Fixed Income Research Associate, CMBS

About the Role

THE POSITION

We are seeking to recruit a Research Associate (RA) to join our Structured Finance Research Team. This individual will support the CMBS Analyst in covering investment-grade and high-yield opportunities across CMBS, including but not limited to the Conduit, SASB, and CRE CLO subsectors.

The Structured Finance investment team is dynamic and growing and is currently responsible for approximately $60 billion in assets. As part of the Structured Finance Research Team, the RA will be fully integrated into the investment process and will conduct fundamental and quantitative analysis in support of the CMBS Analyst. The RA will contribute research and relative value insights to inform investment decisions and support the development of investment recommendations that help shape portfolio manager decisions and add value to client portfolios.

The ideal candidate will have 2–4 years of experience in structured finance or commercial real estate, ideally with direct CMBS exposure, and will demonstrate a strong commitment to the asset class. The role requires excellent technical and quantitative skills, strong attention to detail, and the ability to work effectively in a collaborative team environment. The Research Associate will partner closely with the CMBS Analyst, as well as Portfolio Managers, Traders, and other investment professionals across the platform. The successful candidate will have the opportunity to develop independent coverage responsibilities over time.

The role may be based in New York (preferred given proximity to the CMBS Analyst and Trader and day-to-day collaboration) or Boston.

Responsibilities

Responsibilities for this position will include the following:

• Supporting the development of CMBS investment analyses and recommendations for portfolio managers
• Conducting data analysis across large loan-level and property-level datasets
• Supporting portfolio monitoring and risk assessment across existing CMBS holdings
• Creating and maintaining detailed financial models to analyze existing and prospective investments
• Attending and contributing to internal investment meetings

Essential Skills

The following essential skills and characteristics are required for the role:

• Investment acumen and passion – We seek a technically strong early-career investment professional with experience in structured finance or commercial real estate and a demonstrated interest in CMBS. The ideal candidate will possess strong analytical and technical skills, attention to detail, and a quantitative orientation.
• Superior collaboration and influencing skills – The successful candidate will contribute effectively within a highly collaborative investment environment and build strong, trusting relationships with colleagues. The ability to offer thoughtful perspectives, engage in constructive debate, and collaborate effectively within a team is important. The candidate must recognize the value of diverse perspectives. Clear and effective communication, both verbal and written, and a willingness to contribute to an open investment dialogue are essential.
• Strong technical and quantitative aptitude – Demonstrated ability to work with financial models, large datasets, and analytical tools is required. Programming experience (preferably Python) and database familiarity (SQL) are required. Knowledge of AI-driven tools or automation techniques to enhance research efficiency is viewed favorably. Attention to detail and analytical rigor are essential.

Qualifications

Additional qualifications and characteristics include:

• 2–4 years of experience in structured finance or commercial real estate, ideally with CMBS exposure. Experience in other structured finance asset classes will be considered.
• Programming experience (preferably Python) and database familiarity (SQL) are required.
• Ability to leverage technical skills to efficiently review and analyze datasets.
• Strong analytical judgment and attention to detail.
• Ability to execute a defined research agenda under senior guidance.
• Strong organizational and time management skills, and the ability to work well under pressure.
• Intellectual curiosity, sound judgment, and a global perspective.
• An undergraduate degree with a strong academic record. Progress toward or completion of the CFA designation is viewed positively but is not required.

Location

The Fixed Income Research Associate may be based in New York (preferred) or Boston.