Research Associate, High Yield

About the position We are seeking to attract a Research Associate to join our Leveraged Credit Research team in Boston. Wellington (WMC) currently manages $524 billion in fixed income assets on behalf of our clients worldwide. The Leveraged Credit team manages approximately $37 billion in assets across its book of business, spanning high yield bonds (Global and US), bank loans (including CLO collateral management), and convertibles. The Leveraged Credit team is highly collaborative and follows a fundamental approach to investing. Research Associates and Credit Analysts work alongside portfolio managers to invest on a variety of horizons. This individual will focus primarily on North American and/or global credits and will be responsible for following several industries in the high yield market, and for providing fundamental credit research on the bond and loan issuers within them. As an active member of the Leveraged Credit Research team, the Research Associate will be fully integrated into the investment process and expected to provide detailed analysis of companies, recommend alpha generating investment ideas and closely monitor existing portfolio holdings across sectors and countries. Experience with the industrials and chemicals sectors will be additive and the coverage assignment for the successful candidate will be determined as part of the interview process.

Responsibilities

• Work with senior high yield and bank loan analysts to analyze bonds across a variety of sectors within Industrials and Chemicals.
• Develop unique research insights, in order to arrive at well supported investment conclusions;
• Independently conduct proprietary credit research based on data gathered from company filings, attend company management meetings, and utilize additional independent research sources to build investment conviction;
• Build multi-year financial models, to determine appropriate valuations under various scenarios;
• Help generate successful investment ideas, and provide monitoring of positions across client strategies;
• Work closely with colleagues as part of a highly collaborative platform, sharing ideas and offering feedback.

Requirements

• Investment acumen and passion – the Research Associate will demonstrate a curiosity and passion for financial markets, combined with an evolving process for fundamental company research, and an ability to communicate their findings. They will be able to work independently and undertake company and industry research with the objective of generating successful investment ideas for client portfolios.
• Strong collaboration and influencing skills – the successful candidate will be energized by being an individual contributor within a collaborative team and environment. They will endeavor to build strong, trusting relationships internally with colleagues, and externally with company management teams. The ability over time to take risk and challenge investment views will be critical, as will the humility to admit mistakes and a desire to learn from others. Strong communication skills will be essential.
• Team building and integrity – the Research Associate will have demonstrable experience of effective teamwork, either within or outside the Financial Services industry, coupled with a strong work ethic and a high level of personal integrity.
• Growth mindset – the flexibility and openness to continue learning, evolving and growing as an investor is required.
• 2-5 years of relevant high yield or bank loan credit research experience, gained either on the Buy or Sell side with an asset manager, hedge fund, investment bank or private credit firm, with a commensurate level of understanding of company financial statements;
• Self-awareness, and the humility to admit and learn from ‘being wrong’;
• The highest level of integrity, ethical standards, and intellectual honesty;
• Strong work ethic, curious mindset, and strong attention to detail;
• Strong interpersonal skills, and experience of working in a collaborative, results-oriented environment;
• Strong academic credentials.

Nice-to-haves

• Prior experience working in a high yield or bank loan research team or covering Industrials and/or Chemicals sectors would be preferred though a specific coverage background is not required;
• Progress towards the CFA/CAIA Charter would be viewed favorably, but is not required.

Benefits

• retirement plan
• health and wellbeing
• dental
• vision
• pharmacy coverage
• health savings account
• flexible spending accounts and commuter program
• employee assistance program
• life and disability insurance
• adoption assistance
• back-up childcare
• tuition/CFA reimbursement
• paid time off (leave of absence, paid holidays, volunteer, sick and vacation time)

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