Sr. Associate, Asset-Based Financing
National Life Insurance Company, Montpelier, Vermont, us, 05604
Come join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures.
Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.
We foster a collaborative environment with opportunities for growth and encourage our associates to live our values:
Do good. Be good. Make good.
NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team. They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.
Role Summary The Sr. Associate, Asset-Based Financing plays a key role within the growing structured credit strategy of NLG Capital. This role will support senior members of the team on sourcing, analyzing, trading, structuring, and executing complex structured finance and asset-backed transactions.
The Sr. Associate, Asset-Based Financing will support the underwriting, ongoing monitoring, and investing of asset-backed finance transactions. Additionally, the candidate will serve as a key team member, helping to evaluate asset originators and collateral, while developing structural solutions appropriate for NLGs balance sheet.
Successful candidates will have relevant experience within investment banking, rating agencies, asset management firms, asset originators, or other intermediaries within structured finance. The Sr. Associate, Asset-Based Financing will have analyzed collateral and transactions across consumer finance, equipment lease/financing, residential solar, mortgages, and/or other asset backed sectors.
This position currently offers an onsite hybrid work schedule, with the expectation that you are in the office four days per week during onsite core days. Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday. The work schedule type and core days are subject to change with advance notification and manager discretion.
Essential Duties and Responsibilities
Support the team in sourcing, modeling, and analyzing private transactions across the asset-backed securities and loan markets
Support the team in reviewing deal documentation, negotiating transaction terms, and structuring of forward flow agreements, warehouse financing, and term securitizations
Coordinate with internal and external legal counsel, rating agencies, and industry experts to identify and execute on solutions appropriate for NLG
Support ongoing portfolio and market monitoring, proactively identifying emerging risks and opportunities and recommending appropriate courses of action
Perform timely surveillance of existing investments and maintain a clear system to communicate asset and market level performance across the investment team
Support the research efforts for both traditional and esoteric securitized asset classes, including collateral and prepayment analysis, risk and default modelling, and cross sector relative value comparisons
Collaborate with other members of the team to develop and implement sub-sector and security selection recommendations for securitized strategies
Contribute to the development and distribution of asset class insights and reporting on portfolio and trading activity, aiding strategic decision making across the firm
Monitor credit, prepayment, liquidity and market dynamics for risk management and balance sheet valuation exercises, including cashflow forecasting and other analytical exercises
Provide key input to the fixed income team’s strategic and tactical asset allocation dialogue across fixed income sectors and portfolios
Minimum Qualifications
2+ years structured finance or whole loan experience spanning consumer finance, residential solar, equipment lease/financing, or other esoteric asset-based financing markets
Deep understanding of structuring process and documentation provisions in complex structured transactions
Experience with cash flow modeling and systems including Intex
Demonstrated experience with deal structuring, negotiation, and documentation across flow agreements, warehouse, and/or securitization
Must have broad strategic investment perspective and understanding
Strong leadership, organizational, and interpersonal skills. Focus on strategic talent management; experience mentoring, teaching and training staff
Active student of the markets, with a passion for their work
Able to articulate market conditions to a variety of audiences who may or may not have substantive investment knowledge
Preferred Qualifications
Advanced degree and/or CFA (optional, but seen favorably)
Experience in a structuring, capital markets, rating agency, buy-side, or banking role strongly preferred
Understanding of accounting implications and insurance general account investing preferred but not required
Base Pay Range The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors. The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.
Additional Compensation and Benefits The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an "at-will position" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.
National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.
Voluntary Self-Identification For government reporting purposes, we ask candidates to respond to the below self-identification survey. Completion of the form is entirely voluntary. Whatever your decision, it will not be considered in the hiring process or thereafter. Any information that you do provide will be recorded and maintained in a confidential file.
As set forth in National Life Insurance Company’s Equal Employment Opportunity policy, we do not discriminate on the basis of any protected group status under any applicable law.
Voluntary Self-Identification of Disability Form CC-305 Page 1 of 1 OMB Control Number 1250-0005 Expires 04/30/2026
Why are you being asked to complete this form?
We are a federal contractor or subcontractor. The law requires us to provide equal employment opportunity to qualified people with disabilities. We have a goal of having at least 7% of our workers as people with disabilities. The law says we must measure our progress towards this goal. To do this, we must ask applicants and employees if they have a disability or have ever had one. People can become disabled, so we need to ask this question at least every five years.
Completing this form is voluntary, and we hope that you will choose to do so. Your answer is confidential. No one who makes hiring decisions will see it. Your decision to complete the form and your answer will not harm you in any way. If you want to learn more about the law or this form, visit the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) website at www.dol.gov/ofccp.
How do you know if you have a disability?
A disability is a condition that substantially limits one or more of your “major life activities.” If you have or have ever had such a condition, you are a person with a disability.
Disabilities include, but are not limited to:
Alcohol or other substance use disorder (not currently using drugs illegally)
Autoimmune disorder, for example, lupus, fibromyalgia, rheumatoid arthritis, HIV/AIDS
Blind or low vision
Cancer (past or present)
Cardiovascular or heart disease
Celiac disease
Cerebral palsy
Deaf or serious difficulty hearing
Diabetes
Disfigurement, for example, disfigurement caused by burns, wounds, accidents, or congenital disorders
Epilepsy or other seizure disorder
Gastrointestinal disorders, for example, Crohn's Disease, irritable bowel syndrome
Intellectual or developmental disability
Mental health conditions, for example, depression, bipolar disorder, anxiety disorder, schizophrenia, PTSD
Missing limbs or partially missing limbs
Mobility impairment, benefiting from the use of a wheelchair, scooter, walker, leg brace(s) and/or other supports
Nervous system condition, for example, migraine headaches, Parkinson’s disease, multiple sclerosis (MS)
Neurodivergence, for example, attention-deficit/hyperactivity disorder (ADHD), autism spectrum disorder, dyslexia, dyspraxia, other learning disabilities
Partial or complete paralysis (any cause)
Pulmonary or respiratory conditions, for example, tuberculosis, asthma, emphysema
Short stature (dwarfism)
Traumatic brain injury
PUBLIC BURDEN STATEMENT: According to the Paperwork Reduction Act of 1995 no persons are required to respond to a collection of information unless such collection displays a valid OMB control number. This survey should take about 5 minutes to complete.
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Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.
We foster a collaborative environment with opportunities for growth and encourage our associates to live our values:
Do good. Be good. Make good.
NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team. They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.
Role Summary The Sr. Associate, Asset-Based Financing plays a key role within the growing structured credit strategy of NLG Capital. This role will support senior members of the team on sourcing, analyzing, trading, structuring, and executing complex structured finance and asset-backed transactions.
The Sr. Associate, Asset-Based Financing will support the underwriting, ongoing monitoring, and investing of asset-backed finance transactions. Additionally, the candidate will serve as a key team member, helping to evaluate asset originators and collateral, while developing structural solutions appropriate for NLGs balance sheet.
Successful candidates will have relevant experience within investment banking, rating agencies, asset management firms, asset originators, or other intermediaries within structured finance. The Sr. Associate, Asset-Based Financing will have analyzed collateral and transactions across consumer finance, equipment lease/financing, residential solar, mortgages, and/or other asset backed sectors.
This position currently offers an onsite hybrid work schedule, with the expectation that you are in the office four days per week during onsite core days. Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday. The work schedule type and core days are subject to change with advance notification and manager discretion.
Essential Duties and Responsibilities
Support the team in sourcing, modeling, and analyzing private transactions across the asset-backed securities and loan markets
Support the team in reviewing deal documentation, negotiating transaction terms, and structuring of forward flow agreements, warehouse financing, and term securitizations
Coordinate with internal and external legal counsel, rating agencies, and industry experts to identify and execute on solutions appropriate for NLG
Support ongoing portfolio and market monitoring, proactively identifying emerging risks and opportunities and recommending appropriate courses of action
Perform timely surveillance of existing investments and maintain a clear system to communicate asset and market level performance across the investment team
Support the research efforts for both traditional and esoteric securitized asset classes, including collateral and prepayment analysis, risk and default modelling, and cross sector relative value comparisons
Collaborate with other members of the team to develop and implement sub-sector and security selection recommendations for securitized strategies
Contribute to the development and distribution of asset class insights and reporting on portfolio and trading activity, aiding strategic decision making across the firm
Monitor credit, prepayment, liquidity and market dynamics for risk management and balance sheet valuation exercises, including cashflow forecasting and other analytical exercises
Provide key input to the fixed income team’s strategic and tactical asset allocation dialogue across fixed income sectors and portfolios
Minimum Qualifications
2+ years structured finance or whole loan experience spanning consumer finance, residential solar, equipment lease/financing, or other esoteric asset-based financing markets
Deep understanding of structuring process and documentation provisions in complex structured transactions
Experience with cash flow modeling and systems including Intex
Demonstrated experience with deal structuring, negotiation, and documentation across flow agreements, warehouse, and/or securitization
Must have broad strategic investment perspective and understanding
Strong leadership, organizational, and interpersonal skills. Focus on strategic talent management; experience mentoring, teaching and training staff
Active student of the markets, with a passion for their work
Able to articulate market conditions to a variety of audiences who may or may not have substantive investment knowledge
Preferred Qualifications
Advanced degree and/or CFA (optional, but seen favorably)
Experience in a structuring, capital markets, rating agency, buy-side, or banking role strongly preferred
Understanding of accounting implications and insurance general account investing preferred but not required
Base Pay Range The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors. The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.
Additional Compensation and Benefits The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an "at-will position" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.
National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.
Voluntary Self-Identification For government reporting purposes, we ask candidates to respond to the below self-identification survey. Completion of the form is entirely voluntary. Whatever your decision, it will not be considered in the hiring process or thereafter. Any information that you do provide will be recorded and maintained in a confidential file.
As set forth in National Life Insurance Company’s Equal Employment Opportunity policy, we do not discriminate on the basis of any protected group status under any applicable law.
Voluntary Self-Identification of Disability Form CC-305 Page 1 of 1 OMB Control Number 1250-0005 Expires 04/30/2026
Why are you being asked to complete this form?
We are a federal contractor or subcontractor. The law requires us to provide equal employment opportunity to qualified people with disabilities. We have a goal of having at least 7% of our workers as people with disabilities. The law says we must measure our progress towards this goal. To do this, we must ask applicants and employees if they have a disability or have ever had one. People can become disabled, so we need to ask this question at least every five years.
Completing this form is voluntary, and we hope that you will choose to do so. Your answer is confidential. No one who makes hiring decisions will see it. Your decision to complete the form and your answer will not harm you in any way. If you want to learn more about the law or this form, visit the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) website at www.dol.gov/ofccp.
How do you know if you have a disability?
A disability is a condition that substantially limits one or more of your “major life activities.” If you have or have ever had such a condition, you are a person with a disability.
Disabilities include, but are not limited to:
Alcohol or other substance use disorder (not currently using drugs illegally)
Autoimmune disorder, for example, lupus, fibromyalgia, rheumatoid arthritis, HIV/AIDS
Blind or low vision
Cancer (past or present)
Cardiovascular or heart disease
Celiac disease
Cerebral palsy
Deaf or serious difficulty hearing
Diabetes
Disfigurement, for example, disfigurement caused by burns, wounds, accidents, or congenital disorders
Epilepsy or other seizure disorder
Gastrointestinal disorders, for example, Crohn's Disease, irritable bowel syndrome
Intellectual or developmental disability
Mental health conditions, for example, depression, bipolar disorder, anxiety disorder, schizophrenia, PTSD
Missing limbs or partially missing limbs
Mobility impairment, benefiting from the use of a wheelchair, scooter, walker, leg brace(s) and/or other supports
Nervous system condition, for example, migraine headaches, Parkinson’s disease, multiple sclerosis (MS)
Neurodivergence, for example, attention-deficit/hyperactivity disorder (ADHD), autism spectrum disorder, dyslexia, dyspraxia, other learning disabilities
Partial or complete paralysis (any cause)
Pulmonary or respiratory conditions, for example, tuberculosis, asthma, emphysema
Short stature (dwarfism)
Traumatic brain injury
PUBLIC BURDEN STATEMENT: According to the Paperwork Reduction Act of 1995 no persons are required to respond to a collection of information unless such collection displays a valid OMB control number. This survey should take about 5 minutes to complete.
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