Senior Manager – Private Markets Research

M&G Global Services; Mumbai; Hybrid; INR 4,200,000 - 7,200,000; Full time

Benefits offered by this job

Hybrid work arrangement

Diversity & inclusion

Job summary

M&G Global Services in Mumbai seeks a Senior Manager for Private Markets Research to lead credit analysis across public and private structured credit markets, primarily Consumer ABS, CLOs and CMBS. You will collaborate with UK/Europe teams to assess opportunities and produce actionable investment recommendations.

The role requires advanced modelling, stress testing, and clear communication of risk. You will mentor juniors and contribute to continuous research improvements in a hybrid setup.

Qualifications

• Deep expertise in structured finance, securitisation and credit markets.
• Strong understanding of multiple structured credit asset classes, including collateral behaviour, transaction structures, waterfall mechanics, credit enhancement features and performance drivers.
• Proven ability to conduct rigorous credit analysis and translate complex findings into clear investment recommendations.
• Advanced cashflow modelling and quantitative analytical skills with experience in scenario analysis and stress testing.
• Strong understanding of macroeconomic and market factors influencing structured credit performance.
• Exceptional problem-solving abilities and a natural inclination to challenge assumptions.
• High levels of ownership, accountability and attention to detail.
• Excellent written and verbal communication skills with confidence to engage senior stakeholders.
• Strong technical capabilities including Excel, VBA, Python and Power BI.
• Experience using structured credit market tools such as Intex, Bloomberg and other analytical platforms.

Responsibilities

• Lead analysis of structured credit opportunities across Consumer ABS (including RMBS), CLOs, CMBS, and related products.
• Develop understanding of collateral characteristics, underwriting standards, transaction structures, payment waterfalls and risks.
• Independently evaluate primary and secondary market opportunities through detailed collateral and cashflow analysis.
• Build and maintain financial, credit and cashflow models with scenario analysis and stress testing.
• Deliver investment memoranda and research reports detailing risk-return dynamics and valuation insights.
• Mentor junior analysts and promote analytical best practices across the team.

Job description

About M&G India

We are M&G India, the strategic innovation and digital hub for M&G. Established in 2003, we have offices in Mumbai and Pune. Our teams work closely with colleagues across the Group worldwide to drive transformation, build digital capability, and support sustainable growth. By leveraging technology, AI, automation, and process excellence, we bring new ways of thinking to improve outcomes for both customers and colleagues. Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.

About M&G

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions. Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

Title: Senior Manager – Private Markets Research

Function: Investments

Function: Investment Research

Reports to: Vice President – Private Markets Research

Location: Mumbai

Overall Job Purpose

The Senior Manager, Private Markets Research, is a front‑office investment role responsible for supporting investment decisions across public and private structured credit markets, across investment grade (IG) and non‑investment grade (NIG) opportunities. Working closely with senior analysts and portfolio managers across the UK and Europe, the individual will independently evaluate complex investment opportunities spanning primarily Consumer ABS (including RMBS), but also CLOs, CMBS, Regulatory Capital transactions and other structured credit products if necessary. The successful candidate will combine deep technical expertise, strong commercial judgement and intellectual curiosity to assess risk‑adjusted investment opportunities, challenge market consensus and provide actionable recommendations. The role requires ownership of the full investment lifecycle, from initial screening and due diligence through to ongoing surveillance of existing investments. In addition to delivering high‑quality credit analysis, the individual will be having to mentor junior colleagues, drive analytical excellence across the team and contribute to the continuous enhancement of research frameworks, tools and processes.

Accountabilities/Responsibilities

• Serve as a trusted research partner to portfolio managers and senior analysts, providing independent credit opinions and high‑conviction investment recommendations.
• Lead fundamental analysis of structured credit opportunities across a broad range of asset classes, primarily Consumer ABS (including RMBS), but also CLOs, CMBS, Regulatory Capital and other securitised products.
• Develop a deep understanding of collateral characteristics, underwriting standards, transaction structures, payment waterfalls, credit enhancement mechanisms and key risks affecting performance.
• Independently evaluate primary and secondary market opportunities through detailed collateral, structural and cashflow analysis.
• Build and maintain robust financial, credit and cashflow models, perform extensive scenario analysis and stress testing. Also, articulate the implications for valuation and investment risk.
• Participate actively in issuer meetings, due diligence sessions and management discussions, demonstrating the confidence to challenge assumptions and test investment theses.
• Review transaction documentation in detail, identifying structural strengths, potential weaknesses and key legal considerations relevant to investment performance.
• Deliver high‑quality investment memoranda and research reports that clearly articulate risk‑return dynamics, downside protection and relative value opportunities.
• Monitor portfolio investments continuously, identifying emerging risks, changing credit dynamics and potential catalysts ahead of the broader market.
• Conduct thematic and sector‑level research to identify structural trends, market dislocations and investment opportunities across structured credit markets.
• Incorporate ESG considerations into the investment process by evaluating collateral quality, transaction structures, counterparties and long‑term sustainability risks.
• Drive innovation in research processes through automation, advanced analytics and the application of technology to improve efficiency and analytical depth.
• Influence and elevate analytical standards across the broader research function by promoting best practices, knowledge sharing and intellectual rigour.
• Coach and develop junior analysts, fostering technical excellence, independent thinking and a culture of continuous learning.

Key Stakeholder Management Internal

• Head of Investment Research
• VP – Private Markets Research

Key Stakeholder Management External

• Respective onshore ABS analysts
• IG and NIG Portfolio managers
• Knowledge

Knowledge & Skills

• Deep expertise in structured finance, securitisation and credit markets gained through extensive transaction analysis and investment research.
• Strong understanding of multiple structured credit asset classes, including collateral behaviour, transaction structures, waterfall mechanics, credit enhancement features and performance drivers.
• Proven ability to conduct rigorous credit analysis and translate complex findings into clear investment recommendations.
• Advanced cashflow modelling and quantitative analytical skills with experience in scenario analysis and stress testing.
• Strong understanding of macroeconomic and market factors influencing structured credit performance.
• Exceptional problem‑solving abilities and a natural inclination to challenge assumptions rather than accept consensus views.
• High levels of ownership, accountability and attention to detail.
• Ability to operate effectively in a fast‑paced investment environment where priorities can evolve rapidly.
• Excellent written and verbal communication skills, with the confidence to engage and influence senior stakeholders.
• Strong technical capabilities including Excel, VBA, Python and Power BI.
• Experience using structured credit market tools such as Intex, Bloomberg and other analytical platforms.

Experience

• 7 - 9 years of relevant experience in structured finance, securitised products, credit research, structured credit investing or related fields.
• Demonstrable experience independently analysing and recommending investments across multiple structured credit asset classes.
• Track record of influencing investment decisions through high‑quality analysis and commercial judgement.
• Prior experience leading, mentoring or managing analysts in a research‑driven environment.
• Experience working directly with portfolio managers, investment teams or front‑office stakeholders is strongly preferred.

Educational Qualification

• MBA from a reputed institute.
• CFA/CFA pursuing/FRM Level 1 or 2.

M&G Behaviours relevant to all roles

Tell it like it is: Respectfully speaking up to create better ways forward – both direct and empathetic Own it now: Putting your name on things with confidence to drive progress and results quickly Move it Forward Together: Forming cross‑functional teams to seize the right opportunities and solve real problems.

Note

*We are in Hybrid working with min. three days’ work from office (subject to policy change)

We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is a leading international savings and investments business, managing money for around 4.6 million individual clients and more than 900 institutional clients in 38 offices worldwide. As at 31 December 2024, we had £345.9 billion of assets under management and administration. Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long‑term investment and savings solutions.