Associate, Product Strategy & Development

Pemberton Asset Management is hiring an Associate into its Product Strategy and Development department in London - full time, on-site, reporting to the Managing Director who heads that department. The posting says the Associate 'is responsible for structuring and executing a wide range of structured finance offerings (both private and public) including asset-backed financings, direct lending CLOs, securitized funds and leveraged continuation funds', giving institutional clients efficient, regulatory-optimised access to Pemberton's investment strategies. Source

The work in detail: structure and model CLOs and asset-backed warehouse and term facilities, optimising tranche sizing, waterfalls, collateral rules and credit risk; model portfolio cash flows under different investment scenarios with expected returns, loss and gain cases, prepayment assumptions and stress analysis; lead data submissions and manage the iterative feedback process with rating agencies; model leveraged funds and financing facilities and evaluate sensitivities against loan covenants; analyse layered fees - fund and asset management, structuring, servicing, administrative - and their projected impact on investor returns; draft and iterate term sheets covering economic terms, waterfall provisions, fee structures and reporting mechanics; structure rated feeders and securitised fund structures; prepare technical investor materials including transaction overviews, illustrative cash flow outputs and detailed investor Q&A; and present new products at the New Product Committee. Source

'Product Strategy & Development' sounds like marketing and is not. Read the tokens against the responsibilities and the meaning is narrow: the product is the legal and cash-flow wrapper an institution buys in order to get exposure to Pemberton's lending - a CLO, a rated feeder, a securitised fund, a continuation vehicle. 'Development' is building those structures; 'strategy' is deciding which ones to build and for whom. The nearest job most students would recognise is structured credit or CLO structuring at a bank, done here from the asset manager's side of the table, where the same person models the waterfall, argues the assumptions with the rating agency, writes the term sheet and then explains the fee stack to the investor. 'Associate' is a band, and the reporting line - straight to the department head, with no layer named in between - tells you it is a senior-facing one.

Our row carries no team node, and the page half-fills the gap: the department is Product Strategy and Development, the reporting line is the Managing Director who heads it, and the stakeholders are named - portfolio managers, business development, investor relations, and the central functions of finance, compliance and legal. What is missing is a headcount. That is worth asking about, because the seat sits between the people who lend the money and the people who raise it, and how many others do that job decides whether you are the structuring team or a member of it.

The posting lists exactly who the role works with: portfolio managers, business development, investor relations, and all groups across central functions including finance, compliance and legal. It also says the Associate advises Pemberton's portfolio teams and institutional clients on structure mechanics, cash flow drivers, expected net yields and the impact of cost frameworks on investor outcomes, and prepares investment and risk memoranda including downside and worst-case analytics for internal committees and client reporting. Source

Pemberton Asset Management describes itself as a leading European private credit manager with more than a decade of experience, providing private credit solutions for LPs and GPs, with an origination network across ten European offices, a substantial investment team and a broad and independent credit function. It states USD $28.8bn in assets under management and more than 200 staff globally, as of 30 September 2025, with AuM defined as capital committed since inception. Source

12 people have held London roles at Pemberton Asset Management as a whole since 2018. Set that against the 200-plus staff the firm says it has globally and the honest reading is that our coverage of this manager is thin rather than that its London office is tiny - enough to tell you it is a mid-sized private credit house, not enough to size the office.

This is a regulated seat, and the posting says so directly: in performing regulated and unregulated activities the Associate follows the FCA Individual Conduct rules - act with integrity; act with due care, skill and diligence; be open and cooperative with the FCA, the PRA and other regulators; pay due regard to the interests of customers and treat them fairly; observe proper standards of market conduct - and must ensure investment development activity takes ESG factors into account. Source

One named seat inside a named department, posted on 4 June 2026 and still up in September: three months. There is no intake, no start date and no class, so this is a lateral hire that closes when someone accepts. Three months open on a specialist structuring seat says the profile is scarce rather than that the seat is spoken for. We do not mark a posting closed without positive evidence from the firm, so treat it as live but unverified.

Stated requirements: 3+ years' experience in structured credit, CLO or ABS structuring, or capital solutions, or investment banking and M&A with a focus on cash flow and fee modelling; demonstrated proficiency in portfolio cash flow modelling in Excel, Intex or similar across multiple investment scenarios; strong analytical skills with experience modelling layered fee structures and quantifying their impact on net investor economics; proficiency in preparing investor presentations and writing internal risk papers; experience drafting term sheets, fee overviews and technical marketing materials for institutional investors; and a bachelor's degree in finance, economics, mathematics, engineering, physics, chemistry or a related subject. Source

Say it plainly: this is an experienced hire and a student cannot get it. Three years and hands-on cash flow modelling in a named tool are hard gates, and the row's own tag agrees. What is worth noticing in the other direction is the degree list - physics and chemistry sit alongside finance on it, which tells you the firm is buying modelling ability rather than a finance CV, and that is useful to know about private credit structuring generally when you are choosing what to apply for later.

If you are a student, take the vocabulary rather than the application. CLOs, warehouse and term facilities, tranches and waterfalls, collateral rules, rated feeders, continuation funds, layered fees and gross-to-net returns are the working language of a private credit manager's structuring desk, and this page is an unusually complete list of them. Knowing what those words mean is what separates a junior application to a credit manager from a generic one - and if Pemberton runs a junior intake it will be advertised as its own row, not through this one.