Director/Sr. Director, Structured Credit

National Life Group•Addison, IL

67d

About The 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.

Requirements

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
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

Nice To Haves

Working knowledge of programming / data analytics tools (SQL, Python, R) to support portfolio analytics and automation considered helpful

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.