Assistant Vice President (AVP) – Leveraged Finance Research

Overview

Dual role within the front-office Investments team (Investment Research, Private Markets Research) working with the onshore M&G Leveraged Finance Research team to evaluate leveraged loan and private corporate credit opportunities in the UK and Europe, combining analytical contributions with team management.

What you'll do

• Underwrite and recommend primary and secondary investment opportunities, assessing business quality, industry dynamics, management execution, sponsor behaviour, financial performance and capital structure risk.
• Build and maintain detailed financial models covering earnings, cash flow, liquidity, debt capacity, leverage, covenant headroom and deleveraging pathways.
• Review credit agreements, bond indentures and intercreditor arrangements to assess security, guarantees, covenants, baskets, portability, structural subordination and lender protections.
• Participate in management meetings, lender presentations, sponsor discussions and due diligence calls, challenging assumptions and testing the investment thesis.
• Prepare concise investment memos articulating the thesis, catalysts, key risks, downside protection, relative value and recommendation.
• Monitor portfolio investments continuously, identifying deteriorating credit quality, liquidity pressure, covenant issues and refinancing risk.
• Conduct sector and thematic research to identify structural trends, vulnerable business models and attractive risk-adjusted opportunities.
• Assess investments through an ESG lens, evaluating governance, sustainability and reputational factors affecting long-term credit performance.
• Drive automation and enhancement of research tools and processes using Excel, Python, VBA, Power BI or other analytical technologies.
• Train, mentor and develop junior analysts through technical review, constructive challenge and coaching.
• Work closely with onshore front-office leveraged finance analysts covering leveraged loans, private corporate credit, high yield bonds and related opportunistic credit.

What you'll need

• Deep understanding of leveraged finance, corporate credit and capital structures, including leveraged loans, high-yield bonds and private credit instruments.
• Good financial-statement analysis and modelling capability, including normalising EBITDA, identifying adjustments and distinguishing accounting earnings from sustainable cash generation.
• Strong understanding of credit agreements, bond indentures, covenant packages, security structures, intercreditor terms and restructuring or recovery mechanics.
• Proven ability to synthesise complex quantitative and qualitative information into well-supported investment recommendations.
• Investigative mindset, with confidence to challenge management narratives, sponsor assumptions, market consensus and internal views constructively.
• Ability to build trusted relationships, understand stakeholder priorities, communicate proactively, and align offshore delivery with onshore expectations.
• Excellent written and verbal communication skills, with the ability to defend recommendations under scrutiny from senior stakeholders.
• High ownership, attention to detail and resilience, delivering high-quality work under tight transaction timelines.
• Demonstrated ability to mentor junior analysts and raise analytical standards across a research team.
• Advanced Microsoft Excel skills and proficiency in Bloomberg and corporate credit research platforms.
• 9 to 12 years of relevant experience in leveraged finance, high-yield or loan research, private credit, credit underwriting, investment banking, rating advisory or a related discipline.
• Demonstrable track record of underwriting complex credits and influencing investment, underwriting or risk decisions.
• Experience analysing sponsor-backed borrowers and event-driven transactions across multiple sectors and jurisdictions.
• MBA, CA or equivalent postgraduate/professional qualification from a recognised institution.

Nice to have

• Prior experience managing highly effective teams.
• Prior experience working directly with portfolio managers, investment committees or senior credit professionals.
• Python, VBA and Power BI proficiency.
• CFA charter, active CFA candidacy or FRM qualification; investment judgement and technical excellence will be weighted more heavily than credentials alone.

Details

• Location: Mumbai.
• Hybrid working with a minimum of three days per week in the office (subject to policy change).
• Reports to Vice President – Private Markets Research.