Investment Analyst

Weiss Asset Management•New York, NY

1d•$150,000 - $200,000•Hybrid

About The Position

Fundamental Research Associates Inc. is seeking an Investment Analyst in New York, NY. This role involves analyzing investment opportunities, researching new strategies, and interpreting complex financial data. The analyst will perform fundamental credit analysis, including economic and financial modeling, industry research, management analysis, and differentiated research across various sectors, with a focus on industrials and the paper & packaging industry. Responsibilities include enhancing knowledge of risk and portfolio oversight, applying modeling techniques for corporate capital structures and derivative pricing, and supporting the due diligence process for Credit Investment (CI) investments. The role requires meeting with management teams, reviewing documentation, and performing preliminary analysis of CI investment opportunities. The analyst will also analyze existing credit documents, review equity, fixed income, and ratings reports, and develop detailed financial models with downside scenarios. This fast-paced environment requires efficient evaluation of opportunities, clear communication of investment advantages and risks, and proactive identification of new investment opportunities. The analyst will build financial models and make investment decisions in a risk-adjusted, probabilistic manner. Telework is permitted up to one day per week.

Requirements

Bachelor’s degree or foreign equivalent in Economics, Business Administration or a closely related quantitative field.
Two (2) years as a financial analyst, investment analyst, credit analyst, or a closely related position.
Utilizing operating memoranda and credit rating agency reports, including Moody’s and S&P, to perform analyses of financial instruments.
Evaluating financing alternatives for companies, including secured, unsecured, and convertible instruments.
Transform evaluations into client presentations.
Assembling debt comparables, equity comparables, and precedent transactions.
Executing in a lead advisory basis the following merger & acquisition (“M&A”) transactions, in a live deal capacity: public-to-public company M&A, private-company M&A, carve-out divestitures, and corporate break-up transactions.
Advisory pertaining to initial public offerings, and executing in a lead/“lead-left” basis the following financing transactions, in a live deal capacity: leveraged loan issuance and high-yield bond issuance.
Executing internal credit risk committee processes, including: preparation/presentation of debt paydown models, incorporation of financial scenarios within debt paydown models, utilization of market-implied expectations for interest rate changes, response to financial/operational due diligence questions from internal risk committees, preparation of memos outlining financial/operational/industry-related details for presentation to internal risk committees.
Performing industry coverage of the industrials sector, including transaction experience (live deal execution team) involving companies from the paper and packaging industry.
Creating and maintaining asset-level financial profiles, including mill assets, and utilizing RISI to track commodity data, including pulp & paper pricing at grade/hub level.
Leading coordination of deal execution work streams, including ratings agency & investor presentation drafting, CIM drafting, management presentation drafting, buyer models, site visits, and business due diligence.
Modelling, analyzing, and conveying financial and strategic merits of acquisitions to lenders.
Creating operating models for commodity-oriented businesses (pulp/paper/forestry products).
Creating models to measure credit risk, including liquidity risk, interest rate risk, and market risk.
Forecasting company performance under a range of variables (commodity price assumptions, cost structure assumptions, capital expenditure assumptions, capital structure assumptions), utilizing historical economic and industry trends.
Validating financial models, including checking assumptions, back-testing results, and evaluating model performance in real-time.
Refining and testing valuation models (discounted cash flow and leveraged buyout analyses) to improve accuracy and account for market variables.

Responsibilities

Analyze investment opportunities, research new investment strategies, and interpret and analyze complex financial data.
Perform fundamental credit analysis (including economic and financial modelling, industry research, management analysis, and differentiated research) in various sectors, including the industrials and paper & packaging industry.
Enhance knowledge of risk and portfolio oversight, both independently and by leveraging the Team’s thorough understanding of the risk and payoff profiles across the range of instruments (corps, converts, equity, options) and trade structures to better express views, capture alpha, and manage risk.
Apply modeling techniques for corporate capital structures and derivative pricing (options, credit derivatives), risk measurement/management, and performance attribution techniques.
Participate in and support the due diligence process of Credit Investment (CI) investments, identifying key investment merits and risks, meeting with management teams, and reviewing data-room documentation and third-party reports.
Support and perform preliminary analysis of CI investment opportunities including review of public information.
Analyze existing credit documents and review equity, fixed income, and ratings reports.
Develop and validate detailed financial models, including running downside scenarios and reviewing financial projections.
Undertake fundamental and quantitative analysis of various financial products, including reading analyst reports and scrutinizing complex financial documents and publications.
Cover multiple CIs in a fast-paced environment requiring efficient evaluation of opportunities.
Clearly identify and communicate the investment advantages and risk scenarios for each investment.
Proactively identify new investment opportunities to contribute to the business across trading strategies.
Build financial models and making investment decisions in a risk adjusted, probabilistic manner.