Description
At the centre of Fidelity’s success is our approach to managing money, which the philosophy unchanged since we were founded. Our approach places first-hand, detailed research at the core of our decision making, ensuring that every security – whether equity or bond – is investigated in detail before being included in our funds.
Fidelity International’s Fixed Income Investment team manages client funds across the globe. The group comprises expertise in Portfolio Management, Trading, Quantitative Analysis, Credit Analysis and Investment Directing. The Fixed Income group are based in London, Continental Europe, Toronto, Hong Kong, Shanghai, Singapore.
Its investment philosophy includes:
1. A belief that investors must look beyond traditional sources of alpha.
2. A team-based strategy that combines distinct disciplines to consistently identify a wide range of investment ideas with the highest probability of success.
3. A commitment to proprietary research that provides enough ideas to build diversified portfolios.
4. A quantitative team that is integral to identifying alpha and providing rigorous risk analysis.
Purpose of the Role
Fundamental Credit Analysts perform in-depth analysis to evaluate the creditworthiness of an issuer and assess the relative value of its bonds. With additional input from the trading and quantitative research teams, analysts communicate their recommendations to the portfolio managers, via written and verbal means, and actively seek to influence investment decisions. The analytical work requires regular issuer contact, possibly travel, and working together with a team of more than 30 Fixed Income analysts globally as well as research specialists in India and China.
The Credit Research team in London is generally responsible for coverage of European, EMEA, North American and Latin American regions; analysts specialise by region, sector and credit quality. The FIL credit research team works collaboratively with over 100 equity analysts globally.
It is with this strategy in mind that we are searching for an experienced European High Yield Corporates analyst. The role is expected to be based in London. As a Credit Analyst, you will be a highly valued core member of the research and investment team (which include portfolio managers, traders and quantitative research analysts) and actively participate in strategy sessions that address credit trends, investment decisions and asset allocation. The successful candidate will also be expected to build close working relationships with their peers in London, Toronto, Continental Europe, Hong Kong, Shanghai, Singapore and India within the fixed income and equity divisions.
Key Responsibilities
5. Provide fundamental coverage of European High Yield Corporates to contribute investment ideas that generate positive performance for our clients’ funds
6. Participate in team-orientated structure, working daily with traders, portfolio managers, quantitative analysts and investment directing
7. Prioritise core credit coverage from a larger sector universe by coordinating with investment team to find ideas that are most relevant for our funds to generate positive performance
Credit Research Process
8. Perform fundamental analysis on your sectors and individual companies to evaluate the creditworthiness of an issuer and assess the relative value of its bonds
9. Incorporate ESG analysis into your analytical process and overall investment thesis.
10. You are expected to become the internal sector expert for the fixed income team
11. Conduct primary and secondary research on your companies and sectors
12. Build and maintain detailed models, in conjunction with research specialists, that express your views and recommendations for your coverage
13. Analyse covenants and capital structures to select individual bonds / issuers for our funds
14. Lead company meetings, both in-house and externally, often in coordinating with PMs and equity colleagues
Communication / Collaboration
15. Participate in regular team meetings across our range of fund disciplines
16. Publish internal research notes that express your conviction and recommendations to the investment management team
17. Partner with your trading desk counterpart to form relative value views taking liquidity considerations into account.
18. Maintain regular issuer contact, including in-house and external meetings; this may include travel
19. Participate in cross-asset class meetings with equity colleagues to sharpen your company and sector views
20. Exhibit the values and behaviours expected of all Fidelity International employees
Other responsibilities
21. Work together with and mentor research associates / sector specialists who provide analytical and data support
22. Represent Fidelity International in meetings with our clients, in both 1x1 and presentation formats
23. Work closely and build relationships with peers in UK, Europe, North America and Asia across the entire firm, including the equities, multi-asset, sales & distribution, and technology teams
Experience and Qualifications Required
24. Degree or equivalent experience, ideally CFA charterholder
25. Substantial experience as a Credit Analyst
26. Experience of modelling and relative valuation for companies
27. A collaborative approach to working
28. Ability to engage with the Fixed Income quantitative team, leveraging their models in your own investment process
29. Understanding of Fixed Income securities, including the varying liquidity of instruments in a company’s capital structure
30. Good communication skills and the ability to build effective relationships
31. Flexibility in attitude and approach
32. Willingness to undertake international travel
33. An interest or knowledge of the investment management or wider financial services industry
We are committed to being an inclusive and diverse company to work for and strive to create a culture where flexible working is encouraged so that we retain and attract the best talent by offering working patterns that suit both individual and business needs.