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PGIM Fixed Income | Associate

Based in London

PGIM is the diversified asset management business of Prudential Financial, Inc. ( NYSE: PRU ). With $1.4 trillion in assets under management, and 38 offices spanning 16 countries, PGIM is among the world’s top-10 largest asset managers. Comprised of seven self-governing asset management divisions, each PGIM business offers a distinct workplace culture that aligns with the firm’s ultimate objective: to provide premier service to our clients while fostering an inclusive workplace culture that is rooted in trust, respect and equality.

Our Business:

PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. With 950 employees and $890bn assets under management as of 31 March 2022, the company has offices in Newark, London, Letterkenny, Amsterdam, Munich, Zurich, Tokyo, Hong Kong, and Singapore. Our business climate is a safe inclusive environment, centered around mutual respect, intellectual honesty, transparency and teamwork. Our leaders are focused on talent & culture; dedicated to fostering growth & development at all levels to develop the industry leaders of tomorrow.

Our Role:

The successful candidate will be part of a growing and exciting team that is an integrated part of a large and global fixed income business. Within the PGIM Investment Grade Credit Research team, the Associate works closely with the Senior Industrials Analyst. Together, they cover a diverse range of sectors, generating recommendations for investment grade bonds to the Portfolio Management teams and providing ongoing credit research capabilities in order to monitor positions held in client portfolios.

Key Job Responsibilities:

• Perform in-depth quantitative and qualitative research and analysis of industry and company-specific information as it relates to both new and existing securities in the UK and European investment grade markets. Evaluate risk/return opportunities consistent with portfolio guidelines and objectives.
• Specialise in 3-5 non-financial sectors in European markets with responsibility for all relevant bond issuers in those sectors (preferred sector coverage Building Materials, Paper & Packaging, Business Services, Healthcare).
• Partnering with the Senior Industrials Analyst, provide purchase and sale recommendations to portfolio managers based upon thorough credit analysis and assessment of relative value.
• Prepare and present accurate, detailed, concise and well-written research on issuers and sectors under coverage. This should include analysis of financial metrics and operating statistics, utilizing quantitative and qualitative information obtained to determine comparative financial performance, management, industry and business evaluation.
• Provide support to the Senior Industrials Analyst and act as back-up for bond issuers in their sectors (currently Chemicals, Capital Goods, Aerospace & Defence and Oil & Gas).
• Understand global and European economic trends and develop a perspective on interest rate movements, credit spreads, yield curve/duration risks and currency risks.
• Keep abreast of new developments in fixed income markets to determine their potential value to portfolio performance.
• Build relationships with analysts at investment banks, ratings agencies and other research houses and leverage those relationships to maximize the flow of timely information and to assist in monitoring and analysing credits under coverage.
• Partnering with the Senior Industrials Analyst, work closely with fixed income portfolio managers and credit analyst colleagues based in Europe, the US and Asia to ensure consistency of process and investment opportunity.
• Track relevant economic, market and industry data.
• Proactively monitor industry developments and recommend changes to exposures when warranted.
• Where appropriate, meet with, or contact, members of a company's senior management, customers, suppliers, auditors, banks, institutional lenders, trade organizations, investment bankers, research sources, rating agencies, and/or others to assist in making a proper investment decision regarding that company.
  

Qualifications and Candidate Requirements:

• At least three years fundamental credit research experience with an investment management firm.
• Hold a university degree and be studying for CFA, MBA, legal, accounting or other relevant professional qualification.
• Understand and assess corporate and financial structures, covenants, bond documentation, equity market conventions, antitrust regulation, ratings agency methodology, interest rates and other relevant matters.
• Show strong skills in fundamental credit analysis and knowledge of the European investment grade corporate credit market.
• Demonstrate understanding of relative value and trading relationships for individual issuers.
• Communicate independent assessment of issuers, sectors and markets in a coherent, concise and convincing manner.
• Possess excellent IT application skills (familiarity with MS Office, especially Excel, Bloomberg, etc).
• Exhibit an unwavering attention to detail, accuracy and completeness.
• Display strong critical thinking and logic skills.
• Possess excellent written and oral communication skills on all levels and in all business settings.
• Embrace and encourage change and development.
• Maintain a high level of productivity, be able to manage and prioritize numerous tasks simultaneously.
• Understand the principles of ESG investing and analysis.
• Possess background knowledge of European capital markets and/or Insurance industry (preferred).
• Be proficient in a second European language (preferred).
• Enjoys being a part of a team but can work independently
• Highly numerate
• Is a strong team player who is inquisitive, self-motivated and industrious;
• Able to set priorities and complete simultaneous projects;
• Has strong analytical skills and enjoys thinking about and solving complex issues;
• Must be able to meet tight deadlines whilst maintaining a high quality of work.

Our Culture:

Prudential Financial, Inc. is focused on creating a fully inclusive culture, where all employees feel comfortable bringing their authentic selves to work. We don’t just accept difference—we celebrate it, support it, and thrive on it. At Prudential, employees have a unique opportunity to build their career path by owning their development, their career and their future. We encourage employees to hone their skills and explore continued opportunities within Prudential.