Structured finance / securitisation
- Structured credit / private credit funds
- Investment banking (FIG, DCM, LevFin, or Securitisation)
- Ratings agencies (structured finance teams)
- Demonstrated experience building or working with cash flow models for structured products is essentia l
- Advanced Excel modelling skills, including ability to build cash flow waterfalls from first principles
- Strong understanding of:
- Securitisation structures and legal frameworks
- Priority of payments, triggers, and credit enhancement mechanisms
- Asset performance metrics (arrears, defaults, loss curves)
- Experience handling large datasets and performing quantitative analysis (VBA, Python, or similar advantageous)
- High level of precision in analysing legal documentation and mapping terms into models
- Strong credit judgement with ability to identify key structural and collateral risks
- Deep interest in structural complexity and downside protection
- Ability to independently assess transaction robustness under stress scenarios
- Commercial awareness of risk-adjusted return and capital efficiency
- Highly detail-oriented with strong ownership of analytical outputs
- Intellectual curiosity and desire to operate at the intersection of credit, structuring, and data
- Ability to operate effectively in a lean team with direct exposure to senior decision-makers
- Strong communication skills, with the ability to clearly articulate complex technical concepts
- Exposure to highly structured, bespoke transactions across private credit and securitisation markets
- A technically rigorous investing environment with a strong emphasis on modelling and credit discipline
- Significant responsibility and direct involvement in investment decision-making
- Opportunity to develop deep expertise in one of the fastest-growing areas of private markets
