Credit Research Head

Job Description

Hello future Credit Research Head

Ashburton Investments is a new generation investment manager that offers investors access to more sources of return and more ways to manage risk. In the institutional space in South Africa as well as our global business, we pride ourselves on offering solutions that address clients' holistic balance-sheet needs and support business strategies as investment capital is reallocated in response to increasing regulatory pressures. Our institutional clients include, but are not limited to, pension funds, long- and short-term insurers, reinsurers and medical schemes.

The Head of Credit Risk provides strategic leadership and independent oversight of credit risk across Ashburton Investments' portfolios and mandates. The remit spans local and offshore, listed and unlisted credit strategies, including co-investment funds and full discretionary mandates. The role reports to the Ashburton Investments Chief Investment Officer.

This is a senior leadership role responsible for the quality of credit analysis and approval, sound portfolio oversight, effective governance and constructive stakeholder engagement. The incumbent will combine deep credit expertise and analytical judgement with the ability to lead people, influence decisions and support sustainable risk-adjusted outcomes for clients.

The role will include the following responsibilities:

General

• Lead the Credit Risk function and set the credit risk strategy, operating framework and standards for Ashburton Investments.
• Take accountability for credit risk oversight across portfolios and mandates, covering current exposures and proposed investments in local and offshore, listed and unlisted credit.
• Promote disciplined, independent and consistent credit decision-making in line with applicable portfolio mandates, governance frameworks and delegated authorities.
• Provide senior credit-risk insight to the Chief Investment Officer and relevant investment and governance committees, and contribute to broader investment strategy and portfolio discussions.
• Maintain fit-for-purpose credit policies, methodologies, models, ratings, limits, systems and management information.

People and Stakeholder Management and Relationships / Engagement

• Lead a team of credit analysts and take accountability for the quality, consistency and timeliness of their work.
• Recruit, develop, train, mentor and retain high-performing credit professionals, with clear performance expectations, succession planning and continuous capability development.
• Partner closely with CPM and Legal throughout the investment lifecycle, including transaction assessment, structuring, documentation, monitoring and remedial action.
• Engage with the investor community alongside CPM, providing clear and credible perspectives on credit strategy, portfolio risks, market developments and investment opportunities.
• Maintain effective engagement with the Ashburton Investments Credit Committee (AICC), including the preparation, challenge and presentation of credit submissions and portfolio matters.
• Oversee relationships with service providers where elements of credit research or related activities are outsourced, including service quality, timeliness, accountability and appropriate challenge of outputs.
• Engage with clients and counterparties from time to time, representing Ashburton Investments professionally and communicating credit matters clearly.
• Build trusted relationships across Portfolio Management, Risk, Legal, Operations and relevant business clusters, while preserving independent credit judgement.

Credit Analysis and Approval

• Set and maintain the required standard for credit research and underwriting, ensuring that recommendations are evidence-based, balanced, commercially informed and decision-ready.
• Oversee the assessment of new and existing transactions where credit risk is undertaken, including financial analysis, cash-flow resilience, structure, security, covenants, rating, loss-given-default and downside or recovery considerations, as applicable.
• Ensure that credit submissions identify material risks, mitigants, mandate considerations and conditions of approval, and are submitted to the relevant committees within agreed timelines.
• Exercise delegated credit authority within the approved mandate and chair the Ashburton Investments Delegated Credit Committee, where applicable.
• Serve as a member of AICC with a voting mandate, applying independent judgement and constructive challenge to credit decisions.
• Oversee outsourced credit analysis or research functions and remain accountable for the quality, completeness and reliability of work used in Ashburton Investments' decision-making.
• Work with Legal to ensure transaction documents accurately reflect approved credit terms, conditions, covenants, security and other protections before implementation.
• Assess the suitability of credit instruments for specific portfolios in accordance with their investment mandates and risk parameters.

Ongoing Risk Management, Watchlist/Work-outs and Distressed/Restructuring

• Oversee ongoing credit risk management across portfolios, including exposure limits, ratings, covenant compliance, concentration risk, emerging risks and adherence to portfolio mandates.
• Ensure timely, accurate and decision-useful portfolio and credit-risk reporting to Portfolio Management, Risk, AICC and other relevant governance forums.
• Maintain effective surveillance and watchlist processes, with clear escalation, action plans, accountabilities and review frequencies for higher-risk exposures.
• Work closely with Risk to identify and report limit or covenant breaches promptly and ensure that appropriate corrective action, approval, waiver or escalation is completed.
• Lead or oversee work-outs, distressed credits and recovery strategies, protecting client interests and preserving value where reasonably possible.
• Manage complex amendments, waivers and restructurings alongside CPM and Legal, ensuring that commercial decisions are supported by robust credit analysis and appropriate legal protections.
• Serve as a member of the Ashburton Investments Credit Governance Committee (AIGCC) and contribute to effective oversight of portfolio credit risk, watchlist matters and remedial actions.
• Use risk dashboards, portfolio trends and other management information to identify deterioration early and recommend appropriate risk-mitigation strategies.

You will be an ideal candidate if you:

• Have completed an MCom, MSc or honours degree in finance, investment management, mathematics or a related discipline; other relevant qualifications may be considered.

• Hold a CA(SA) or CFA qualification, which would be advantageous.

• Have 7-10 years' relevant experience in asset management, investment banking or a comparable credit environment, including meaningful exposure to credit portfolio risk.

• Bring strong experience in credit analysis, underwriting, credit risk modelling, portfolio monitoring and the management of stressed or distressed exposures.

• Have demonstrated experience leading and developing credit professionals and influencing senior stakeholders and investment committees.

• Understand the factors affecting South African and global companies and the implications for investors.

• Have a thorough understanding of investment processes, portfolio mandates, governance, legal documentation and the management of investment risk.

You will have access to:

• Opportunities to network and collaborate.
• Challenging and meaningful work.
• Opportunities to innovate.

We can be a match if you have:

• A record of building, leading and motivating high-performing credit teams.
• Strong interpersonal skills and the ability to build trust across investment, risk, legal, operational, client and counterparty relationships.
• Excellent attention to detail, sound judgement and a consistent record of delivering high-quality work within agreed timelines.
• Curiosity and courage - a willingness to challenge constructively, keep learning and make balanced decisions.
• A commitment to mastery and continuous improvement in credit practice.
• Strong written and verbal communication, presentation and stakeholder-influencing skills.
• Advanced Microsoft Excel and financial-modelling capability.
• Strong commercial insight, risk awareness and strategic relationship-building capability.

Are you interested to take the step? We look forward to engaging with you further. Apply now!

Important Closing Date Note

Take note that applications will not be accepted on the below date and onwards, kindly submit applications ahead of the closing date indicated below.

All appointments will be made in line with FirstRand Group’s Employment Equity plan. The Bank supports the recruitment and advancement of individuals with disabilities. In order for us to fulfill this purpose, candidates can disclose their disability information on a voluntary basis. The Bank will keep this information confidential unless we are required by law to disclose this information to other parties.