The Opportunity
The Credit Special Situations and Workout Lead will be primarily responsible for the evaluation, analysis, restructuring, and on-going monitoring of distressed and/or non-performing assets held in MassMutual's General Investment Account (GIA) with the aim of minimizing losses and maximizing returns. The role will be responsible for GIA holdings managed internally, via MassMutual's wholly owned asset manager Barings, as well as other outside asset managers and liaising across all parties. Asset coverage is both public and private and includes credit, structured, securitized, alternatives, and real estate as required and assigned. The role will work closely with the internal asset class experts who have primary oversight of the asset, the segment portfolio managers, and the Head of Fixed Income Portfolio Management. The successful candidate will serve as an expert on all matters related to workout and special situations of said non-performing assets.
The Team
The Fixed Income Portfolio Management (FIPM) team has responsibility for asset allocation, fundamental credit underwriting and monitoring, and ESG investment strategy. 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 General Investment Account (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 Impact:
The role will be a subject matter expert on workout / special situations, owning the holistic process associated with workouts and special situations surrounding the myriad of investments in the GIA. The successful candidate will be accountable for the evaluation, analysis, restructuring, and on-going monitoring of distressed and/or non-performing assets, ultimately making recommendations that directly lead to investment decisions. This role will play a critical part insupporting the investment management department's goal of providing MassMutual policy holders' financial security.
- Act as the in-house expert and thought leader for workouts and restructurings
- Execute fundamental credit analysis of individual holdings within various asset classes, develop range of outcome scenarios, manage and execute process to maximize recovery that aligns 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)
The Credit Special Situations and Workout Lead's recommendations are used across Investment Management including the .Head of FIPM and CIO to drive, influence and execute investment decisions for the GIA.
- Work with owned (e.g. Barings) and/or outside asset managers to review their General Investment Account fixed income portfolios, strategy and performance and identify assets trending toward non-performing status and provide buy/sell/hold recommendations across the GIA portfolio management team with the goal of maximizing returns
- Contribute to MassMutual Investment Management's collaborative investment process by owning all workout and special situation analysis, sharing views and market trends with Investment Management (leadership/PMs and Analysts), and providing critical input to the team that directly informs their analysis and associated buy/sell recommendations
- Oversee, analyze, monitor and communicate Investment Management and with the CFO's team on potential impairments for assets held in the GIA
- Act as a subject matter expert as required for the current expected credit loss (CECL) model and liaise across Investment Management and CFO's team
- Work with the Quantitative R&D team within Investment Management on credit default predictive models and interpreting their output to develop a collaborative action plan
The Minimum Qualifications
- Minimum 10 years of relevant workout experience with full sector and security selection responsibility (e.g. credit analysis, portfolio management, credit hedge fund, private credit, etc.) and 15 years of broader financial services experience
- Deep understanding and strong experience in bankruptcies, workouts and restructurings of assets and/or companies.
- Well-developed analytical skills reflected in credit and/or cash-flow analysis.
- Strong academic credentials that ideally include a CFA and/or an M.B.A. degree.
The Ideal Qualifications
- Deep understanding of workouts and restructuring of underperforming and/or non-performing investments
- Comprehensive analysis and understanding of collateral and positioning in the capital stack, value determination, and restructuring alternatives
- Ability to negotiate and structure complex debt instruments and oversee transactions through the legal documentation phase.
- Engagement of and interaction with third party consultants including attorneys, receivers, liquidators, financial/restructuring advisors, appraisers, as needed
- Thorough understanding of and compliance with the governing loan documents (if any), loan servicing agreements, reporting requirements and state and federal laws governing bankruptcy and receivership actions
- Presentation and recommendation of resolution strategies to company leadership.
- Strong organizational skills with the ability to manage multiple priorities.
- Initiative, including the ability to complete complex tasks timely and independently.
- 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.
- A desire to work in a collegial team-oriented environment and openness to discussing, sharing, and debating original investment ideas with a collaborative style.
- 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.
- A flexible, open-minded style and an interest in gaining perspectives from various sources and people. Highest standards of personal honesty and integrity.
- Knowledge and experience with Liability Driven Investment (LDI) and/or insurance solutions preferred.
- Proficiency In Microsoft Office with strong Excel modeling skills; ability to work with complex datasets
- Proficiency in Bloomberg terminal
What to Expect as Part of MassMutual and the Team:
- Regular meetings with the Investment Management team
- Focused one-on-one meetings with your manager
- Access to mentorship opportunities
- Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran, and disability-focused Business Resource Groups
- Access to learning content on Degreed and other informational platforms
- Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
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MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.