Director​/Sr. Director, Structured Credit

Director/Sr. Director, Structured Credit

Join National Life Group in one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have offered peace of mind as they plan their futures. Our mission extends beyond insurance through grants, volunteer time, sustainable workplaces, and nonprofit events. We foster collaboration, encourage growth, and live our values:
Do good. Be good. Make good.

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. We focus on rigorous results, guided by meritocracy, transparency, honesty, learning, and pursuit of excellence.

Please note that we do not offer visa sponsorship for this position.

• Perform in‑depth underwriting and analysis across Broadly Syndicated Loans (BSL) and Middle Market CLO managers.
• Develop and maintain a comprehensive credit and manager evaluation framework to assess CLO manager strategy, historical performance, risk profile, portfolio construction, and trading capabilities.
• Conduct detailed transaction due diligence, including review of deal structure, collateral composition, documentation, cash‑flow modeling (Intex), and scenario‑based stress testing.
• Maintain and articulate market views on CLO relative value, structural risk, and capital stack positioning, identifying opportunities consistent with NLG’s investment objectives.
• Establish and continuously refine underwriting guidelines; engage actively with Portfolio Management and the Investment Committee to communicate market insights.
• Design, implement, and enhance underwriting and governance processes, including quantitative and qualitative deal and manager scoring frameworks, ranking systems, and ongoing risk/watchlist management.
• Perform ongoing surveillance and performance monitoring of existing investments, identifying early warning indicators and recommending appropriate repositioning strategies.
• Engage with industry participants, including CLO managers, arrangers, and rating agencies; attend conferences and issuer meetings to stay current on market developments and regulatory trends.
• Develop and communicate asset‑class insights and portfolio reporting to support firm‑wide strategic decision‑making and transparency across the NLG investment platform.
• Monitor credit, prepayment, liquidity, and market risk factors to inform portfolio valuation, risk management, and cash‑flow forecasting exercises.
• Leverage technical knowledge to automate cash flow, exposure, and risk analyses, enhancing efficiency and repeatability.
• Collaborate with technology and data teams to enhance internal structured credit databases, manager dashboards, and analytics infrastructure.

• Bachelor's degree in finance, economics, mathematics, engineering, or another quantitative discipline; advanced degree and/or CFA preferred.
• 7–10+ years of relevant experience, with a minimum of three years directly focused on CLOs – ideally within a buy‑side of asset‑management environment.
• Demonstrated expertise in manager evaluation, structural analysis, and capital‑structure dynamics across BSL and Middle Market CLOs.
• Proven experience analyzing and making active investment recommendations in mezzanine and (preferably) equity tranches of CLOs, including return modeling, sensitivity analysis, and stress‑testing.
• Highly proficient using Intex and other cash‑flow modeling tools; experience using APIs preferred.
• Working knowledge of programming / data analytics tools (SQL, Python, R) to support portfolio analytics and automation considered helpful.
• Understanding of accounting implications and insurance general‑account investing preferred but not required.
• Entrepreneurial approach and mindset, with a desire to be part of a dynamic, growing organization.
• Deep intellectual curiosity and engagement as an active student of the fixed‑income and structured credit markets, maintaining awareness of market trends and manager performance.
• Exceptional written and verbal communication skills,…