Investment Associate, Capital Markets – Credit

Ontario Teachers' Pension Plan (OTPP) is the largest single-profession pension plan in Canada. It was established as an independent organization in 1990, and it has now built an internationally recognized reputation for innovation and leadership in investment management and member services.

With C$255.8 billion in net assets as of June 30, 2024, Ontario Teachers' invests internationally and administers the pensions of 333,000 active and retired teachers in Ontario. OTPP has offices in Toronto, New York, London, Hong Kong, Singapore, Mumbai and San Francisco.

The opportunity

We are looking for an Associate to join our Structured Credit team in Toronto. As an integral member of the team, you are expected to play a key role in evaluating investment opportunities in the Significant Risk Transfer (SRT) business line and contributing to the team’s efforts to grow and manage this important portfolio. In addition, consistent with the team's agile and results-oriented culture, the candidate is also expected to support other structured credit strategies as needed (including but not limited to Asset Backed Finance, CLOs, and other derivative products). Similarly, depending on the profile of the candidate and business needs, you may also be asked to support a different business line within the Structured Credit team.

You will be deeply involved in assessing, underwriting, negotiating and executing transactions across the capital structure alongside Portfolio Managers, monitoring existing portfolio investments and conducting necessary portfolio management related activities (such as hedge rebalancing).

Get the chance to define and differentiate yourself as a structured credit investor and build strategic relationships with banks, best-in-class fund managers, and industry partners.

Who you’ll work with

The Credit team is a diverse group of over forty professionals based in Toronto and London investing across the full spectrum of credit products and a wide variety of investment styles including deep dive fundamental analysis, structured credit, enhanced indexing, quantitative and systematic strategies, and fund investments.

With a broad mandate to invest across the capital structure of structured products, the Structured Credit team has 7 full-time investment professionals specializing in a variety of asset classes including CLOs, SRTs, Asset Backed Finance and structured derivative products. The team utilizes quantitative techniques and specialized product knowledge to perform both fundamental and structural underwriting with the objective to deliver scalable, innovative and superior risk-adjusted returns for the Fund.

What you’ll do

• Provide dedicated coverage and support for the relevant business line in Structured Credit

• Conduct investment analysis and support the full life cycle of structured credit investments from opportunities screening, initial evaluation, underwriting, diligence to documentation and execution. Develop investment theses and create investment approval materials, including investment memos to be presented to the underwriting committee

• Build, maintain and enhance in-house analytical tools, models, frameworks and reports that are critical to the Structured Credit team’s risk deployment capability and capacity

• Perform rigorous trade and data analysis, recommend and assist in the optimal implementation of risk deployment

• Facilitate coordination of deal related activities throughout the deal life cycle

• Build relationships with existing and prospective external and internal partners

• Carry out portfolio management responsibilities including performance analytics & attribution, risk monitoring, exposure tracking and rebalancing

• Provide support and coverage to adjacent Structured Credit business lines when needed

What you’ll need

• Undergraduate degree with excellent academic performance in finance or a related technical discipline (e.g., economics, business, engineering, mathematics), post-graduate degree considered an asset

• 2-5 years of relevant institutional investment-related work experience (e.g., structuring, securitization, leveraged finance, investment banking, asset management, transaction advisory services)

• Highly motivated and a quick learner, outstanding independent problem-solving skills and the ability to manage projects and priorities independently

• Strong accountability and excellent organizational skills, with the ability and agility to balance competing priorities and multitask effectively. Thrive and excel in a results-oriented and fast-paced environment

• Passion for investing, markets, and portfolio management, with a strong sense and intuition about risk

• Good knowledge and understanding of the credit asset class

• Experience in relevant deal due diligence, execution and structuring

• Excellent communication and presentation skills

• Strong analytical skills: willingness and ability to perform hands-on and in-depth quantitative analysis

• Proficiency in financial modelling and valuation; programming experience (preferably in Python) considered an asset

• Demonstrates professionalism, personal integrity, strong work ethic, and initiative

• High commitment to being a team player, with strong interpersonal and relationship-building skills

• Ability to perpetuate Teachers’ 3.0 values: Inclusive, Performance-driven, Curious, Agile and Courageous