Our client is Generali Asset Management, a European investment specialist, offering a wide range of active funds and bespoke solutions across both public and private markets. Their investment experience is grounded in a solid heritage, with skills that have been developed and honed over time by managing Generali Group and external clients' assets. We are looking for a:
Portfolio Manager High Yield Credit - LDI Fixed Income
Main responsibilities
The candidate will report to the Head of Credit LDI and will be responsible for supporting the management activity on High Yield in alignment with clients’ Strategic Asset Allocation and Reinvestment Yield targets. Alongside the core focus on the High Yield market, the candidate would ideally also support in the oversight of the CLO/ABS book, with the task to manage the asset class exposure in coordination with other LDI Credit PMs.
MAIN RESPONSIBILITIES:
The ideal candidate will work on the following activities:
- Identifying and screening new High-Yield issuers, interacting with Credit Research analysts, and generate investment ideas across both primary and secondary markets;
- Monitoring existing High Yield positions, tracking credit fundamentals, market developments and early warning indicators;
- Ensuring full integration of all relevant constraints within High Yield and structured credit portfolio construction;
- Analyzing CLO/ABS deal structures, waterfalls, collateral quality, and Collateral Managers’ behaviour, availing of ad hoc dedicated tools;
- Coordinating buy/sell decisions with other LDI PMs to optimize portfolio risk return, reduce exposure when necessary, and maintain alignment with LDI frameworks;
- Integrating within the portfolio management activity multiple constraints such as duration targets, benchmarks, liquidity limits, cash flow matching, reinvestment yield objectives, performance benchmarks and compliance with accounting standards. The PM must ensure all decisions fit, inter alia, within Solvency II and ESG driven requirements;
- Liaise with trading desks, operations and risk control function to ensure smooth execution and settlement of transactions;
- Contributing to the enhancement of fixed income portfolio tools, using Python-based analytics and modelling capabilities (e.g. focusing on delta contribution vs performance benchmarks, constraint based allocations, etc.);
- Supporting client presentations, RFPs, and reporting materials.
Candidate profile
- Master’s degree in Finance, Economics, Engineering, Mathematics, or another quantitative discipline;
- Minimum 5 years of experience in High Yield credit portfolio management. A strong plus would be parallel involvement in CLOs and/or ABS portfolio management;
- Strong capability to analyze complex balance sheets, issuer‑level credit metrics, including leverage, interest‑coverage ratios, liquidity profiles, free‑cash‑flow dynamics, covenant structures, refinancing risk etc.;
- Knowledge of Structured Credit markets and market experience on EUR and/or USD CLO/ABS are a plus, including analysis of collateral pools, tranche structures via Intex/Bloomberg, and CLO manager styles;
- Strong understanding of credit derivatives (CDS, index tranches, credit‑linked notes) and their use within LDI mandates;
- Ability to design and implement hedging strategies to manage spread risk, downgrade/default risk, and liquidity constraints;
- Familiarity with derivative‑based relative‑value strategies (curve, basis, cross‑currency, synthetic vs. cash);
- Programming skills in Python (preferred) to contribute to development of Fixed Income tools;
- Strong understanding of Solvency II requirements, capital charges and regulatory implications for LDI credit portfolios. Familiarity with ESG frameworks;
- Advanced knowledge of Bloomberg and portfolio risk analytics;
- Familiarity with IFRS and local GAAP accounting frameworks;
- Proficiency in English is a must have;
- Strong communication skills and good team working abilities in order to collaborate with cross-functional teams (Research, ESG, Risk, Trading, etc.);
- Ability to perform under pressure, manage multiple priorities, and apply a strong analytical and problem-solving mindset;
- Proactive and accountable mindset, with the ability to manage strong stakeholders;
- Curiosity, continuous‑learning mindset, and willingness to improve processes.
Location
Milan or Trieste, with possibility of hybrid working
Generali is proud to be an inclusive employer that considers applicants regardless of gender, gender identity, sexual orientation, ethnicity, disability, religion, political views, marital status or philosophy of life.