Workplace Diversity
Structured Products Trader

Structured Products Trader

location1 National Life Dr Unit 9000, Montpelier, VT 05602, USA
PublishedPublished: 1/11/2024
Full Time


For 175 years, National Life Group (“NLG”) has aimed to keep their promises to provide families stability in good times and in bad. And throughout that history, they have provided peace of mind to those families as they plan their futures.

As a mission-driven business, the cause of what they do is as important as the products they sell. And their cause is a very simple one, directed at the people who live and work on America’s Main Streets: “To Do good in our communities and with the individual families we serve.”

National Life Capital Management, 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.


Position Summary

The Structured Products Trader is a key member of the National Life Capital Markets team responsible for trade idea generation, modeling, and execution across National Life’s structured products investment portfolio including CLOs, CMBS, RMBS, and ABS markets.  In collaboration with specialists across Residential RE, Commercial RE, and Asset Backed markets, the Trader will implement National Life’s investment strategy in liquid structured products while providing capital markets insight across teams and the NLG Capital Investment Committee.  This role will serve as a key contact with the broker / dealer community and will represent the interests of NLG while building deep working relationships.  The Structured Products Trader will aid in the ongoing development of team members and the continued evolution of systems and analytics to support the National Life investment process.


  • Conduct timely and reliable trade execution across structured products including CLOs, ABS, CMBS, and RMBS
  • Assess market conditions, new issue and secondary supply, and relative value conditions to aid in portfolio construction and trade implementation
  • Provide insight on structured products markets and broader macroeconomic trends, and contribute to the dissemination of market research, views, and analysis
  • Contribute to active and ongoing dialogue across the NLG Capital organization, providing timely commentary and contributing to daily trading desk dialogue
  • Collaborate with asset class specialists to build and refine asset class strategies, develop opinions on relative value, and assess / price risk across both liquid and illiquid strategies


Pivotal Experience & Expertise

  • Undergraduate or advanced degree in Finance, Economics, Engineering, Computer Science or a related field of study
  • 5r+ years experience in structured products, with a minimum of 3 years actively trading in at least one relevant structured products asset class
  • Knowledge of trading protocols and market conventions
  • Established relationships on both the buyside and sellside
  • Skilled in Excel and comfortable producing market insights and ad hoc analysis supporting decision making
  • Prior use of Intex, Aladdin, and/or Bloomberg and related APIs
  • Experience using SQL and Python helpful
  • Intense intellectual curiosity with the desire to seek new challenges while continuously learning
  • Solid interpersonal skills and ability to connect to form meaningful working partnerships
  • Inclusive team player with a collaborative and cooperative approach
  • Strong work ethic and proactive professional disposition
  • Experience driving projects to completion

Cultural Fit

  • Results-driven mindset
  • Thrives in a collaborative environment where the best ideas that drive the best results are rewarded
  • Has the integrity to communicate all relevant facts and information in evaluating decisions and the humility to admit what you do not know
  • Love of learning – comfortable in an organization that seeks to continually learn from its mistakes and successes to drive better investment decisions
  • Comfortable with ambiguity and the mentality required to address and ultimately own those ambiguous situations – finding answers and solutions
  • Proficient in giving and receiving constructive feedback in both real time and structured environments
  • Demonstrates transparent, direct, and open communication across the organization
  • Promotes collaboration and has a “firm first” attitude – does what is right for National Life Group
  • Commitment to our mission and values

In addition to base salary, other rewards may include an annual bonus, quarterly bonuses, commissions, and other long-term incentive compensation, depending on the position.  National Life offers a competitive total rewards package which includes: a 401(k) retirement plan match; medical, dental, and vision insurance; a company funded wellness account for director and below employees; 10 paid holidays; a generous paid time off plan (22 days of combined time-off for non-exempt employees and exempt employees have discretion in managing their time, including scheduling time off in the normal course of business, but in no event will exempt employees receive less sick time than required by state or local law); 6 weeks of paid parental leave; and 6 weeks of paid family leave after a year of full-time employment.
National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group.
Fortune 1000 status is based on the consolidated financial results of all National Life Group companies. 
National Life Group
1 National Life Dr
Montpelier, VT 05604
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