Lead Investment Analyst

Morningstar; Chicago (IL); Hybrid; USD 148,000 - 226,000; Full time

Benefits offered by this job

Hybrid work environment

Sabbatical program

Parental leave

Tuition Reimbursement

Wellness programs

Job summary

Morningstar Retirement is seeking an Investment Analyst to lead asset manager due diligence and research on private markets used in our multi-asset portfolios. You will own coverage of private equity, private credit, infrastructure, and real assets with independent valuation for long-horizon portfolios.

The role suits someone who works independently, defends their views, and communicates clearly. Based in Chicago HQ with a four-day in-office week.

Qualifications

• Bachelor’s degree in finance, economics, or quantitative field with 5+ years of experience, or a graduate degree with 2+ years.
• Experience in multi-asset portfolio management and due diligence on private investments.
• Knowledge of private equity, private credit, infrastructure and real assets, plus finance methods.
• Strong finance modeling skills, regression and optimization, and clear written communication.

Responsibilities

• Lead due diligence and financial analysis on target investments, including cash flow and valuation modeling.
• Research and issue opinions on private markets for multi-asset portfolios.
• Source, evaluate, and recommend investments in private equity, private credit, infrastructure and real estate.
• Develop protocols to evaluate and allocate to private vehicles in long-horizon portfolios.
• Monitor fund performance and liquidity and engage with private asset managers.

Skills

Portfolio management

Due diligence

Financial modeling

Excel

Python

Education

Bachelor’s degree in finance or related field

Graduate degree (MBA/MS)

Tools

PitchBook

Excel

Python

Job description

The Team

Morningstar Retirement works with financial institutions to help defined contribution investors reach their retirement goals. We support more than $300 billion in assets under management and advisement across automated portfolio management, target date funds, and consulting.

The Role

We are hiring an Investment Analyst to help lead asset manager due diligence and research on private markets investments used in our multi-asset portfolios. You will own coverage of private equity, private credit, infrastructure, and real assets, and you will be the person the team relies on for how these vehicles should be evaluated and sized in long-horizon portfolios.

The role suits someone who works independently, forms and defends their own views, and writes clearly.

It is based in our Chicago headquarters. We are working in-office 4 days/week.

Responsibilities

• Research and issue opinions on managed investments for use in multi-asset portfolios, with an emphasis on private markets and semiliquid vehicles.
• Source, evaluate, and recommend investment opportunities across private equity, private credit, infrastructure, and property.
• Lead due diligence and financial analysis on target investments, including cash flow, liquidity, and valuation modeling.
• Develop and refine the protocols we use to evaluate and allocate to private vehicles in long-horizon portfolios.
• Monitor fund performance and liquidity and conduct periodic meetings with private asset managers.
• Serve as a subject-matter expert on portfolio construction, investment modeling, and risk for private markets exposures.
• Work with product, distribution, and other teams to keep them apprised of research’s activities and help ensure that they are aligned with business needs.

Qualifications

• Bachelor’s degree in finance, economics, or another quantitative discipline (or foreign equivalent) and 5+ years of relevant experience; or a graduate degree and 2+ years.
• Experience in multi-asset portfolio management.
• Experience conducting due diligence and research on private investment vehicles at an endowment, foundation, family office, OCIO, or similar institution.
• Working knowledge of private equity, private credit, infrastructure, and real assets, including the risk and return dynamics of each.
• Applied experience with statistical and econometric methods used in finance, including numerical optimization and multiple regression.
• Ability to develop new methodologies and defend them to an internal audience.
• Proficiency in Excel and working knowledge of Python.
• Clear written and verbal communication.
• Experience working with colleagues and stakeholders across locations and time zones.

Preferred

• CFA and/or MBA.
• Familiarity with private markets data tools such as PitchBook.

Compensation And Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health
  • 100% 401k match up to 6% of salary
  • Stock Ownership Potential
  • Company provided life insurance - 1x salary + commission
• Physical Health
  • Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
  • Additional medical Wellness Incentives - up to $300-$600 annual
  • Company-provided long- and short-term disability insurance
• Emotional Health
  • Trust-Based Time Off
  • 6-week Paid Sabbatical Program
  • 6-Week Paid Family Caregiving Leave
  • Competitive 8-24 Week Paid Parental Leave
  • Adoption Assistance
  • Leadership Coaching & Formal Mentorship Opportunities
  • Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
  • Tuition Reimbursement
• Social Health
  • Charitable Matching Gifts program
  • Dollars for Doers volunteer program
  • Paid volunteering days
  • 15+ Employee Resource & Affinity Groups

Total Cash Compensation Range

$147,550.00-226,233.33

Inclusive of annual base salary and target incentive

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

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