Inside Swiss Re Asset Management's Financial Markets Program

Daniel Panev joined the FMP in 2023 after completing a Master's in International Finance at HEC Paris. During the program, he completed four rotations across Private Equity, Private Debt, Public Fixed Income, and Group Strategy & Performance Management. He now works as an Investment Analyst in our Private Debt team and will soon relocate from Zurich to New York.

Kim Junker joined the FMP in 2025 after completing an internship with Swiss Re's Real Estate team. She holds a Master's in Real Estate Finance from ESCP Business School and is currently rotating through Corporate Development, Private Equity, and Private Debt.

Daniel and Kim share their experiences in the FMP, the skills they've developed, and their advice for future FMPs.

Kim: I first joined Asset Management's Real Estate team as an intern and initially planned to stay in that field. But when I learned about the FMP, I saw it as a unique opportunity to broaden my perspective before specializing. I had always been curious about areas like M&A and Private Equity, and the program offers firsthand exposure to different asset classes and investment strategies. Combined with the collaborative culture I had already experienced in AM, it made joining the FMP an easy decision.

Daniel: Finance is a huge world, yet graduates are often expected to choose a career path before they've had the chance to explore it. The FMP flips that around. It lets you experience different areas, from Private Equity and Private Debt to Quantitative Finance and Corporate M&A, before deciding where you want to build your career. Early on, I believe exploration is invaluable, and that's what made the FMP the right choice for me.

Kim: Every rotation gives you a different perspective on investing. During my M&A rotation, I evaluated strategic transactions, built merger models, analyzed companies and market trends, and worked with different stakeholders across the business. In Private Equity, my focus shifted to due diligence and meeting with fund managers to discuss new investment opportunities. That variety has been one of the biggest highlights of the program, helping me build a broad investment skill set while experiencing different parts of the investment platform.

Daniel: That's the beauty of the FMP, no two rotations are alike. Each team has different mandates, processes, and ways of thinking. You might work on live transactions, build investment cases, monitor markets on Bloomberg, or support portfolio management. By the end of the program, you've developed a broad skill set and a much clearer idea of the type of investor you want to become.

Kim: During my M&A rotation, I supported the evaluation of a potential acquisition. I analyzed the target company, assessed potential strategic synergies for Swiss Re, and built the merger model to evaluate the transaction's financial impact. Working closely with the business unit gave me valuable insight into how strategic decisions are made, while the support from my colleagues helped me quickly develop my insurance M&A modeling skills.

Daniel: One standout experience was working on my first Infrastructure Debt transaction. The team was financing Europe's largest airport ground handling equipment business, and I was involved throughout the whole investment process, from analyzing the opportunity and preparing the investment memorandum to presenting at the Investment Committee, reviewing transaction documents, and coordinating funding. Seeing the transaction progress from origination to closing strengthened my technical and analytical skills and confirmed my interest in infrastructure investing.

Kim: I didn't expect to learn so much beyond my own rotations. Every rotation develops your technical skills, but what really stood out was how willing people across Asset Management are to share their knowledge. Whether through initiatives like the Quarterly Peer Analysis or informal conversations with colleagues across teams, you're constantly exposed to new ideas and perspectives.

Daniel: One of the biggest surprises was the strong sense of community among the FMPs. We became a group of friends who genuinely supported one another. Whether it was sharing advice, helping each other navigate the program, or connecting people with future rotations, there was always someone willing to help.

Daniel: Looking back, it's hard to believe how much the program has shaped me. It helped me build confidence, adaptability, and a strong investment foundation, while also supporting me through the CFA program. Most importantly, it gave me the opportunity to explore different areas before choosing a career path. That journey ultimately led me to Private Debt, where I now work on exciting transactions across Infrastructure, Commercial Mortgage Loans, Middle Market Lending, and more.

Kim: I'm particularly excited about the opportunity to complete one of my remaining rotations in another office, such as New York or London. Asset Management operates globally, and teams work closely across locations every day. Experiencing a different office and culture, building an international network, and seeing how investment teams collaborate globally would be a fantastic way to round off my FMP journey.

Kim: Be proactive. Take every opportunity to learn, not just from your own rotation, but from the people around you. Reach out to colleagues, ask questions, and get involved beyond your day-to-day work. The more you put into the FMP, the more you'll get out of it.

Daniel: Explore as much as you can. It's much easier to discover what excites you by experiencing it than by trying to guess from the outside. The FMP is your chance to test-drive different areas of finance before settling on one. Make the most of that opportunity, you may never get another chance quite like it!