Structured Credit Associate
Fixed Income Portfolio Management Team
The Structured Credit Associate will be responsible for the evaluation, structuring, diligence, and on-going 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 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, among others.
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 workwillassist the investment management department’s goal of providing MassMutual policy holders’ financial security.
Execute fundamental credit analysis of individual holdings within various structured asset classes and recommendations of action where necessary. Recommendations are used by Portfolio Managers, the Head of Asset Allocation, and the Head of FIPM to drive and influence investment decisions for the GIA, and to ensure investment recommendations are aligned to our investment philosophy/fit our long-term strategy (i.e. patient, long-only investment style that strives to manage risks and take advantage of opportunities).
Research, underwrite, analyze, and monitor multiple fixed income asset classes including bringing names and/or strategies through Investment Committee(s).
Conduct in-depth macro research into various investment-related topicsto supportthe evaluation of potential investment opportunities as well as the surveillance of current GIA holdings.The insights generated from this researchare 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.
The Minimum Qualifications
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.
A high degree of intellect, curiosity, drive for continued improvement, and a passion for investing.
Attention to detail, strength of conviction, ability to think independently, and generate original ideas and opinions.
An effective communication style that has been applied in presenting to clients, senior leadership, and broader audiences; strong communication skills (both written and oral) that result in succinct and defensible recommendations.
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
A 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
A 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.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment. The job description includes the main duties of this position, which may evolve over time. You may be required to perform other duties not listed.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.
Salary Range: $115,900-$152,100
