About the Role
SIM is seeking to onboard a Head of CLO, High Yield and Bank Loan Management. This individual will have ultimate responsibility for management of SIM’s CLO, High Yield and Bank Loan team and all related client portfolios.
The team currently consists of an experienced, dedicated, and high-performing group of below-investment-grade credit analysts and traders that support initial underwriting and portfolio construction, the ongoing monitoring of portfolio credits and other issuers, the development and maintenance of strong dealer relationships, and the active sourcing of portfolio opportunities across both high yield and bank loans through new issue and secondary market trading.
The team currently manages approximately $2.4 billion of consolidated exposure, consisting of:
- SIM’s inaugural CLO (Symetra 2025-1;
- Below-investment-grade sleeves of the affiliated general account portfolios of Symetra Life Insurance Company and affiliates;
- A Bank Loan mandate on behalf of SIM’s ultimate parent company, Sumitomo Life.
In addition to the ongoing prudent management of the existing high yield and bank loan portfolios, the expansion of SIM’s CLO management business is a critical priority. SIM has procured a substantial equity capital commitment to drive successive CLO issuance over the ensuing years, focusing on building scale as well as a reputation for recurring and reliable investment results, and correspondingly, increasingly broad investor recognition and a wider investment base that will compound future growth and revenue. SIM’s CLO management business is a key strategic initiative with enterprise-level support; it will be built upon an established foundation with respect to human capital, technology, and in-force institutional knowledge and relationships. This endeavor will also be supported by harnessing synergistic capabilities from SIM’s CLO tranche investing team, where its $9bn+ AUM makes it a substantial market participant with well-developed relationships and substantial product expertise.
Finally, over time, SIM should have the potential opportunity to build other third-party revenue channels through the High Yield and Bank Loan team, including separately managed accounts (“SMA”).
This is an unusually attractive opportunity to lead a highly experienced and sophisticated team with substantial current AUM, significant expansion opportunities, an established legal/compliance/technology infrastructure, and strong institutional sponsorship, all within the framework of a seasoned, scaled asset manager that is owned by a stable, highly-rated insurance carrier with many decades of operating history.
This is a hybrid work role based in Farmington Connecticut.
Company Overview
Symetra Investment Management (“SIM”) is a registered investment advisor and a subsidiary of Symetra Financial Corporation (“Symetra”), which also serves as the holding company for Symetra Life Insurance Company (“SLIC”), an A-rated carrier with over $50 billion in assets. Symetra Life Insurance Company is a diversified insurer offering (i) life insurance, (ii) fixed, fixed-indexed and registered-indexed annuities, and (iii) group stop loss, life and disability, and fixed indemnity products. In turn, Symetra is a wholly owned subsidiary of Sumitomo Life, one of the top four life insurers in Japan, with over $250 billion in assets.
SIM has a long-term track record of success in managing the assets of Symetra and its insurance subsidiaries. In addition, SIM invests in the U.S. markets for Sumitomo Life, as well as for a small number of 3rd-party accounts, bringing its total AUM to over $80 billion.
What you will do
Execute on SIM’s strategic plan to grow its CLO management business by overseeing all aspects of CLO management and issuance.
This includes:
- Work across all relevant SIM areas (high yield and bank loan team, CLO tranche investing team, insurance portfolio management team, operations team, legal and compliance team, business development team) to effectuate the business plan while maintaining the highest level of collaboration, communication, and professionals
- Select and work with all necessary external constituencies (chosen arrangers, warehouse providers, vendors, outside investors, dealers, ratings agencies, trustees, etc.), and represent SIM to such constituencies professionally, responsively, ethically, and with the highest standard of care, at all times
- Maximize long-term value for both the affiliated insurance companies as well as external clients by sourcing, underwriting, and acquiring positions aligned with client objectives and utilizing fundamental credit analysis, disciplined portfolio construction, and ongoing, opportunistic portfolio management. Enforce discipline in the evaluation of risk and return by maintaining consistency in the investment processes and ensuring that such is applied continually to all related mandates. Cultivate strong client relationships that engender trust with the team as well as with SIM more broadly.
- Provide superior oversight, recommendations, and decision-making with respect to cultivating maximum value from higher-risk or deteriorated credits. Provide commentary and/or recovery analysis on such credits to satisfy client inquiries, other-than-temporary impairment (“OTTI”) evaluation needs or other requirements.
- Support SIM’s future additional potential efforts to commercialize its offerings (e.g. SMA) in the High Yield and Bank Loan space as dictated by business conditions, SIM/enterprise goals, and opportunities. Work collaboratively across other teams at SIM to enhance breadth and quality of analysis, idea generation, and cooperation leading to enhanced collective success.
What we offer you
We don’t take a “one-size-fits-all” approach when it comes to our employees. Our programs are designed to make your life better both at work and at home.
- Plan for your future with our 401(k) plan and take advantage of immediate vesting and company matching up to 6%
- Self-Managed Time Away along with paid holidays
- Give back to your community and double your impact through our company matching
- Want more details? Check out Symetra Benefits Overview
Who you are
- 15-20+ years of overall experience in an institutional fixed-income oriented, front office role focused on research, trading, and/or portfolio management with respect to below-investment-grade exposure, with a focus on long-term, disciplined, and fundamental investment strategies.
- BA. or B.S. degree in finance, business, or related field, or in a quantitative discipline such as Mathematics, Statistics, or engineering. Advanced degree is a plus. CFA designation.
- Experience must include substantial active management of bank loan collateral pools for CLOs as well as the relationships and experience necessary to successfully raise 3rdparty CLO equity prospectively.
- Must possess a sound and demonstrable understanding of CLO vehicles, the CLO management business, and how to expand a best-in-class platform
- Demonstrable and successful track record managing CLOs, high yield, and bank loan strategies with solid performance and low defaults with well-established industry relationships.
- Leadership, talent development, and long-range planning experience and expertise worthy of a position overseeing an established, high-performing team entrusted with the management of billions of dollars of current AUM and the execution of key expansion initiatives.
- Experience developing, building and maintaining investment infrastructure, processes and procedures that support desired portfolio management, trading, surveillance, and compliance needs for active high yield and bank loan portfolios.
- A “get it done” work ethic that supports the completion of tasks within specified timeframes, and the ability to adjust to shifting priorities as business conditions warrant, understanding that the work requirements of the position will sometimes embed inflexible deadlines.
Preferred Experience:
Experience in an insurance company or insurance-owned asset manager, or in a portfolio management role managing insurance company portfolios.
Experience managing CLOs and experience managing both buy-and-maintain- as well as total-return-oriented portfolios.
We empower inclusion
At Symetra, we aspire to be the most inclusive insurance company in the country. We're building a place where every employee feels valued, respected, and has opportunities to contribute.
Inclusion is about recognizing our assumptions, considering multiple perspective, and removing barriers. We accept and celebrate diverse experiences, identities, and perspectives, because lifting each other up fuels thought and builds a stronger, more innovative company. We invite you to learn more about our efforts here.
Creating a world where more people have access to financial freedom
Symetra is a national financial services company dedicated to helping people achieve their financial goals and feel confident about the future. In our daily work, we're guided by the principles of Value, Transparency and Sustainability. This means we provide products and services people need at a competitive price, we communicate clearly and openly so people understand what they're buying, and we design products--and operate our company--to stand the test of time. We're committed to showing up for our communities, lifting up our employees, and standing up for diversity, equity and inclusion (DEI). Join our team and help us create a world where more people have access to financial freedom.
Compensation
Salary Range: Min $300,000 – Max $375,000 plus eligibility for annual bonus program and long-term incentives.
Work Authorization
Employer work visa sponsorship and support are not provided for this role. Applicants must be currently authorized to work in the United States at hire and must maintain authorization to work in the United States throughout their employment with our company.
Please review Symetra's Remote Network Minimum Requirements:
As a remote-first organization committed to providing a positive experience for both employees and customers, Symetra has the following standards for employees' internet connection:
- Minimum Internet Speed:100 Mbps download and 20 Mbps upload, in alignment with the FCC's definition of "broadband."
- Internet Type:Fiber, Cable (e.g., Comcast, Spectrum), or DSL.
- Not Permissible:Satellite (e.g., Starlink), cellular broadband (hotspot or otherwise), any other wireless technology, or wired dial-up.
When applying to jobs at Symetra you'll be asked to
test your internet speed and confirm that your internet connection meets or exceeds Symetra's standard as outlined above.
Identity Verification
Symetra is committed to fair and secure hiring practices. For all roles, candidates will be required (after the initial phone screen) to be on video for all interviews. Symetra will take affirmative steps at key points in the process to verify that a candidate is not seeking employment fraudulently, e.g. through use of a false identity.
Failure to comply with verification procedures may result in:
- Disqualification from the recruitment process
- Withdrawal of a job offer
- Termination of employment and other criminal and/or civil remedies, if fraud is discovered
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