Team Overview

The Structured Products team invests across the breadth of the securitized products space, spanning Agency MBS, Non-Agency MBS, CLOs, and CMBS. We run a sector-relative-value approach, continuously evaluating opportunities across sectors, tranches, and the capital structure to position the portfolio for the best risk-adjusted carry and total return.

We are looking for a sharp, curious analyst to work directly with portfolio managers and help drive the investment process. This is a hands-on, high-visibility role with the opportunity to grow and take on more responsibility while deepening expertise across multiple sectors in securitized products.
Job Overview

We are looking for a sharp, curious analyst to work directly with portfolio managers and help drive the investment process. This is a hands-on, high-visibility role with the opportunity to grow and take on more responsibility while deepening expertise across multiple sectors in securitized products.

Job ResponsibilitiesThe role spans daily portfolio analytics, workflows and investment/idea research.

Daily Portfolio & Risk

• Run daily analytics and stress scenarios (rate, spread, and other risk factors), flagging anything requiring PM attention.
• Monitor spreads and relative-value signals across sectors and tranches in real time.
• Maintain portfolio positioning, carry, trade activity, and composition; coordinate with risk and operations as needed.

New Issue & Market Coverage

• Track the new-issue calendar, maintain pipeline trackers, and coordinate with legal on NDAs and conflict checks.
• Follow sell-side research and sector calls to stay current across all covered markets.

Research & Surveillance

• Monitor portfolio holdings for default trends, prepayment behavior, and collateral performance.
• Contribute to ad hoc research projects and, over time, develop sector views deep enough to generate investment ideas.

Automation & Process

• Identify manual or repetitive workflows and build faster, automated solutions - with an emphasis on AI tools.

What We Value

• Background in structured products, ideally with 2-4 years direct experience in Agency or Non-Agency MBS, and the ability to pick up and support other sectors (CLO, CMBS) over time
• Solid grasp of fixed income risk concepts - including DV01, convexity, volatility, and spread risk - and how they apply across securitized sectors.
• Working knowledge of core industry tools: Intex, Yield Book, and Bloomberg.
• Comfort with portfolio analytics, risk scenarios, and large data sets.
• Demonstrated use of AI tools to improve efficiency and automate parts of the workflow.
• Strong attention to detail and a disciplined approach to managing multiple workstreams alongside recurring daily deliverables.

Preferred / A Plus

• Demonstrated ability to develop a deep understanding of a sector and translate it into actionable investment ideas.
• Programming experience in Python (or comparable tools) for analysis, automation, and tooling.
• Exposure to more than one securitized products sector.

We anticipate the base salary of this role to be between $150,000-$175,000. In addition to a base salary, the successful candidate will also be eligible to receive a discretionary year-end bonus.

In all respects, candidates need to reflect the following SFM core values:

Smart risk-taking // Owner's Mindset // Teamwork // Humility // Integrity