Director/Sr. Director, Structured Credit Analyst

About Us

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team. They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Please note that we do not offer visa sponsorship for this position.

NLG Capital is seeking an accomplished Director, Structured Credit Analyst focused on evaluating and underwriting investments in BSL and Middle Market CLOs. The successful candidate will have experience operating across the capital structure including mezzanine and equity tranche investing and will have demonstrated experience maintaining rigorous manager due diligence, underwriting, cashflow modeling, and monitoring processes. The candidate should have strong technical skills, be able to translate complex risk analysis into investment decisions. Experience in a buy-side role preferred.

Responsibilities

• Perform in-depth underwriting and analysis across both Broadly Syndicated Loan (BSL) and Middle Market CLO managers
• Develop and maintain a comprehensive credit and manager evaluation framework to assess CLO manager strategy, historical performance, risk profile, portfolio construction, and trading capabilities
• Conduct detailed transaction due diligence, including review of deal structure, collateral composition, documentation, cash flow modeling (Intex), and scenario-based stress testing
• Maintain and articulate market views on CLO relative value, structural risk, and capital stack positioning, identifying opportunities consistent with NLG’s investment objectives
• Establish and continuously refine underwriting guidelines; engage actively with Portfolio Management and the Investment Committee to communicate market insights.
• Design, implement, and enhance underwriting and governance processes, including quantitative and qualitative deal and manager scoring frameworks, ranking systems, and ongoing risk / watchlist management
• Perform ongoing surveillance and performance monitoring of existing investments, identifying early warning indicators and recommending appropriate repositioning strategies
• Engage with industry participants, including CLO managers, arrangers, and rating agencies; attend conferences and issuer meetings to stay current on market developments and regulatory trends.
• Develop and communicate asset-class insights and portfolio reporting to support firmwide strategic decision-making and transparency across the NLG investment platform
• Monitor credit, prepayment, liquidity, and market risk factors to inform portfolio valuation, risk management, and cash flow forecasting exercises.
• Leverage technical knowledge to automate cash flow, exposure, and risk analyses, enhancing efficiency and repeatability.
• Collaborate with technology and data teams to enhance internal structured credit databases, manager dashboards, and analytics infrastructure.

THE PERSON

Pivotal Experience & Expertise

• Bachelors degree in finance, economics, mathematics, engineering, or another quantitative discipline; advanced degree and/or CFA preferred
• 7-10+ years of relevant experience, with a minimum of three years directly focused on CLOs – ideally within a buy-side of asset management environment
• Demonstrated expertise in manager evaluation, structural analysis, and capital structure dynamics across both BSL and Middle Market CLOs
• Proven experience analyzing and making active investment recommendations in mezzanine and (preferably) equity tranches of CLOs, including return modeling, sensitivity analysis, and stress-testing
• Highly proficient using Intex and other cashflow modeling tools; experience using APIs preferred
• Working knowledge of programming / data analytics tools (SQL, Python, R) to support portfolio analytics and automation considered helpful
• Understanding of accounting implications and insurance general account investing preferred but not required
• Entrepreneurial approach and mindset, with a desire to be part of a dynamic, growing organization
• Deep intellectual curiosity and engagement as an active student of the fixed income and structured credit markets, maintaining awareness of market trends and manager performance
• Exceptional written and verbal communication skills, with the ability to translate complex credit and market dynamics into clear insights

Cultural Fit

• Results-driven mindset
• Thrives in an environment where the best ideas that drive the best results are rewarded
• Has the integrity to communicate all relevant facts and information in evaluating decisions and the humility to admit what you do not know
• Love of learning – comfortable in an organization that seeks to continually learn from its failures and successes to drive better investment decisions
• Comfortable with ambiguity and the mentality required to address and ultimately own those ambiguous situations – finds answers and solutions
• Comfortable giving and receiving constructive feedback in both real time and structured environments
• Demonstrates transparent, direct, and open communication across the organization
• Promotes collaboration and has a “firm first” attitude – does what is right for the firm
• Commitment to our mission and values