Private Investment Operations Associate – CLOs

Working at PPM America, Inc.

PPM America, Inc. (PPM) is a client-focused investment manager, and our mission is to deliver client-specific solutions and world class service to investors in the pursuit of their unique investment objectives.  PPM prides itself on being a nimble, investment-led organization that is responsive to the opportunities that our teams discover together. Click here for a description of our assets under management and our investment strategies.

PPM was named one of the Best Places to Work in Money Management by Pensions & Investments in 2024. We attract professionals who exhibit humbleness, directness, and dedication. Our communication style is informal, and we encourage collaboration by giving our teams the freedom to speak openly and share new ideas. PPM’s values guide our internal conduct and help define the type of relationships we share with our investors, affiliates, and other valued partners. Above all, PPM is passionate about giving back to our clients, to each other, and to our community. We understand that community and purpose are just as important as the job description when finding your next career, and at PPM you would join a community of employees with a long track record of dedicating their time and support to local nonprofits with the effort of strengthening local families and increasing economic opportunities.

At PPM, we believe that diversity and inclusion are integral to the success of our growth and longevity. PPM is committed to a culture of respect and believe that inclusion is the key to this culture, enabling our ability to innovate, execute, and grow for the benefit of our associates, clients, shareholders, and the communities where we live.

 

Summary

Private Investment Operations provides a centralized and coordinated function supporting syndicated bank loan, CLO and investment grade private credit strategies across PPM’s many business units.   The team is responsible for trade processing and settlement activities, daily cash availability reporting, portfolio investment accounting, refinancing and restructuring activity and other ad hoc syndicated loan and investment grade private credit activities.  Additionally, the team manages CLO administration activities including warehouse borrowings, warehouse-to-launch processes, and financial statement reviews.
The team’s day-to-day activities include direct engagement with various teams including Investment Management, CLO Management, Performance Analytics, Public Securities Operations, IT, internal and external service providers and clients.  The team maintains a highly collegial and collaborative environment with clear operational accountabilities and a focus on skill development and advancement, use of technology, and process optimization.

 

Role Specifics

This role involves overseeing the full lifecycle of syndicated bank loans within CLOs, managing the operations of CLO warehouse launches, and ensuring compliance with CLO reporting and payment obligations.  The candidate must be eager to participate in a team that handles a diverse range of functions and disciplines and exhibit a high attention to accuracy and detail and a willingness to drive process improvements and automation to enhance operational efficiency. This role involves significant interaction with internal parties (traders, portfolio managers, CLO team, operational teams, etc.) as well as external parties such as trustees, agent banks, counterparties, custodians, auditors and clients.  The role also serves as oversight function to analysts that support Private Investment Operations.

In addition to the CLO responsibilities, the Private Investment Operations Associate will have the opportunity to engage in operational activities with respect to other private investments, as the broader private investment operations team regularly seeks opportunities to cross train across various asset types and processes in its efforts to deepen the skill set of all team members.

 

Responsibilities:

• Manage all operational aspects of launching and closing CLO warehouses including funding requests, review of flow of funds reports and related documentation, perform asset transfers and coordinate closings with the trustee, clients and other involved parties
• Analyze and interpret CLO indentures to:
  • Validate CLO compliance testing
  • Monitor and reconcile loan characteristics to compliance tests to ensure indenture and regulatory compliance
  • Produce trustee reports
• Perform detailed reconciliations of:
  • CLO portfolio cash/holdings
  • CLO asset attributes to CLO trustee
• Support various CLO accounting activities including:
  • Monitoring of expense invoices
  • Calculation of management and trustee fees
  • Perform detailed analyses of waterfalls and cash flow distributions
• Prepare client reports
• Respond to client and investment manager inquiries in a timely, complete and accurate manner
  • effectively and efficiently coordinate new project / activity related work
• Promote continual processes improvement by identifying, recommending and implementing change and automation
• Work collaboratively with other Private Investment Operations team members:
  • Mentor and cross-train others on CLO portfolio level reporting and other responsibilities
  • Mentor / oversee junior portfolio analyst execution of CLO responsibilities
  • Provide additional operational support where and when needed
• Participate and provide cross training with the Public Securities Operations team on an ad hoc basis

 

Skills, Experience and Qualifications:

The ideal candidate is a self-starter who is passionate about financial services with a strong understanding of financial data and an interest in continuously expanding their asset class and industry knowledge. The candidate should enjoy and demonstrate effectiveness in working in a team environment, as well as working independently to drive results with a high degree of professionalism, and client focus.  Effective communication skills are critical to this role, as the candidate must demonstrate the ability to interpret, distill and present a variety of financial data to various constituents.

 

Required Skills:

• BS degree or equivalent, preferably in accounting, finance, economics, marketing, or a related discipline
• Minimum of three years of practical experience in CLO asset classes and Custodial/Trustee service requirements
• Deep understanding of CLO indentures, CLO trustee reporting, payment waterfalls and governing documents
• Extensive experience with operational processes involved in launching and closing CLO warehouses
• Deep understanding of S&P, Moody’s and Fitch ratings as they relate to CLOs
• Ability to prioritize and independently manage multiple deadlines and clientele simultaneously
• Extensive experience in preparing accurate and timely reports, analysis and presentations for management and clients
• Advanced proficiency with the entire Microsoft Office Suite, with an emphasis on Excel, Word and PowerPoint
• Advanced proficiency in navigating Moody’s and S&P’s websites
• Unquestionable professional integrity
• Keen eye for detail
• Strong organizational and communications skills
• Strong teamwork-based approach to work and collective activities
• Critical thinking, analysis, troubleshooting, and problem-solving expertise

 

Desired Skills:

• Experience, in syndicated bank loan LSTA trade and settlement documentation and the Clearpar Platform
• Knowledge of WSO systems (Administrator, Reporting, Compliance, Integration Utility tool)
• Knowledge of S&P Global platforms (Markit Pricing, Notice Manager, ADFlow)
• Knowledge of BlackRock’s Aladdin tool
• Proficiency in tools that promote data analysis, task automation, and/or visualization (i.e. Python, Power BI, JIRA, etc.)
• Additional credentials or progress toward an advanced degree or chartered industry designation (i.e., CFA, CPA, etc.) are a plus

 

Benefits:

At PPM, we offer opportunities to get involved with a diverse network of peers and support the causes that are important to you. Your enthusiasm and talents can make a lasting impact on our organization and our community.

 

Employment Benefits:

Our employees go the extra mile every day, and the benefits of working at PPM reflect our commitment to supporting and enhancing their personal and professional lives. The plans and programs listed below are offered in collaboration with our parent company.

• Competitive salary and bonus
• Medical, dental and vision coverage
• 401k retirement plan with dollar-for-dollar matching contributions (up to 6% of salary)
• Tuition and professional certification reimbursement
• Paid parental leave
• Adoption assistance
• Holidays and paid time off
• Paid time off to volunteer
• Life insurance
• Gift matching

 

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Equal Employment Opportunity PPM America, Inc. is an equal opportunity employer and we base our employment decisions without unlawful regard or consideration of an individual’s race, color, religion, national origin, sex, gender, sexual orientation, ancestry, citizenship, age, marital status, veteran status, medical condition, non-job related disability, pregnancy or any other basis protected by federal, state, or local law.

 

Base Pay:

$88,000.00 – $105,000.00. The base salary for this position may vary depending on experience, job-related knowledge, skills, and abilities. In addition to the base salary, this role will be eligible to participate in our annual bonus program. This role will also be eligible for compensated personal time off and holidays, health benefits, 401(k) plan with generous matching and profit sharing contributions, and other benefit programs according to the Company’s employment policies and subject to the formal terms of such plans and programs.