Castellain Capital LLP
Emerging Markets Corporate Credit Analyst / Trader
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Emerging Markets Corporate Credit Analyst / Trader
Castellain Capital LLP — London (on-site)
About us
Castellain Capital is an FCA-authorised, London-based investment boutique. We manage a UCITS emerging market credit fund with an actively traded, valuation-driven approach — exploiting pricing dislocations across hard-currency sovereign and quasi-sovereign debt while maintaining a strong emphasis on liquidity and capital preservation. We are a small, entrepreneurial team with growing AUM, and we are expanding the desk.
The role
We are hiring an EM corporate credit analyst / trader to broaden our opportunity set into hard-currency corporates. You will work directly alongside the portfolio managers, covering the liquid corporate, quasi-sovereign and crossover universe and generating valuation and event-driven ideas we can size and put on.
The seat is research-led. If you already have execution experience, you will trade your own ideas from the start. If you do not, the portfolio managers will execute for you while you learn, and you will take it on over time. Credit judgement and the ability to turn it into timely, actionable ideas matter more to us than an existing trading record.
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What you'll do
- Build and maintain fundamental coverage of a universe of EM hard-currency corporate and quasi-sovereign issuers — leverage, cash generation, structure, recovery, governance and sovereign linkage
- Generate ideas across the curve and across issuers — relative value analysis, technicals and events — with clear entry, sizing and exit logic
- Track spreads, new-issue supply, index events and issuer news; flag catalysts and credit deterioration early
- Work closely with the portfolio managers on sizing, portfolio fit, liquidity and risk, and contribute to the daily book discussion
- Build and maintain dealer and broker dialogue — axes, flow, market colour and new-issue allocations
- Price and execute across voice and electronic channels, or grow into doing so
What we're looking for
A minimum of three years of relevant experience. Background matters less to us than what you actually did day to day — we are looking for people whose work has been forming views on credits rather than warehousing risk:
- From the buy side: credit analyst, or analyst/trader at a fund or asset manager. Either is a fit — buy-side traders typically own the credit view as well as the execution.
- From the sell side: credit research analyst or desk strategist covering EM corporates. Market-making and flow trading experience is welcome alongside that, but on its own it is not the background we are hiring for.
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In addition:
- Strong bottom-up credit instinct, particularly around downside, gap and event risk
- A demonstrable record of idea generation, and the willingness to be accountable for it
- Comfort in a small, hands-on team with no research infrastructure — a self-starter who thrives with autonomy
- Bloomberg fluency; familiarity with UCITS constraints an advantage
- Execution experience across voice and electronic channels an advantage, not a requirement
What we offer
- A meaningful, autonomous seat with direct impact on a growing fund
- A flat structure and direct day-to-day work with the portfolio managers
- The opportunity to learn to trade, if you do not already
- Competitive base salary plus discretionary performance bonus
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