Credit Analyst

253 FIL Investment Management Ltd; City Of London; On-site; GBP 65,000 - 85,000; Full time

Job summary

A leading investment management company in the City of London seeks an experienced Credit Analyst to conduct in-depth analysis of European High Yield Corporates. The role involves evaluating creditworthiness, participating in investment strategy sessions, and collaborating with global teams. A successful candidate will possess substantial experience in credit analysis and have excellent communication skills, alongside a relevant degree or CFA charter. Flexible working options and travel opportunities are included.

Benefits

Flexible working options

Diverse and inclusive culture

Qualifications

• Substantial experience as a Credit Analyst.
• Experience of modelling and relative valuation for companies.
• Good communication skills to build effective relationships.

Responsibilities

• Evaluate the creditworthiness of issuers and assess bond values.
• Communicate recommendations to portfolio managers.
• Participate in team-oriented structure for credit coverage.

Skills

Credit analysis

Collaboration

Communication

Fundamental analysis

ESG analysis

Education

Degree or equivalent experience, ideally CFA charterholder

Job description

Description

At the centre of Fidelity’s success is our approach to managing money, which the philosophy unchanged since we were founded. Our approach places first-hand, detailed research at the core of our decision making, ensuring that every security – whether equity or bond – is investigated in detail before being included in our funds.

Fidelity International’s Fixed Income Investment team manages client funds across the globe. The group comprises expertise in Portfolio Management, Trading, Quantitative Analysis, Credit Analysis and Investment Directing. The Fixed Income group are based in London, Continental Europe, Toronto, Hong Kong, Shanghai, Singapore.

Its investment philosophy includes :

• A belief that investors must look beyond traditional sources of alpha.
• A team-based strategy that combines distinct disciplines to consistently identify a wide range of investment ideas with the highest probability of success.
• A commitment to proprietary research that provides enough ideas to build diversified portfolios.
• A quantitative team that is integral to identifying alpha and providing rigorous risk analysis.

Purpose of the Role

Fundamental Credit Analysts perform in-depth analysis to evaluate the creditworthiness of an issuer and assess the relative value of its bonds. With additional input from the trading and quantitative research teams, analysts communicate their recommendations to the portfolio managers, via written and verbal means, and actively seek to influence investment decisions. The analytical work requires regular issuer contact, possibly travel, and working together with a team of more than 30 Fixed Income analysts globally as well as research specialists in India and China.

The Credit Research team in London is generally responsible for coverage of European, EMEA, North American and Latin American regions; analysts specialise by region, sector and credit quality. The FIL credit research team works collaboratively with over 100 equity analysts globally.

It is with this strategy in mind that we are searching for an experienced European High Yield Corporates analyst. The role is expected to be based in London. As a Credit Analyst, you will be a highly valued core member of the research and investment team (which include portfolio managers, traders and quantitative research analysts) and actively participate in strategy sessions that address credit trends, investment decisions and asset allocation. The successful candidate will also be expected to build close working relationships with their peers in London, Toronto, Continental Europe, Hong Kong, Shanghai, Singapore and India within the fixed income and equity divisions.

Key Responsibilities

• Provide fundamental coverage of European High Yield Corporates to contribute investment ideas that generate positive performance for our clients’ funds
• Participate in team-orientated structure, working daily with traders, portfolio managers, quantitative analysts and investment directing
• Prioritise core credit coverage from a larger sector universe by coordinating with investment team to find ideas that are most relevant for our funds to generate positive performance

Credit Research Process

• Perform fundamental analysis on your sectors and individual companies to evaluate the creditworthiness of an issuer and assess the relative value of its bonds
• Incorporate ESG analysis into your analytical process and overall investment thesis.
• You are expected to become the internal sector expert for the fixed income team
• Conduct primary and secondary research on your companies and sectors
• Build and maintain detailed models, in conjunction with research specialists, that express your views and recommendations for your coverage
• Analyse covenants and capital structures to select individual bonds / issuers for our funds
• Lead company meetings, both in-house and externally, often in coordinating with PMs and equity colleagues

Communication / Collaboration

• Participate in regular team meetings across our range of fund disciplines
• Publish internal research notes that express your conviction and recommendations to the investment management team
• Partner with your trading desk counterpart to form relative value views taking liquidity considerations into account.
• Maintain regular issuer contact, including in-house and external meetings; this may include travel
• Participate in cross-asset class meetings with equity colleagues to sharpen your company and sector views
• Exhibit the values and behaviours expected of all Fidelity International employees

Other responsibilities

• Work together with and mentor research associates / sector specialists who provide analytical and data support
• Represent Fidelity International in meetings with our clients, in both 1x1 and presentation formats
• Work closely and build relationships with peers in UK, Europe, North America and Asia across the entire firm, including the equities, multi-asset, sales & distribution, and technology teams

Experience and Qualifications Required

• Degree or equivalent experience, ideally CFA charterholder
• Substantial experience as a Credit Analyst
• Experience of modelling and relative valuation for companies
• A collaborative approach to working
• Ability to engage with the Fixed Income quantitative team, leveraging their models in your own investment process
• Understanding of Fixed Income securities, including the varying liquidity of instruments in a company’s capital structure
• Good communication skills and the ability to build effective relationships
• Flexibility in attitude and approach
• Willingness to undertake international travel
• An interest or knowledge of the investment management or wider financial services industry

We are committed to being an inclusive and diverse company to work for and strive to create a culture where flexible working is encouraged so that we retain and attract the best talent by offering working patterns that suit both individual and business needs.