My client engages in three main work streams:
- Covenant advisory work for the Trustees of Pension Schemes
- Corporate finance advisory mandates for companies looking to reduce the impact of Pension liabilities, often involving M&A transactions to unlock company value where the Pension scheme prevent corporate action and
- Integrated Risk Management advise which highlights the combined risk arising from Covenant strength, investment allocation and actuarial assumptions
Covenant Advisory
- Involves reviewing research from credit rating agencies (e.g. S&P and Moody's) in addition to forward looking broker equity research (e.g. J.P Morgan / Jefferies) and market industry date to form a view on the financial and industry prospects of the group
- Requires analysts to evaluate companies on the firm's rating scale based on the ability of the employer to support the cash flow required by the scheme, in relation to other stakeholders such as shareholders and bank creditors. Moving forward this will involve assisting in the development of novel quantitative strategies to analyse future company failure rate expectancy
Corporate Finance Advisory
- Requires analysts to work with real time transactions i.e. developments to the company and build integrated financial models to support the strategic direction of companies as they seek to enhance shareholder value while reducing pensions risk. Models will be used to support demergers / acquisitions and enable company management to understand the impact on the pension scheme under varying strategic visions for the company
Integrated Risk Management
- Will involve increasing interaction with the parent company, which is a quantitative asset manager focused on Pension schemes. IRM work involves understanding the impact of macroeconomic and industry specific developments to both the company, pensions scheme members and the investment portfolio. This is a key strategic growth area for the firm moving forward. Working as part of the same group will enable analysts to develop an understanding of complex investment strategies and products
Extra Information
- Analysts at the firm operate in a flat organisational structure with regular access to Directors and Managing Directors, where client contact is regularly expected from the beginning, in addition to ownership of clients
- The team has a great variety of professional backgrounds (accounting, restructuring, legal, corporate finance, actuarial, investment and credit risk) as well a team from around the globe e.g. NZ / Taiwan / South America / India and across Europe
- CFA sponsored for analysts interested in continued development.
Essential Requirements
- ACA/ACCA or CIMA fully qualified
- 6 or more months of front office, commercial experience outside of Audit/Accounts