Structured Credit Associate

Structured Credit Associate Fixed Income Portfolio Management Team Full-Time Boston, MA The Opportunity The Structured Credit Associate will be responsible for the evaluation, structuring, diligence and ongoing monitoring of structured credit investments for MassMutual’s General Investment Account (GIA). The associate will also help manage relationships with MassMutual’s public and private asset‑backed managers and will work closely with internal Portfolio Managers and the Head of Fixed Income Portfolio Management. This role will have direct responsibility for the secondary coverage of assigned sectors of the GIA. The structured credit portfolio consists of a portfolio of diverse assets, structures and managers; the assets are often complex, bespoke and under negotiated terms. The role will report to the Head of Asset‑Backed Finance. The Team The Fixed Income Portfolio Management (FIPM) team has responsibility for asset allocation, fundamental credit underwriting and monitoring, ESG investment strategy, and macroeconomic research. A small and highly collaborative team, FIPM works with other teams in Investment Management to manage the product segment portfolios and the approximately $250 billion GIA. The team pairs fundamental investment analysis and asset allocation skills with quantitative and asset/liability management expertise. This high‑profile group works across all of Investment Management as well as with our other internal stakeholders including product, actuarial, treasury, accounting, risk, legal and compliance. The Impact The associate will support the continued growth of the structured credit portfolio and the GIA more broadly with the structuring, underwriting, monitoring and closing of asset‑backed transactions and Investment Management Agreements. This work will assist the investment management department’s goal of providing MassMutual policy holders’ financial security. Responsibilities Act as a thought leader for designated areas of concentration. Execute fundamental credit analysis of individual holdings within various structured asset classes and recommend actions where necessary. Research, underwrite, analyze and monitor multiple fixed‑income asset classes, including bringing names and/or strategies through Investment Committees. Conduct in‑depth macro research into various investment‑related topics to support the evaluation of potential investment opportunities and the surveillance of current GIA holdings. The insights generated are intended to be additive to performance relative to benchmark and pricing assumptions. Deep, thorough and original structured credit research results in actionable, real‑time investment decisions across assigned sectors. Work with owned and/or outside asset managers to review their respective GIA fixed‑income portfolios, strategy and performance to provide recommendations to senior leadership of FIPM. Contribute to MassMutual Investment Management’s collaborative investment process by sharing views with Investment Management leadership (PMs and Analysts) and providing critical input to the team related to their analysis and associated buy/sell recommendations. The Minimum Qualifications Bachelor’s Degree Three or more years of relevant experience structuring and underwriting complex structured credit investments in an investment banking role, a junior portfolio management role for an asset manager, or similar. Three or more years of experience modeling complex investments across asset‑backed securities markets. The Ideal Qualifications Advanced degree in finance, MBA or CFA designation preferred. Experience working with transaction counsel and analyzing complex structures. Systematic and deep thought process with the ability to understand and articulate portfolio implications of individual ideas. Comfort with basic concepts in structured finance, such as structural leverage, LTV & attachment and detachment points, triggers, covenants, collateral types, speeds, default curves, average life, structure types and performance metrics. Ability to underwrite, structure and act as diligence‑lead on private asset‑backed securities transactions. High degree of intellect, curiosity, drive for continued improvement and passion for investing. Attention to detail, strength of conviction, ability to think independently and generate original ideas and opinions. Desire to work in a collegial team‑oriented environment and openness to discussing, sharing and debating original investment ideas with a collaborative style. Effective communication style applied in presenting to clients, senior leadership and broader audiences; strong written and oral communication skills that produce succinct and defensible recommendations. Flexible, open‑minded style and interest in gaining perspectives from various sources and people; highest standards of personal honesty and integrity. Knowledge and experience with liability‑driven investment (LDI) and/or insurance solutions preferred. Proficiency in Microsoft Office with strong Excel modeling skills and ability to work with complex datasets. Proficiency in Bloomberg terminal. Understanding of cash‑flow modeling and exposure to Intex (or similar) modeling. Benefits MassMutual offers the opportunity to do meaningful work within a purpose‑driven organization that values long‑term impact over short‑term outcomes. In this role you can expect: Clear areas of ownership and accountability, with work that connects directly to company and customer outcomes. Collaborative environment where perspectives are welcomed. Access to learning, development and internal networks that support continuous growth and skill‑building over time. Employee‑led communities and forums that foster connection, learning and inclusion across the organization. Culture grounded in integrity, responsibility and stewardship, supported by a company with a strong legacy and a future‑focused mindset. MassMutual is an equal employment opportunity employer. We welcome all persons to apply. If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need. California residents: For detailed information about your rights under the California Consumer Privacy Act (CCPA), please visit our California Consumer Privacy Act Disclosures page. #J-18808-Ljbffr