Floating Rate Debt Group Undergrad Intern

Franklin Templeton•San Mateo, CA

19d•Onsite

About The Position

Managing portfolios that invest in floating rate debt across CLOs, separately managed accounts, and retail mutual funds. The Floating Rate Debt Group sits at the intersection of credit markets, alternatives, and active research. We are growing assets under management across CLOs, separately managed accounts, and retail mutual funds, with CLOs in particular representing an alternatives asset class that has been a strategic growth priority for the firm. That means this team isn’t just maintaining existing strategies—we’re expanding into areas that matter for the company’s long-term direction. What makes the work especially compelling is the nature of the asset class. We invest in debt issued by public and private companies with below investment grade credit ratings. These investments come with higher risk, but also the potential for higher returns. Because of that, the work is intellectually rigorous and dynamic. Prices in the debt markets can be volatile, driven by macroeconomic forces and company-specific developments. That volatility isn’t something we shy away from—it creates opportunity. An intern would see firsthand how experienced investors analyze uncertainty, assess risk, and identify value in real time. Another exciting aspect is the importance of primary research. Many of the companies we analyze are private or less widely followed, and the market can be less efficient than more liquid public markets. That creates a real edge for thoughtful, diligent analysis. An intern would have the opportunity to dig into company fundamentals, evaluate management teams, assess capital structures, and understand how macro trends translate into credit performance. The work goes beyond surface-level market commentary—it’s about building conviction based on deep research. In terms of impact, this role offers meaningful exposure to investment decision-making that directly influences portfolio performance and asset growth. Strong research can translate into better investment outcomes for clients and support the firm’s expansion in alternatives. An intern wouldn’t just be observing; they would contribute to research, analysis, and discussions that help shape investment views. It’s a chance to develop technical credit skills, understand how portfolios are constructed, and see how a high-performing team operates within a global asset manager. For someone curious about credit markets, interested in alternatives, and motivated by analytical problem-solving, this role offers both steep learning and the opportunity to contribute to a strategically important and growing part of Franklin Templeton. The culture of the Floating Rate Debt Group is one of openness, intellectual curiosity, and true collaboration. What makes the team unique is how discussion-driven and debate-oriented it is. We meet daily, and those meetings are not passive updates—they are active forums for sharing perspectives, challenging assumptions, and refining investment views. The team operates with a relatively flat structure and limited hierarchy, which creates an environment where everyone is expected to contribute. Whether someone is a senior portfolio manager or a newer member of the team, thoughtful input is valued. That dynamic fosters both accountability and professional growth, because individuals are empowered to develop and defend their views while learning from experienced colleagues. Collaboration extends well beyond formal meetings. The team is in constant communication through Teams and Bloomberg chats, both as a full group and in smaller, focused sub-groups. Given that we operate across different geographies, this ongoing dialogue helps bridge time zones and ensures alignment across portfolios and strategies. It also creates a sense of connectivity and shared purpose, even when team members are physically dispersed. Importantly, the collaborative spirit is not limited to the Floating Rate Debt Group. We regularly engage with other investment teams across Franklin Templeton, sharing insights and perspectives. That cross-platform interaction strengthens our investment process and reflects the broader culture of the firm. It is a collegial team within a collegial organization—high standards, rigorous analysis, and strong performance expectations, balanced with mutual respect and a genuine willingness to support one another’s success. An intern in this department can expect to learn: Fundamental credit analysis Financial modeling Valuation analysis