Location: Milan, Italy
- Date Posted: Apr 27, 2026 **Description** **About Alvarez & Marsal** Alvarez & Marsal (A&M;) is a global consulting firm with entrepreneurial, action and results-oriented professionals. We take a hands-on approach to solving our clients' problems and assisting them in reaching their potential. Our culture celebrates independent thinkers and doers who positively impact our clients and shape our industry. The collaborative environment and engaging work—guided by A&M;'s core values of Integrity, Quality, Objectivity, Fun, Personal Reward, and Inclusive Diversity—are why our people love working at A&M.; **The Team** Portfolio Advisory Group (PAG), part of the wider Financial Industry Advisory Services (FIAS) practice at Alvarez and Marsal, is currently looking for an Analyst or Associate to join our entrepreneurial and dynamic team based in Milan. This role revolves around four core areas of expertise: Performance Improvement, Loan Portfolio Advisory, Bank Restructuring and Regulatory Advisory. A&M;’s PAG team is a leading advisor to financial institutions, platforms, investors and financiers for credit, distressed assets, non-banking assets and real estate transactions. Reflecting its international marketplace, the team is headquartered in Milan with comprehensive coverage across markets in EMEA through our various other offices. PAG professionals provide advisory to clients on asset options analysis, data and analytics, transaction preparation and structuring, M&A; and transaction execution, portfolio/asset valuation/pricing, asset on-/off-boarding, portfolio acquisition due-diligence & underwriting and operational segregation/carve-out. The team covers a range of products, such as credit advisory, corporate M&A; (lending businesses, origination and servicing platforms for credit and real estate)



and secured funding and securitisation advisory. Our team is comprised of some of the most respected, trusted and highly skilled advisors in the industry and who have advised on every major European non-core transaction in the past five years. **How you will contribute** As a valued member of the PAG team, you will work on a variety of projects, leveraging your Financial Services industry knowledge to advise financial institutions, private equity firms & other investment funds, asset managers, regulators and governments across the globe with balance sheet & portfolio optimisation, acquisitions, disposals, financing, management, bank restructuring and resolutions. This is a fantastic opportunity for you to become involved in a ‘hands on’, market leading team, analysing & challenging the status quo and developing sound solutions providing significant value add for your clients. The role will entail supporting the wider team on advising on balance sheet / portfolio optimization, M&A; transactions on loan portfolios, structured credit solutions, performance improvement, bank restructuring and resolutions. The resource will support the team in the execution of strategic projects related to the management, valuation, and disposal of NPE/NPL portfolios, including secured, unsecured, UTP, and Real Estate assets. To do this effectively, you will need to: - Support the analysis and valuation of NPE/NPL portfolios,



contributing to the preparation of reports, business plans, and presentation materials for clients and investors.
- Participate in M&A; and distressed M&A; transactions, both sell-side and buy-side, assisting with due diligence activities, financial analysis, and preparation of transaction documentation.
- Assist in the preparation of pitches, proposals, and commercial materials, contributing to business development activities.
- Develop financial models, cash flow models and projections;
- Work closely with senior team members and cross-functional teams.
**- Qualifications**
- Experience in Financial Services, Investment Advisory, Portfolio Advisory.
- Good knowledge of the NPE/NPL market, including pricing dynamics, servicing, recovery strategies, and securitization processes.
- Exposure to M&A; transactions (sell-side, buy-side, and distressed)
- Excellent financial analytical skills (Excel, Alteryx, Tableau, Python, etc. ) & presentation skills (PowerPoint);
- Be an action-oriented self-starter with strong analytical skills;
- Methodical and logical mindset to problem solving, an effective approach to time management and the ability to work to tight deadlines;
- Excellent oral and written communication skills in English;
- Willingness to travel internationally; **Your journey at A&M;** We recognize that our people are the driving force behind our success, which is why we prioritize an employee experience that fosters each person’s unique professional and personal development. Our robust performance development process promotes continuous learning, rewards your contributions, and fosters a culture of meritocracy. With top-notch training and on-the-job learning opportunities, you ca

📌 Analyst/associate - Portfolio Advisory Group Italy (Milano)
🏢 Alvarez & Marsal
📍 Milano