Job Description: Penn Mutual Asset Management. LLC (“PMAM”) is a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company. PMAM is committed to serving the institutional marketplace by offering fixed income investment solutions. We tailor our proven approach to generate solid risk-adjusted returns that result in consistent earnings, while balancing the need for capital preservation to achieve the desired strategy and goals. With over $44 billion in assets under management as of February 28, 2026, we are fixed-income specialists, dedicated to creating value through a prudent, thoughtful and rigorous investment decision-making process. We are looking for an Investment Analyst, Structured Securities to come join our team! This is an integral member of the PMAM team and has a strong understanding of financial markets and provides significant input into decision making by presenting opinions and influencing investment decisions. You may focus on one or more of the following areas: Credit Research, Trade execution, portfolio surveillance, manage both tactical and strategic portfolio positioning Candidate Note: For this position, you will be required to work onsite in our Conshohocken office at least three days each week. Responsibilities Responsible for credit research in securitized product sectors, with a focus on RMBS and residential mortgage-related investments, and CLOs. Provide forward-looking credit opinions on securities and sectors Develop financial models for credit research, portfolio surveillance and relative value analysis Build strong relations with dealers and other market participants Present forward looking opinions on individual investments and sectors Present investment ideas to the team in formal and informal environments Automate investment reports/analysis for better information flow and sharing. Remain current with market trends and generate ideas Influence setting the strategic position of interest rate/curve and risk level for portfolio Preform cashflow analysis for structured securities Analyze deal structures and perform collateral analysis to determine relative value Assist and prepare reporting requests from team members Skills and Abilities Proven analytical, decision-making and problem-solving skills Excellent oral, written communication and presentation skills Ability to work collaboratively in a team environment Strong decision making and quantitative skills The ability to effectively influence others The ability to work in a fast paced high energy environment Experience working in a trading floor environment and ability to deal with distractions and handle multiple tasks simultaneously Knowledge of Bloomberg required Advanced Excel skills Education & Experience: Bachelor's Degree in Finance and/or Economics Preferred 3-5 Years of investment experience preferred Base Salary Range - $95,000-$100,000 For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com. Penn Mutual is committed to Equal Employment Opportunity (EEO). We provide employment and advancement opportunities to all qualified applicants and associates, according to applicable laws. This is reflected in our practices for hiring, placement, promotion, transfer, demotion, layoff, termination, recruitment, compensation, selection or training, and all other terms and conditions of employment. All employment-related decisions and practices are free from unlawful discrimination. This includes: race, creed, color, national origin, ancestry, citizenship age, gender (including pregnancy), sexual orientation, gender identity or expression, domestic partnership or civil union status, marital status, genetic information, disability, religious observance or practice, liability, veteran status or any other classification protected under applicable law. You’ve got big plans. You want to do work that matters. And you have high expectations for the next step in your career. Join a team of bright, talented and driven employees who have a common goal in mind: To help people get stronger. It's as simple as that. You’ll build on your expertise and have a positive impact on the financial professionals we support and the clients they serve. Here, you're an expert in the subject matter and you'll always be treated like one. Every day, your purpose is to help people get stronger. But here's the thing: Professionally, you'll get stronger too.