Investments Commercial Mortgages Summer Internship
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Think that working in the insurance field can't be exciting, rewarding and challenging? Think again. You'll help us reinvent protection and retirement to improve customers' lives. We'll help you make an impact with our training and mentoring offerings. Here, you'll have the opportunity to expand and apply your skills in ways you never thought possible. And you'll have fun doing it. Join a company of individuals with hopes, plans and passions, all using and developing our talents for good, at work and in life.
Allstate Investments strives to provide sustainable, competitive, risk-adjusted investment returns and investment-related services for the benefit of the Allstate Corporation. We work in direct partnership with the leaders of our major lines of business to develop uniquely tailored investment strategies aligned to their needs. Our business model provides the foundation for daily decision-making and effective management of a portfolio comprised of $90 Billion in assets. The 300 professionals within Allstate Investments represent a wide variety of disciplines including portfolio management of taxable and tax-exempt fixed income, equities, private and alternative investments, and commercial mortgage as well as accounting, finance and technology. Investment performance for our three major portfolios has consistently provided excess returns for our customers and we attribute that success in large part to the quality of our people. We recognize that our employees are our ultimate advantage and we seek to attract and retain highly qualified individuals with strong academic backgrounds, a deep interest in investments and a desire to be challenged. For additional information about Allstate Investments, visit our website at www.allstateinvestments.com
The Real Estate Investment Group manages over $7 billion of assets for Allstate's various lines of insurance and financial products and its pension fund. Allstate holds investments in two primary areas of commercial real estate: Commercial Mortgages and Real Estate Equity.
We are looking to hire two summer interns to assist in the annual property valuation of our $4.5B Commercial Mortgage portfolio. The two candidates will be directly involved in all aspects of the valuation process, with direction and oversight provided by the Group's Real Estate Risk Manager. The interns will also gain exposure to Allstate's Commercial Mortgage loan origination and underwriting process, with close interaction with our portfolio managers and analysts. Specific responsibilities will include but not be limited to:
- Analyze property operating statements for compliance as related to Risk Based Capital requirements
- Compile historic, in-place and pro-forma income and expense figures
- Perform other forms of due diligence and underwriting analysis including:
- Lease reviews
- Rent roll analysis
- Review of current and projected market data
- Research and evaluation of credit worthiness of major tenants
- Perform property appraisals using Argus Enterprise software:
- Update property specific data, such as rent roll information, operating expenses and other relevant factors
- Model property cash flows using available property and market-related data
- Conclude property value using direct capitalization and/or discounted cash flow analysis
- Prepare internal valuation reports and present for portfolio manager's review and approval
By carrying out these responsibilities, the interns will develop a good working knowledge of property lease structures and lease characteristics. They will conduct property revenue and expense analysis and learn how these items impact property values. The interns will become adept at the two primary income approach methods of property valuation (direct capitalization and discounted cash flow. They will utilize Argus Enterprise software, the preeminent property valuation tool used throughout the commercial real estate industry.
- Must have ability to perform assigned tasks and achieve results independently and as a member of a team, and consistently meet deadlines and prioritize assignments effectively
- Strong verbal and written communication skills are essential, as well as the ability to interact effectively and professionally with a wide variety of internal staff as well as external clients and contacts
- Significant coursework completed toward attaining a BA/BS degree; a concentration in real estate or finance is strongly preferred
- Any equivalent business experience in the field of originating, analyzing and underwriting commercial mortgage loans is considered a plus
Investments Compliance Requirement:
- Be willing to adhere to the following in order to ensure compliance with Allstate Investments' requirements and policies:
- Provide the Investments Compliance team with a list of investment accounts over which you have significant influence
- Provide consent, through a signed statement, allowing Investments Compliance to receive duplicate confirmations of transactions in such accounts
- Pre-clear through the Pre-Trade Clearing Process any personal security trades as will be further described upon employment. The Pre-Trade Clearing Process involves a check against a restricted security/issuer list, maintained by Investments Compliance, based on Allstate Investments' and Allstate's activities and dealings in the financial markets
- Answer certain compliance questions regarding any affiliations with investment advisers, violations of state or federal securities laws, or actions taken against you by securities regulators
- Annually (and as otherwise required) confirm compliance with the Allstate Code of Ethics and the Allstate Investments Code of Conduct
- Provide Investments Compliance with a complete report of current securities holdings in which the employee has, or acquires, any direct or indirect beneficial ownership. An employee is presumed to be a beneficial owner of securities that are held by his or her immediate "family members" sharing the individual's household. Household family members include married or common-law spouses, domestic partners, partners defined by civil union and resident dependent children
Good Work. Good Life. Good Hands®.
As a Fortune 100 company and industry leader, we provide a competitive salary – but that's just the beginning. Our Total Rewards package also offers benefits like tuition assistance, medical and dental insurance, as well as a robust pension and 401(k). Plus, you'll have access to a wide variety of programs to help you balance your work and personal life -- including a generous paid time off policy.
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Allstate generally does not sponsor individuals for employment-based visas for this position.
Effective July 1, 2014, under Indiana House Enrolled Act (HEA) 1242, it is against public policy of the State of Indiana and a discriminatory practice for an employer to discriminate against a prospective employee on the basis of status as a veteran by refusing to employ an applicant on the basis that they are a veteran of the armed forces of the United States, a member of the Indiana National Guard or a member of a reserve component.
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