Director of Credit in City of London

JOB PURPOSE

• Take senior ownership of European credit activities, prioritised as: (i) mid-market LBO co-investments with Direct Lending (DL) GPs, (ii) DL fund investments and GP coverage, and (iii) Broadly Syndicated Loan (BSL) exposure through a Separately Managed Account (SMA).
• Lead the underwriting, execution and monitoring of DL co-investments; oversee evaluation of DL funds and GPs; and provide independent review and challenge of the BSL Asset Manager.
• Provide day-to-day oversight of 2–3 analysts at Manager and/or Assistant Manager level, including work allocation, prioritisation, coordination and review of outputs. The analysts will continue to report directly to the HoD.
• Apply independent credit judgement and experience across credit and individual industry cycles to identify emerging risks, distinguish cyclical weakness from structural deterioration and support timely portfolio action.
• Provide decision-ready recommendations and concise portfolio insights to the HoD and other senior stakeholders, while supporting development of the Bank’s European private-credit franchise.

KEY RESPONSIBILITIES

1. DL Co-investments

• Lead and review credit analysis of mid-market LBO co-investment opportunities, including financial modelling, business and industry assessment, capital structure, documentation, downside and recovery analysis.
• Use information from partner GPs efficiently while ensuring the Bank reaches an independent, well-evidenced credit conclusion.
• Lead credit memos, investment notes, internal approvals and Credit Committee discussions with clear and balanced recommendations.
• Oversee ongoing monitoring, including trading performance, covenants, amendments, waivers and emerging credit concerns, ensuring timely action where risks deteriorate.

2. DL Funds and GP Coverage

• Direct evaluation of DL funds, including strategy, structure, terms, performance, portfolio construction, concentration, liquidity and downside characteristics, and recommend investment or gatekeeping decisions.
• Assess and monitor GPs, including team quality, sourcing, underwriting standards, track record, governance, portfolio management and workout capabilities.
• Maintain senior dialogue with relevant GPs and develop DL analytical frameworks, monitoring tools and institutional knowledge.
• Lead the review and challenge of the BSL Asset Manager’s credit inputs, proposals and monitoring conclusions, ensuring alignment with the Bank’s risk appetite and portfolio objectives.
• Assess individual credits, portfolio positioning, relative value, performance and emerging watch‑list situations.
• Oversee efficient internal reporting and controls while making effective use of the external manager and internal resources.

4. Team and Cross-portfolio Leadership

• Provide day-to-day oversight of 2–3 Managers/Assistant Managers, allocating resources in the priority order of DL co-investments, DL funds/GPs and BSL, while responding flexibly to risk, workload and deadlines.
• Set analytical standards, review and challenge outputs, coach analysts and ensure comprehensive and timely coverage. The analysts’ formal reporting line remains directly to the HoD.
• Continue to report directly to the HoD and remain accountable to the HoD for team coordination, recommendations, portfolio oversight and delivery within delegated authority.
• Apply experience across full credit cycles and sector‑specific cycles to downside assessment, early‑warning indicators, portfolio positioning and stress management.
• Maintain a portfolio‑wide view of concentration, correlation, structural and market risks across DL co-investments, DL funds/GPs and BSL.
• Lead analysis of deteriorating credits, amendments, restructurings and workouts, escalating material matters with clear recommendations.
• Maintain effective relationships with DL GPs, the BSL Asset Manager, risk functions, Credit Committee stakeholders and senior management.
• Improve monitoring, reporting and control processes and communicate material developments promptly to the HoD and relevant stakeholders.

QUALIFICATIONS AND EXPERIENCE

• Substantial experience in sub-investment-grade corporate credit and portfolio management, with strong LBO underwriting capability; relevant rating agency, bank or buy‑side experience is acceptable.
• Strong experience of underwriting and monitoring mid-market LBO co-investments and reaching independent conclusions while using GP information efficiently.
• Strong understanding of the European DL market, including fund structures, GP dynamics, key terms, underwriting practices and portfolio construction.
• Relevant experience of BSL credit and portfolio oversight, including effective challenge of external asset‑manager analysis.
• Demonstrable experience through more than one credit cycle, including stressed or dislocated markets, and across individual industry cycles affecting borrower performance and recoveries.
• Ability to apply lessons from prior cycles to downside cases, early‑warning indicators, sector views, portfolio construction and remedial action.
• Proven experience of overseeing and developing analysts through work allocation, prioritisation, quality assurance, coaching and feedback.
• Ability to coordinate 2–3 Managers/Assistant Managers efficiently while maintaining comprehensive coverage across DL co-investments, DL funds/GPs and BSL.
• Strong written and verbal communication skills, with credibility to challenge GPs and external managers and present complex credit matters clearly to senior stakeholders.
• Proactive and capable of exercising considerable initiative within the direction, delegated authority and reporting structure set by the HoD.

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