Intern (WAM - Fixed Income Investment/ Rotational)

Western Asset Management (WAM) is part of Franklin Templeton. We leverage cutting-edge strategies and deep insights through powerful partnerships to unlock opportunities for long-term wealth creation. Our talented, global teams bring expertise that is both broad and unique.

Western Asset Management supports clients’ financial goals and creates positive outcomes for all kinds of people. As a globally integrated fixed-income manager, we source ideas and investment solutions worldwide, with an emphasis on long-term fundamental value investing using multiple diversified strategies. WAM is a wholly owned subsidiary of Franklin Templeton and operates as a cohesive team on an open, integrated investment platform.

We are looking for an Intern to join the Franklin Templeton office in Singapore. The internship is expected to commence in December 2026 for 25 to 35 weeks.

The intern will complete three rotations within the Western Asset Management Fixed Income team over six months, covering:

• Portfolio Analysis
• Macroeconomic and Rates Research
• Credit Research

This role provides exposure to the full investment process—from developing macroeconomic and issuer views to portfolio construction, trade implementation, and ongoing risk monitoring.

How you will add value

Core responsibilities throughout the rotation:

• Translate investment instructions into appropriately sized trades, including cash, duration, currency, and hedge calculations.
• Complete trade entry, pre-trade compliance, execution support, allocation, system posting, and settlement monitoring.
• Monitor portfolio cash flows, liquidity, overdrafts, investment guidelines, and operational deadlines.
• Investigate and resolve trade, pricing, position, allocation, and settlement discrepancies.
• Support new issues, portfolio transitions, account openings, closures, and liquidations.
• Prepare portfolio reports covering positioning, performance, risk exposures, and investment activity.

Phase 1: Portfolio Analysis and Implementation

• Monitor portfolio duration, spread exposure, currency risk, sector allocation, credit quality, and benchmark positioning.
• Prepare portfolio maintenance and rebalancing trades arising from cash flows, benchmark changes, and investment decisions.
• Support performance attribution, portfolio reviews, and analysis of the impact of proposed trades on portfolio risk and return.
• Support in writeups or ad-hoc reports where needed.
• Harness AI tools to integrate workflow and analysis.

Phase 2: Macroeconomic and Rates Research

• Analyse Asian growth, inflation, monetary policy, fiscal conditions, external balances, and foreign-exchange developments.
• Evaluate yield curves, real yields, carry, and cross-market relative-value opportunities.
• Prepare macroeconomic and rates recommendations covering duration, curve, and country positioning, including key catalysts and risks.

Phase 3: Credit Research

• Conduct fundamental analysis of Asian issuers.
• Assess financial performance, leverage, liquidity, refinancing risk, and debt structure.
• Develop credit opinions and relative-value recommendations, and prepare research reports supporting portfolio investment decisions.

What will help you be successful in this role?

• Second-year university students or above, preferably studying Economics, Finance, Business, or a related discipline.
• Knowledge of fixed-income instruments, portfolio mathematics, and Asian macroeconomic and credit markets.
• Strong analytical skills, with a solid understanding of financial statements and credit metrics for analysing Asian issuers.
• Proficient in Microsoft Excel; Bloomberg and investment-management systems experience preferred.
• Excellent attention to detail, communication skills, and ability to collaborate effectively in a team environment.