Business Case

The Global Leveraged Finance team is looking to add an intern as we continue to grow the business and launch new products. In the last year, we launched our first GFIS managed leveraged loan ETF, LVLN, secured funding to launch a CLO issuing platform and are in the process of launching multiple new products across high yield and leveraged loans both domestically and globally. The debt capital markets remain very active as robust primary issuance consumes the portfolio management teams time, especially with loans. A large share of the team's time goes to repeatable, document-heavy work where an intern could assist managing loan settlement, ensuring deal site access, setting up facility IDs to book primary trades, and consolidating holdings, roll documents, amendment documents, and portfolio weights into one location. These tasks are critical to the success of our leveraged finance business; however, they take away from analyzing new issues, which is a strong driver to existing fund performance. An intern would make the first attempt on these tasks and escalate any issues to the team. Ultimately, the intern will gain valuable experience on leveraged finance market structure, trading and trade process, portfolio construction, and fundamental credit analysis along with ad hoc projects to support a growing business.

About the Team

The Global Leveraged Finance team manages approximately $45B AUM across leveraged loan and high yield strategies including ETFs, SMAs and CLOs. Currently, the team has six portfolio managers and three traders and is supported by 22 credit analysts and six client portfolio managers. The team employs bottom-up credit research, active primary-market participation, and quant driven strategies. Our business is growing and it is an exciting time to join a market leading team both in scale and performance.

About the Role

The intern will gain exposure to the full lifecycle of portfolio management including investment operations, portfolio construction, credit research and trade execution. This is an ideal role for someone who thrives in a fast-moving, high-complexity environment and is eager to learn about the evolving leveraged finance markets. This role will include cross collaboration with different teams in operations, credit research, investment strategy, sales distribution, and technology.

Key Responsibilities

• Investment operations: work with our third-party provider to reconcile positions across Aladdin, Virtus, and BSPM, in order to have above market average settlement times
• Deal site access: manage deal site access with our trading counterparties, ensuring the team has required material to make investment decisions
• Credit research: assist with primary issuance research and recommend primary and secondary trades based relative value and portfolio risk profiles
• Roll and amendments: review documents for amendments, rolls, paydowns, etc, flag when vote is needed, and make sure documents are submitted by the deadline
• Data aggregation: consolidate data from different sources into our primary tracker and prioritize credit discussions related to syndication timelines
• Market monitoring: track and research new issuance within the high yield and leveraged loan markets
• Marketing support: prepare marketing materials for CLO, high yield, leveraged loans and systematic strategies
• Trade setup: work with internal and external partners to set up facility IDs and book primary trades

s

• Eagerness to learn about leveraged finance and contribute to the team’s goals
• Superior communication with internal and external stakeholders in a timely and professional manner
• Ability to work independently and in a group setting
• Rising junior or senior studying Finance, Economics, Accounting, Mathematics or a related field
• Strong attention to detail: ability to perform in a high cost of failure environment and manage several deadlines at once
• Basic understanding of financial statements and credit concepts such as valuation, leverage, financial modeling, etc.
• Familiarity with markets (primary vs. secondary trading, parties involved, trade lifecycle)

Salary Range:

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

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