Our client, South Africa’s leading fixed-income asset manager, for more than 20 years, has an opportunity for an Investment Analyst.
As part of a team, the successful incumbent will be responsible for new deal origination and structuring, and sourcing, collating and distilling various sources of information, to provide timeous and informed investment and trade recommendations on unlisted and high-yield debt opportunities.
This will be based on the effective management of new and existing deal counterparty relationships, and thorough analysis and sound judgement of both financial and non-financial risks, for the ultimate benefit of the clients invested in the funds so that they generate alpha.
Our client is committed to transformation, and preference will be given to suitably qualified previously disadvantaged South African candidates.
The position is based in Cape Town.
Key Responsibilities :
Performing fundamental credit analysis and make investment recommendations that includes an assessment of the proposed volume and price of the transaction, on a portfolio of counterparties.
The credit analysis must include :
Analysing historical financial statements;
Preparing and / or reviewing complex financial models and forecasts;
Analysing historic and forecasted financial ratios as well as scenario testing;
Analysing counterparty management, business model, operational, competitive and industry assessment; and
Incorporating an assessment of ESG (environmental, social and governance) factors in the analysis.
Preparing investment reports and presenting deals and investments recommendations to the Credit Committee.
Negotiating and analysing legal documentation of new and existing deals. Including :
Performing a commercial review of key terms and conditions, including key investor protection clauses, for appropriateness;
Working with external and internal legal advisors to ensure adequate protections are captured in the legal document; and
Negotiation with the counterparty and their legal advisors to ensure the appropriate terms and conditions are included.
Ongoing credit research and analysis on existing and new counterparties and their sectors, including :
Global and local research and analysis;
Industry specific research and analysis;
Developing and implementing credit and equity risk, and valuation and pricing models; and
Monitoring, management and maintenance of existing deal counterparties (covenant compliance, updated AFS review, ad-hoc requests, etc.).
Deal origination, including :
Sourcing and evaluating appropriate investment opportunities for the various Futuregrowth managed funds;
Structuring, negotiating and implementing transactions which suit both Futuregrowth funds and the counterparty’s requirements;
Developing and maintaining counterparty relationships in order to develop a pipeline of new deals in the unlisted and high-yield credit sector;
Analysing appropriateness of deals, including analysis of the pricing of deals; and
Negotiating deal terms and conditions, and structuring of transactions, including negotiating legal agreements.
Ongoing review of existing transactions, and developing and maintaining counterparty relationships, in order to assess and manage evolving risks and rewards, and to make recommendations or investment decisions where appropriate.
Maintaining all investment related data to ensure it is accurate and complete, and can be used for investment decision-making and reporting.
Participating in internal ad-hoc projects related to process improvements, valuation models, ratings tools, internal efficiency projects, etc.
Participating in valuation methods and processes, Listed and Unlisted Credit Committees and other internal team meetings.
Participating in client investor presentations, discussions and report backs.
Technical / professional knowledge and skills :
At least three years prior asset management or banking experience in unlisted, structured, or high-yield credit analysis, deal implementation, monitoring and instrument valuations; and
CA(SA) and / or CFA candidate or similar is a requirement.