Sign up to access all features of our service.
  • Job search
  • Favorites
  • Create a CV
    New
  • Salaries
  • Subscriptions

Associate, Fund Finance Credit Underwriting & Portfolio Management (First Line of Defense)

$86.25k

Santander Holdings USA Inc

It Starts Here:

Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what's possible. This is more than a strategic shift. It's a chance for driven professionals to grow, learn, and make a real difference.

If you are interested in exploring the possibilities We Want to Talk to You!

The Difference You Make:

The Associate role sits within Santander Corporate & Investment Banking and functions as a First Line of Defense credit role supporting the underwriting, structuring, execution, and active portfolio management of fund finance transactions for private capital clients, including private equity, credit, infrastructure, and other alternative asset managers.

The role operates as a credit function and maintains direct accountability for credit analysis, transaction execution, portfolio monitoring, and ongoing risk management throughout the life of the exposure. The Associate is expected to exercise independent credit judgment and demonstrate ownership of assigned transactions and portfolio exposures while partnering effectively with Product, Capital Markets, Legal, and Independent Risk.

Reporting to the Head of Fund Finance Credit Portfolio Management, this role offers exposure to the full transaction lifecycle and is designed for a highly motivated professional seeking to develop deep expertise in fund finance underwriting, portfolio management, and credit risk management.

Key Responsibilities

Underwriting

  • Serve as a First Line of Defense credit professional responsible for the preparation, analysis, and ongoing management of credit exposures, ensuring the accuracy and completeness of underwriting, due diligence, and supporting documentation.
  • Support the underwriting and structuring of subscription lines, NAV, hybrid, EBL and other transactions including new originations, refinancings, extensions, upsizes, and amendments.
  • Prepare comprehensive credit approval packages, including borrowing base evaluation, liquidity analysis, financial modeling, stress testing, risk rating assessment, and due diligence review.
  • Deliver high-quality work product with a strong focus on credit risk assessment, transaction structuring, and execution discipline. Demonstrate strong attention to detail and a commitment to analytical rigor and execution excellence.
  • Develop and defend clear, concise, and judgment-driven credit recommendations that articulate key risks, mitigants, structural protections, and alignment with Santander's credit standards and risk appetite framework.

Portfolio Management

  • Independently manage a portfolio of fund finance transactions, demonstrating command of product knowledge, financing structure, and client requests.
  • Own post-close credit monitoring activities, including covenant compliance, borrowing base performance, collateral quality assessment, investor concentration reviews, annual reviews, periodic risk-rating assessments, amendment requests, consent requests, waiver requests, and renewals.
  • Identify emerging risks and proactively escalate adverse developments, covenant breaches, collateral deterioration, sponsor concerns, or other material credit events.
  • Monitor portfolio trends, performance metrics, concentration exposures, and emerging risks, providing meaningful insights to senior management and risk partners.
  • Perform periodic and annual credit reviews of assigned exposures, reassessing performance, collateral quality, sponsor strength, and risk profile.

Leadership & Development

  • Review analyst work product for quality, accuracy, consistency, and adherence to underwriting standards.
  • Mentor and develop junior team members while fostering a culture of accountability, collaboration, and credit discipline.
  • Participate in strategic initiatives related to process improvement, technology implementation, data management, and regulatory readiness.

What You Bring:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education:

  • Bachelor's degree in Finance, Accounting, Economics, Business, Engineering, Mathematics, or a related analytical or quantitative discipline
  • Strong academic foundation in financial analysis, corporate finance, or accounting
  • Exposure through coursework to alternative investments, private equity, real assets, or capital markets viewed positively

Qualifications:

  • 2-6 years of experience to fund finance, subscription facilities, NAV-based lending, other fund-level financing structures or ABL.
  • Strong project-management skills with the ability to manage multiple transactions and competing deadlines.
  • Demonstrated accountability, intellectual curiosity, and sound judgment in assessing risk.
  • Strong financial statement analysis and credit underwriting skills.
  • Advanced Microsoft Excel and financial modeling capabilities.
  • Ability to build effective working relationships across Front Office, Risk, Legal, Operations, and senior management.

Certifications:

  • Other: Completion of bank-certified course in Credit Training - Preferred.

It Would Be Nice For You To Have:

  • Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.

Work Authorization & Sponsorship:
Applicants must be legally authorized to work in the United States on a full-time basis without requiring employer sponsorship to commence employment.

This position can sit in NYC OR Miami.

What Else You Need To Know:

The base pay range for this position is posted below and represents the annualized salary range. For hourly positions (non-exempt), the annual range is based on a 40-hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.

Base Pay Range:

Minimum:

$86,250.00 USD

Maximum:

$135,000.00 USD

We Value Your Impact:

Your contribution matters and it's recognized. You can expect a fair and competitive rewards package that reflects the impact you create and the value you deliver. We know rewards go beyond numbers. Offering more than just a paycheck our benefits are designed to support you, your family and your well-being, now and into the future.

Santander Benefits - 2026 Santander OnGoing/NH eGuide (foleon.com) 

Risk Culture:

We embrace a strong risk culture and all of our professionals at all levels are expected to take a proactive and responsible approach toward risk management.

EEO Statement:

At Santander, we value and respect differences in our workforce. We actively encourage everyone to apply. Santander is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status or any other characteristic protected by law.

Working Conditions:

Frequent minimal physical effort such as sitting, standing and walking is required for this role. Depending on location, occasional moving and lifting light equipment and/or furniture may be required.
Employer Rights:

This job description does not list all of the job duties of the job. You may be asked by your supervisors or managers to perform other duties. You may be evaluated in part based upon your performance of the tasks listed in this job description. The employer has the right to revise this job description at any time. This job description is not a contract for employment and either you or the employer may terminate your employment at any time for any reason.

What To Do Next

If this sounds like a role you are interested in, then please apply.

We are committed to providing an inclusive and accessible application process for all candidates. If you require any assistance or accommodation due to a disability or any other reason, please contact us at View email address on manhattanjobs.com to discuss your needs.

Vacancy posted 2 hours ago
Similar jobs that could be interesting for youBased on the Associate, Fund Finance Credit Underwriting & Portfolio Management (First Line of Defense) in New York, NY vacancy
  • $129.84k - $194.76k

     ...00Category: Risk Management, ProfessionalCompany: CitiThe Underwriter within Citi’s Institutional Credit Management (“ICM”...  ...multi-billion-dollar portfolio of asset...  ...securitization transactions financed primarily through...  ...and provides a first line of defense credit sign-off... 
    Suggested
    Full time

    Citigroup

    New York, NY
    20 hours ago
  • $111.41k - $189.74k

     ...PORTFOLIO MANAGER III- Commercial Real Estate...  ...is part of the credit management team...  ...team provides underwriting and proactive...  ...institutional funds/investors/developers...  ...numerous bank lines and divisions...  ...equivalent in Finance, Business or...  ...available the first of the month... 
    Suggested
    Remote work

    City National Bank

    New York, NY
    2 days ago
  •  ...team member for the role of Associate, First Line Risk Manager to join our First Line...  ...sheet utilization.Perform portfolio, client and counterparty exposure...  ...Lending, Securities Financing and other Markets businesses...  ....Partner with Treasury, Credit Risk, Market Risk, Liquidity... 
    Suggested
    Worldwide
    Flexible hours

    The Bank of New York Mellon

    New York, NY
    2 days ago
  • $85k - $125k

     ...AdvisoryIndustry:Portfolio Valuation...  ...Valuation and Fund Advisory Services...  ...securitizing, underwriting, investing in,...  ...and structured credit instruments, our...  ...clients’ senior management and boards of directors...  ...’s degree in finance, accounting,...  ...as the service line and location where... 
    Suggested
    Full time
    Work at office
    Worldwide

    Houlihan Lokey

    New York, NY
    1 day ago
  • $150k - $200k

     ...investment management and wealth management...  ...Products, Credit Products and...  ...banking, underwriting, sales,...  ...the Public Finance Investment Banking...  ...capital to fund projects for...  ...As an Associate in the Public...  ...analysisMonitor debt portfolios -...  ...putting clients first, doing the right... 
    Suggested
    Temporary work
    Worldwide

    Morgan Stanley

    New York, NY
    3 days ago
  • $130k - $175k

     ...| Leveraged & Structured Corporate Finance Portfolio Management| Associate| New YorkAbout ING:In Americas, ING...  ...who is able to independently analyze credit, contribute to deal processes and...  ...deal team in the timely closing and funding of waivers, amendments and upsized... 
    Full time
    Work at office
    Work from home

    ING Banking

    New York, NY
    3 days ago
  •  ...Executive Director, Credit Risk Management, Hedge Funds & Private Equity About the...  ...Asia Banking China Finance Investment Banks...  ...is pivotal in the second line of defense, responsible for the independent...  ...exposure to a diverse portfolio of fund counterparties. The... 

    Confidential

    New York, NY
    2 days ago
  • $115k - $205k

     ...securities, investment management, and wealth...  ...channels to deliver portfolio management solutions...  ...on hedge funds and liquid alternative...  ...short, event-driven, credit, relative value, global...  ...’s degree in Finance, Economics, Business...  ...- putting clients first, doing the right... 
    Temporary work
    Work at office
    Worldwide

    Morgan Stanley

    New York, NY
    20 hours ago
  • $130k - $175k

     ...offers the opportunity to help manage a dynamic multi-billion dollar corporate and leveraged finance portfolio across various verticals....  ...updates, financial modeling, credit approval packages, market comparables...  ...in the timely closing and funding of waivers, amendments and... 

    ING Financial Services LLC

    New York, NY
    2 days ago
  • $100k - $115k

     ...$115,000.00/yr Managing Member @ TRD Advisors...  ...looking to hire a fund accountant to join its growing finance team in midtown...  ...distribution notices, credit line draw/paydown/other...  ...assigned Funds’ portfolio investments....  ...Seniority level Associate Employment type... 
    Full time
    Work at office
    3 days per week

    TRD Advisors LLC

    New York, NY
    4 days ago
  • $133.37k - $156.9k

     ...Job DescriptionThe Portfolio Manager partners with...  ...Client Group (ICG) credit account relationships...  ...include: underwriting all types of credit...  ...company and business line policies and...  ...(k) and employer-funded retirement planPaid...  ...which is listed first. The actual range... 
    Full time
    Work experience placement
    Local area
    3 days per week

    US Bank

    New York, NY
    4 days ago
  •  ...Fund Banker Join a dynamic team delivering...  ...to create a first-class experience for...  ...innovative banking, cash management, and lending...  ..., banking, and credit to guide clients on...  ...significant client portfolio and be part of a national...  ...their wealth or finances to better define,... 
    Temporary work
    Local area

    JPMorgan Chase

    New York, NY
    5 days ago
  • $125k - $140k

    Summary:Responsible for independently managing a portfolio of Project Finance transactions across oil & gas,...  ...role involves conducting comprehensive credit analysis, reviewing contracts, cash...  ...credit rating reviews and reporting in line with internal policies and... 
    Full time
    H1b
    Work at office

    Mizuho Financial Group

    New York, NY
    3 days ago
  •  ...that provides wealth management professionals and...  ..., private funds, and structured products...  ...establishing a formal second line of defense and is seeking a...  ...business as the first line of defense,...  ...partnership with Finance, Technology, Legal...  ...as market risk, credit risk, or model... 

    Knack Group

    New York, NY
    3 days ago
  • $90k - $140k

     ...Stanley Investment Management (MSIM) is one...  ...Private Credit (“MSPC”) Finance team is responsible...  ...management of fund level...  ...accounts.The Finance Associate or Senior...  ...subscription-lines, corporate revolvers...  ...issuer or portfolio company ratings...  ...putting clients first, doing the right... 
    Temporary work
    Work at office
    Worldwide

    Morgan Stanley

    New York, NY
    1 day ago
  • Wellington Management seeks a Portfolio Manager for Commercial Real Estate Debt to build investment pipelines and manage sponsor relationships. The role requires extensive underwriting experience, a deep CRE credit background, and strong collaboration across teams worldwide... 
    Worldwide

    Finsight Group Inc

    New York, NY
    5 days ago
  • $111.61k - $131.3k

     ...Real Estate Senior Underwriter The Commercial...  ...Underwriter manages portfolio risk by ensuring...  ...accuracy of all credit actions, by providing...  ...analysis beyond bank-financed properties...  ...Serve as a reliable first line of credit analysis...  ...(k) and employer-funded retirement plan... 
    Temporary work
    Work experience placement
    Work at office
    3 days per week

    U.S. Bancorp

    New York, NY
    2 days ago
  •  ...Vice President, Senior Underwriter Portfolio Manager, Maritime About the Company Established banking institution Industry Banking...  ...Banks and Institutions Business Checking Credit Cards Finance IRAs Insurance Investment Loans Mobile... 
    Work at office

    Confidential

    New York, NY
    1 day ago
  • $110k - $125k

     ...securities, investment management and wealth...  ...Currency Products, Credit Products and...  ...investment banking, underwriting, sales, trading,...  ...Syndicate / Client Financing team is made up of...  ..., the Analyst/Associate will concentrate...  ...putting clients first, doing the right... 
    Temporary work
    Worldwide

    Morgan Stanley

    New York, NY
    2 days ago
  •  ...experienced Risk Management Officer to...  ...over credit risk,...  ...Operations, Finance, Legal, Technology...  ...; • Portfolio Margining;...  ...business line. The...  ...positions and associated financing...  ...with: • Underwriting commitments...  ...Liquidity and Funding Risk...  ...Deliverables – First 12 Months... 
    Temporary work
    Interim role
    Immediate start
    Night shift

    ACG Consulting Group LLC

    New York, NY
    2 days ago
  • $150k - $190k

     ...provider of credit ratings, commentary...  ...have helped fund a century of...  ...& Asset Management group is...  ...equity fund finance and securitizations...  ..., including portfolio analysis...  ..., or debt underwriting or lending a...  ...to at least first university degree...  ...on your line of business... 
    Temporary work
    Work at office
    Local area
    Immediate start
    3 days per week

    Fitch Group

    New York, NY
    13 days ago
  • $120k - $150k

     ...alternative asset manager. Blackstone...  ...private equity, credit, infrastructure...  ...secondaries and hedge funds. Further...  ...credit.Job Title: Associate Job Description: The Portfolio Management...  ...including evaluating & underwriting deployment...  ...’s Degree in Finance, Economics, Mathematics... 
    Full time
    Work at office
    Local area

    Blackstone Group

    New York, NY
    2 days ago
  • Our client is an investment manager located in New York. They...  ...team manages all aspects of fund operations and finance, including financial accounting...  ...calls, deal funding, credit facilities, distributions,...  ...LP presentations (prepare portfolio analysis, performance, cash... 

    Glocap

    New York, NY
    1 day ago
  • $100k - $125k

     ...assets and wealth under management. Global Alternatives,...  ...Group, U.S. Credit and Hybrid Solutions (...  ...investments (collectively, the “Funds”). This position has...  ...operations and overall finance-related functions of the...  ...Assist in tracking portfolio investments, including... 
    Work experience placement

    BTG Pactual

    New York, NY
    2 days ago
  •  ...a leading investment management firm in the New York...  ...is looking to add a Portfolio/Trade Review Consultant...  ...allocated across the firm's funds in line with investment...  ...guidelines, and any associated regulatory requirements...  ...across structured credit, bank loans, and other... 

    Mission Staffing

    New York, NY
    12 hours ago
  • $95k - $125k

     ...culture to put people first, listen to new and diverse...  ...Purpose of Job:The Portfolio Management function within MUFG’s Asset Based Finance group is responsible...  ...collateral that supports all credit exposure, and...  ...the National Futures Association (NFA). The major responsibilities... 
    Full time
    Work at office
    Local area
    Remote work

    MUFG

    New York, NY
    20 hours ago
  • $150k - $175k

     ...Title: Corporate Credit Funds - Director (NY)...  ...instruments backed by portfolios of middle market...  ...team evaluates financing solutions that...  ..., and liquidity management for private...  ...issuers to assess underwriting standards, portfolio...  ...by the National Association of Insurance... 
    Full time
    Temporary work
    Work experience placement
    Work at office
    Local area

    KBRA

    New York, NY
    3 days ago
  • $139.53k - $172.36k

     ...:Vice President, Portfolio Manager- Lender FinanceLocation...  ...Manager - Lender Finance you'll be...  ...responsible for analyzing, underwriting, and coordinating...  ...MD’s to ensure credit risks are...  ...brands — Alliance Association Bank, Alliance Bank...  ..., Bridge Bank, First Independent Bank... 
    Full time

    Western Alliance Bancorporation

    New York, NY
    2 days ago
  • $310k

     ...Job Description Job Description Fund Finance / Subscription Line Senior Associate Attorney or Counsel Locations:...  ..., alternative lenders, asset managers, and investment funds in sophisticated...  ...financings, including subscription credit facilities, asset-backed... 

    Direct Counsel

    New York, NY
    a month ago
  • $155k - $190k

     ...dedicated to managing distressed...  ...and project finance loans. This...  ...through proactive credit management,...  ..., front-line role for experienced...  ...manage a portfolio of...  ...week ago Snr Underwriter - Asset-Based...  ...3 weeks ago Associate/Senior Associate...  ...Associate (Fund Finance) New... 
    Full time

    Selby Jennings

    New York, NY
    3 days ago

Do you want to receive more vacancies?

Subscribe and receive similar vacancies to Associate, Fund Finance Credit Underwriting & Portfolio Management (First Line of Defense). Be the first to apply!