Associate - ABF / Securitisation

Role Overview

• We are seeking a highly analytical Associate to join our Asset-Backed Finance & Structured Credit team. The platform provides bespoke, large-scale funding solutions to leading non-bank financial institutions and specialty lenders across a range of asset classes.

This is a technically demanding role with a strong emphasis on structuring, quantitative analysis, and cash flow modelling, requiring deep engagement across the full transaction lifecycle. You will play a critical role in evaluating and executing complex asset-backed transactions, including warehouse facilities, forward flow agreements, and capital markets take-outs.
Core Responsibilities Structuring & Executio

Support the structuring and execution of complex asset-backed financing transactions, including:

• Warehouse and back-leverage facilities
• Term ABS/RMBS securitisations
• Forward flow and private asset purchase agreements
• Analyse and optimise transaction structures, including credit enhancement, tranching, liquidity support, and trigger frameworks
• Work closely with legal counsel to negotiate transaction documentation (facility agreements, trust structures, servicing arrangements, hedging documentation)
• Manage execution timelines, coordinating across counterparties including originators, trustees, rating agencies, and internal stakeholders

Quantitative Analysis & Financial Modelling

• Build and own granular cash flow models for structured credit transactions across multiple asset classes
• Model dynamic collateral performance scenarios, incorporating:
  • Prepayment vectors
  • Default and loss assumptions
  • Recovery timing and severity
  • Interest rate stresses and hedge effectiveness
• Analyse structural features such as priority of payments, reserve mechanisms, triggers, and amortisation profiles
• Evaluate risk-return across tranches, including IRR, WAL, break-even analysis, and sensitivity testing

Credit Underwriting & Portfolio Analytics

• Conduct detailed underwriting of:
  • Originators and servicers (business models, underwriting standards, funding profiles)
  • Underlying collateral pools (loan-level or stratified data)
• Perform loan-level and portfolio-level analytics, including:
  • Vintage curves, delinquency roll rates, and loss emergence
  • Correlation analysis and concentration risk
• Develop internal credit views and downside scenarios aligned with fund risk appetite
• Prepare detailed investment memoranda for internal investment committee approval

Portfolio Monitoring & Risk Management

• Monitor performance of existing investments and warehouse portfolios
• Track covenant compliance, performance triggers, and structural integrity
• Update models with actual performance data and reassess expected returns and risk metrics
• Produce ongoing surveillance and investor reporting materials

Relative Value & Market Analysis

• Evaluate relative value across structured credit opportunities and capital structures
• Analyse securitisation markets, investor demand, and pricing trends across debt tranches
• Benchmark transactions against comparable issuance and secondary market levels
• Contribute to the development of new asset classes and product strategies within the platform

Preferred Candidate Profile Experience

• 2–6 years’ experience in:
  • Structured finance / securitisation
  • Structured credit / private credit funds
  • Investment banking (FIG, DCM, LevFin, or Securitisation)
  • Ratings agencies (structured finance teams)
• Demonstrated experience building or working with cash flow models for structured products is essential

Technical Capabilities

• Advanced Excel modelling skills, including ability to build cash flow waterfalls from first principles
• Strong understanding of:
  • Securitisation structures and legal frameworks
  • Priority of payments, triggers, and credit enhancement mechanisms
  • Asset performance metrics (arrears, defaults, loss curves)
• Experience handling large datasets and performing quantitative analysis (VBA, Python, or similar advantageous)
• High level of precision in analysing legal documentation and mapping terms into models

Investment Mindset

• Strong credit judgement with ability to identify key structural and collateral risks
• Deep interest in structural complexity and downside protection
• Ability to independently assess transaction robustness under stress scenarios
• Commercial awareness of risk-adjusted return and capital efficiency

Personal Attributes

• Highly detail-oriented with strong ownership of analytical outputs
• Intellectual curiosity and desire to operate at the intersection of credit, structuring, and data
• Ability to operate effectively in a lean team with direct exposure to senior decision-makers
• Strong communication skills, with the ability to clearly articulate complex technical concepts

Further info on the firm: 

• Exposure to highly structured, bespoke transactions across private credit and securitisation markets
• A technically rigorous investing environment with a strong emphasis on modelling and credit discipline
• Significant responsibility and direct involvement in investment decision-making
• Opportunity to develop deep expertise in one of the fastest-growing areas of private markets

 We are committed to providing a supportive culture and positively contributing towards creating diverse and inclusive workplaces for our candidates & clients. We invite candidates of all ages, genders, sexual orientation, cultural backgrounds, people with disability, neurodiverse individuals, and Indigenous Australians to apply.