PGIM Fixed Income: Associate Manager, Private Credit, Direct Lending - Bank Loan Settlements (Hybrid/Newark, NJ) (Administrative)

Job Classification:

Investment Management - Investment Operations

A GLOBAL FIRM WITH A DIVERSE & INCLUSIVE CULTURE

As the Global Asset Management business of Prudential, we're always looking for ways to improve financial services. We're passionate about making a meaningful impact - touching the lives of millions and solving financial challenges in an ever-changing world.

We also believe talent is key to achieving our vision and are intentional about building a culture on respect and collaboration. When you join PGIM, you'll unlock a motivating and impactful career – all while growing your skills and advancing your profession at one of the world's leading global asset managers! 

If you're not afraid to think differently and challenge the status quo, come and be a part of a dedicated team that's investing in your future by shaping tomorrow today.

At PGIM, You Can!

What you will do

The Operations team is a unit within PGIM Fixed Income responsible for the support and reporting of multiple Asset Based Finance Strategies. The Associate Manager, Bank Loan Operations is a technical role responsible for providing operational support to PGIM Fixed Income's Asset Based Financing Direct Lending Loan Business.  Associates in this role will have extensive direct lending bank loan settlement related functions.  This role will be primarily responsible for the support of all settlement activities as they relate to USD Private Credit- Direct Lending and assist where needed with any Broadly Syndicated Bank Loans. This includes data integrity, trade communications/settlements, and requires frequent communication with Custodians, Agent Banks, Credit, Structured Finance, Legal, Compliance and Portfolio Management.

The Private Credit Direct Lending strategy within PGIM Fixed Income is responsible for supporting the originating, underwriting, and managing a portfolio of privately placed leveraged loans for middle market issuers. 

What you can expect

• Join a global operations team by working with staff located in Newark, and Ireland.

• Having an extensive knowledge of Private Credit Direct Lending, and Bank Loan products and support requirements.

• Support all settlement related activities as they relate to US Private Credit Direct Lending Bank Loans.

• Candidate will work on a team with other professionals, perform a portion of the day-to-day work and assist with management reporting.

• Candidate will be responsible for coordinating with trade counterparties/ borrower to receive, review loan trade documentation, and facilitate the KYC/Onboarding of any new accounts.

• Coordinate closings amongst custodians, counterparties, and other groups within the firm.

• Communicate and resolve, when possible, trade problems.

• Ability to take the lead and manage large scale strategic initiatives.  This should include collaboration with vendors and internal technology teams.

• Help staff to resolve problems and incorporate new processes to mitigate risks.

• Being the primary on-site operations point of contact inclusive of facilitating audit requests.

• Understanding industry initiatives including implementation (i.e. documentation, industry standards, etc.)

• Assuming ownership for any operational issues that are raised and providing resolution in a manner that is seamless regardless of which operational areas are impacted.

• Proactively seeking ways to improve current processes by leveraging the tools available to identify inefficiencies.

• Cultivating both internal and external relationships to ensure proper service levels are achieved for each fund supported.

• Keeping abreast of industry initiatives and market trends that can impact our business model and/or offer opportunities to improve our processes.

• Developing an understanding of the Direct Lending trading business and sharing knowledge with operations teams to increase service levels.

What you will bring

• Degree in Economics, Finance or Business preferred.

• Previous exposure to Aladdin, Wall Street Office, and S & P suites of applications is a plus.

• Previous exposure to Direct Lending and private credit funds is a plus. 

• Strong knowledge of Bank Loan products; ideally 5+ years.

• Candidate will have minimum of 5 years' experience closing par loans, including: the draft and review of all forms of loan trading documentation.  Familiarity with Par/Near Par loan trading market convention.  [Familiarity with Distressed loan trading convention a plus].

• Experience with ClearPar loan closing system.

• Ability to read and interpret credit agreements.

• Strong presentation, written communication, and interpersonal skills with exposure to all levels of management

• Superior analytical skills, accuracy and careful attention to detail are crucial.

• Ability to organize, prioritize tasks and work in a deadline-oriented environment.

• Critical thinking and problem-solving experience required.

• Outstanding academic achievement, extracurricular involvement, work experience and demonstrated leadership qualities.

• Proven ability to develop and cultivate relationships across all staff levels.

• Strong analytical and problem-solving skills.

• Self-motivation and ability to work within a team environment.

• Has an entrepreneurial spirit that is willing to take on additional responsibility.

* Dependent upon the business, flexible work schedules are necessary to provide operational coverage to our business partners from 7:00 a.m. to 8:00 p.m. One of the responsibilities of this position includes the processing of wire transfers. In accordance with the Treasurer's Policy "Background Screenings on Wire Transfer Associates", any candidates selected for this position will be required to submit to a background screening including an extensive background screening and credit check. Failure to comply will eliminate a candidate from consideration for this position. In addition, any negative information obtained because of the background screening may result in the disqualification of the candidate from this and any other position in Prudential, including their current one if they are an internal applicant. PGIM Fixed Income follows the NYSE holiday schedule. This position also requires overtime during peak periods.

*PGIM welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply.

What we offer you

• Medical, dental, vision, life insurance and PTO (Paid Time Off)

• Retirement plans:

• 401(k) plan with generous company match (up to 4%)

• Company-funded pension plan

• Wellness Programs to help you achieve your wellbeing goals, including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs

• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional health, and career development.

• Tuition Assistance to help finance traditional college enrollment, approved degrees, many accredited certificate programs, and industry designations.

To find out more about our Total Reward package, Total Rewards Brochure

Note: Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $115,000 to $135,000. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills. Roles may also be eligible for additional compensation and/or benefits. Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

About PGIM Fixed Income

PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. With approximately 1000 employees and $821Bn assets under management, the company has offices in Newark, London, Letterkenny, Amsterdam, Munich, Zurich, Tokyo, Hong Kong, and Singapore. Our business climate is a safe inclusive environment, centered around mutual respect, intellectual honesty, transparency, and teamwork. Our leaders are focused on talent & culture; dedicated to fostering growth & development at all levels to develop the industry leaders of tomorrow.