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The Role
We are looking for an experienced Credit Analyst to join our Global Credit Research team and take a lead role in covering the European Utilities, Power, and related Infrastructure sectors. Based in London, the analyst will apply deep sector expertise to conduct rigorous fundamental analysis, generate actionable investment ideas and contribute to portfolio performance.
The role offers broad exposure across Investment Grade and High Yield markets in these important fixed income sectors, and close partnership with portfolio managers, traders, and other analysts across our global platform. It also provides the opportunity to influence team thinking, mentor developing analysts, and contribute beyond individual issuer coverage. Success in the role requires strong analytical and communication skills, intellectual curiosity, sound judgment, and a collaborative approach to investing.
Key Responsibilities
- Lead fundamental credit research on companies primarily within the European Utilities, Power, and Infrastructure sectors, covering both Investment Grade and High Yield issuers.
- Develop and maintain independent assessments of issuers’ credit quality, reflecting their business models, financial performance, capital structures, liquidity, regulatory environment, and key risks.
- Analyse relative value across covered issuers to form actionable investment views, including new-issue market recommendations and secondary market trade ideas.
- Build and maintain detailed financial models and forecasts to evaluate creditworthiness under a range of operating and market scenarios.
- Produce clear, concise, and timely research reports, investment recommendations, and sector updates for portfolio managers and the broader investment team.
- Serve as a sector resource for the broader investment team and contribute to investment committee discussions, collaborating with colleagues across investment, risk, and trading teams.
- Support and mentor junior analysts.
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Knowledge, Skills & Experience
- Extensive experience conducting credit research within an asset manager, hedge fund, credit fund, rating agency, investment bank, or similar investment organisation.
- Direct experience covering Utilities and Power credits is required, with a strong understanding of the sector's regulatory, operational, and financial drivers. Experience in High Yield analysis is preferred.
- A track record of rigorous fundamental credit analysis, including financial statement analysis, modelling and cash-flow forecasting, corporate valuation, capital structure assessment, liquidity analysis, and downside-risk evaluation.
- Strong relative value skills and understanding of credit markets, with the ability to compare covered issuers and securities, identify pricing dislocations, and generate actionable primary- and secondary-market trade recommendations.
- Excellent written and verbal communication skills with the ability to articulate complex investment views clearly, concisely, and persuasively.
- Ability to work independently, exercise sound judgment, and thrive within a collaborative global investment team.
- Bachelor's degree required; CFA designation strongly preferred. MBA, Master's degree, ACA, CPA, or other advanced qualifications are also helpful.
- A demonstrated passion for investing and a commitment to continuous learning.
What we offer
- A valuable pension scheme of up to 18% (13% made up of employer contributions and 5% employee contributions).
- Access to our Share Save and Share Incentive Plan, alongside financial wellbeing and support services to help give you real confidence to put your money to work.
- Enjoy 38 days annual leave (including bank holidays), with the opportunity to purchase up to five extra days. Our Time Off When You Need It policy gives you the flexibility to balance work and personal commitments.
- Our market-leading Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave—because supporting families is an important part of our inclusive culture.
- Health & Protection cover includes Private Healthcare, Critical Illness cover, and Life Assurance for you, with additional family options—for peace of mind.
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At M&G we strive to have a diverse workforce and an inclusive culture, underpinned by our policies and employee-led networks that offer networking, support, and development opportunities for the diverse communities our colleagues represent. We welcome applications from people of all backgrounds—across gender, ethnicity, age, disability, sexual orientation, and more—including neurodivergent individuals, career returners, and those with military service experience.
M&G is proud to be Level 3: Disability Confident Leader under the UK Government Disability Confident employer scheme, and we welcome applications from candidates with disabilities and long-term health conditions. If you would like to participate in the initiative, you will have the opportunity to indicate this on your application.
We are committed to providing an inclusive recruitment process. All candidates have the opportunity to request reasonable adjustments when applying. If you need any additional support at any stage, please contact us at: careers@mandg.com
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