Credit Analyst (Utilities and Power)

Location: London

Company

M&G is a savings and investment company combining asset management and insurance expertise to provide long-term investment solutions.

What you will do

• Lead fundamental credit research on European Utilities, Power, and related Infrastructure issuers across Investment Grade and High Yield markets.
• Assess issuer credit quality, business models, financial performance, capital structures, liquidity, regulatory environments, and key risks.
• Analyse relative value and develop actionable recommendations for new issues and secondary-market trades.
• Build and maintain financial models and forecasts under different operating and market scenarios.
• Prepare research reports, investment recommendations, and sector updates for portfolio managers and the wider investment team.
• Contribute to investment committee discussions, serve as a sector resource, and mentor junior analysts.

Requirements

• Extensive credit research experience in an asset manager, hedge fund, credit fund, rating agency, investment bank, or similar investment organisation.
• Direct experience covering Utilities and Power credits, with a strong understanding of their regulatory, operational, and financial drivers.
• Strong fundamental analysis skills, including financial statement analysis, modelling, cash-flow forecasting, corporate valuation, capital structure assessment, liquidity analysis, and downside-risk evaluation.
• Strong understanding of credit markets and relative value analysis, including primary- and secondary-market trade recommendations.
• Excellent written and verbal communication skills, sound judgement, independence, and a collaborative approach.
• Bachelor’s degree required; CFA designation strongly preferred. MBA, Master’s degree, ACA, CPA, or other advanced qualifications are helpful.

Nice to have

• Experience analysing High Yield credits.
• CFA designation or other advanced professional qualification.

Culture & Benefits

• Flexible working arrangements and workplace adjustments are available.
• Pension scheme of up to 18%, including employer and employee contributions.
• Share Save, Share Incentive Plan, and financial wellbeing support.
• 38 days of annual leave including bank holidays, with the option to purchase up to five additional days.
• Paid parental leave and family support covering maternity, adoption, surrogacy, and paternity leave.
• Private healthcare, Critical Illness cover, and Life Assurance, with additional family options.

Hiring process

• Inclusive recruitment process with reasonable adjustments available at every stage.