Credit Analyst - Investment Grade, Industrials chez Fil

About the Opportunity

Fidelity International offers investment solutions and services and retirement expertise to more than 2.5 million customers globally. As a privately-held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 locations and with $608.7billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.
 

Our Workplace & Personal Financial Health business provides individuals, advisers and employers with access to world-class investment choices, third-party solutions, administration services and pension guidance. Together with our Investment Solutions & Services business, we invest $437 billion on behalf of our clients. By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures. Find out more about what we do, our history, and how you could be a part of our future at careers.fidelityinternational.com/about-us.
 

Our clients come from all walks of life and so do we.  We are proud of our inclusive culture and encourage applications from the widest mix of talent, whatever your age, gender, ethnicity, sexual orientation, gender identity, social background and more.

As a flexible employer, we trust our people to perform their role in the way that works best for them, our clients and our business. We are a disability-friendly company and would welcome a conversation with you if you feel you might benefit from any reasonable adjustments to perform to the best of your ability during the recruitment process and beyond.

Department Description

At the centre of Fidelity’s success is our approach to managing money, with 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:

• A belief that investors must look beyond traditional sources of alpha.

• A team-based strategy that combines distinct disciplines to consistently identify a wide range of investment ideas with the highest probability of success.

• A commitment to proprietary research that provides enough ideas to build diversified portfolios.

• 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 Investment Grade Credit Analyst, ideally with experience covering companies within the broader Industrials segments. 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

• Provide fundamental coverage of Investment Grade Industrials sectors within the Global ex-Asia fixed income markets to contribute investment ideas that generate positive performance for our clients’ funds

• Participate in team-orientated structure, working daily with traders, portfolio managers, quantitative analysts and investment directing

• 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

• Perform fundamental analysis on your sector and individual companies to evaluate the creditworthiness of an issuer and assess the relative value of its bonds

• Incorporate ESG analysis into your analytical process and overall investment thesis.

• You are expected to become the internal sector expert for the fixed income team

• Conduct primary and secondary research on your companies and sectors

• Build and maintain detailed models, in conjunction with research specialists, that express your views and recommendations for your coverage

• Analyse covenants and capital structures to select individual bonds / issuers for our funds

• Lead company meetings, both in-house and externally, often in coordinating with PMs and equity colleagues

Communication / Collaboration

• Participate in regular team meetings across our range of fund disciplines

• Publish internal research notes that express your conviction and recommendations to the investment management team

• Partner with your trading desk counterpart to form relative value views taking liquidity considerations into account. 

• Maintain regular issuer contact, including in-house and external meetings; this may include travel

• Participate in cross-asset class meetings with equity colleagues to sharpen your company and sector views

• Exhibit the values and behaviours expected of all Fidelity International employees

Other responsibilities

• Work together with and mentor research associates / sector specialists who provide analytical and data support

• Represent Fidelity International in meetings with our clients, in both 1x1 and presentation formats

• 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

• Degree or equivalent experience, ideally CFA charterholder

• Substantial experience as a Credit or Equity Analyst, ideally as a lead analyst

• Experience of modelling and relative valuation for companies, ideally in Industrials sectors

• A collaborative approach to working

• Ability to engage with the Fixed Income quantitative team, leveraging their models in your own investment process

• Understanding of Fixed Income securities, including the varying liquidity of instruments in a company’s capital structure

• Good communication skills and the ability to build effective relationships

• Flexibility in attitude and approach

• Willingness to undertake international travel

• 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.