Principal, Structured Products & ABF

Careers at KKR•New York, NY

9d•$175,000 - $230,000

About The Position

This is a senior role on the KKR Insurance Investments Structured Credit team reporting directly to the Portfolio Manager. The team oversees capital deployment and portfolio management across a wide variety of asset classes spanning the risk/return and liquidity spectrum, including residential real estate, consumer finance, small business, transportation, equipment, renewable energy, infrastructure, commercial real estate, and CLOs, expressed across securities, whole loans, direct lending, whole assets, and platform investments. This individual will be integrally involved with all aspects of the investment process for all structured and asset-backed credit, including: evaluating potential investments and executing transactions, developing strategies to increase origination, tracking markets, assessing relative value across asset classes, determining asset allocation and portfolio construction, designing portfolio rotation trades, and managing existing positions. As the primary point of interface between the Insurance business, KKR PMs, and KKR structured credit traders, they will drive execution of Global Atlantic's (GA) investment strategy within structured credit and enable firmwide collaboration across structured credit asset classes. Ideal candidates have ~6 - 10 years of experience across structured products asset classes in an investments role (e.g. trading, portfolio management, or investment/asset management). The ability to analyze relative value across products and present and communicate ideas in group settings is essential. We are looking for candidates with exceptional technical and interpersonal skills and strong relationships across the street and investor community, with a preference for a strong background in residential and commercial real estate.

Requirements

Bachelor's degree in Finance, Economics, or a related field
~6 - 10 years of experience in structured products in an investing role
Deep knowledge of structured credit asset classes, with experience in residential and commercial real estate most highly prioritized
Demonstrated ability to form independent views on relative value across structured credit sectors and express conviction; a “relative value thinker” who naturally sees the cross-sector opportunity set rather than analyzing any single product in isolation
Strong existing relationships with both sell side and peer institutions and a demonstrated ability to source market intelligence and read competitive positioning through personal networks
Exceptional interpersonal skills; personable, relationship-driven, and comfortable being the primary point of contact with KKR investment teams and communicating ideas to senior leadership across the firm as well as external parties (e.g., banks, issuers, investors)
Strong presentation and communication skills; able to present market themes and relative value analysis clearly to senior stakeholders and internal committees, and to author market color that is concise, quantitative, and actionable
Energetic, inquisitive self-starter with the initiative to take on high-impact projects, comfortable operating independently in a fast-paced market environment with minimal supervision
Proficiency with Bloomberg and standard structured credit analytical tools (Intex, TREPP, etc.)

Nice To Haves

Knowledge of insurance company-specific investment and accounting considerations (NAIC capital charges, RBC, ALM, duration management) a plus
Comfort using AI-powered tools to improve productivity and quality of work

Responsibilities

Continuously monitor structured products markets (RMBS, CMBS, ABS, CLO) as well as adjacent liquid and illiquid sectors, tracking spreads, new issue economics, technicals, and relative value across asset classes
Regularly consume research and form market views, including an understanding of where peers are allocating capital
Generate cross-sector relative value ideas through market research and coordination with KKR structured credit traders
Distribute regular market color and relative value commentary to the broader investment team and firm stakeholders
Present market themes, positioning recommendations, and relative value analysis to internal committees and senior leadership
Translate market views and relative value analysis into actionable asset allocation recommendations (e.g., which sectors to overweight/underweight, duration positioning, fixed vs. floating rate mix, liquidity)
Support the PM in designing GA's capital deployment strategy across structured credit, incorporating economics, capital efficiency, and ALM considerations
Track the new issue pipeline and market themes to ensure alignment with deployment objectives
Design and recommend portfolio rotation trades to improve yield, capital efficiency, and ALM positioning (e.g., shifting sector allocations, rotating short-term positions into permanent allocations, extending or shortening duration)
Monitor the existing portfolio for risks and opportunities, identifying positions to trim, hold, or add to based on evolving market conditions
Collaborate with the PM and KKR structured products traders to execute portfolio trades
Regularly interface with the dealer community to understand product flows and market dynamics, and communicate KKR Insurance objectives and axes to the Street
Gather intelligence on peer positioning (other insurers, asset managers, banks) and communicate that competitive intelligence internally
Flag time-sensitive opportunities and actionable new issue deals to the PM for decision-making
Serve as the primary point of interface with KKR investment as they screen opportunities, iterating on needs and axes, assessing how trades fit the broader investment plan, and providing real-time feedback to accommodate deal timelines
Supply market context and comparables for deals the team is evaluating (both traded and privately originated)
Collaborate across asset classes to facilitate investment decision-making