IT STARTS HERE
Santander ( is evolving from a global, high‑impact brand into a technology‑driven organization, and our people are at the heart of this journey. Together, we are driving a customer‑centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference. Our mission is to help more people and businesses prosper. We embrace a strong risk culture and expect all professionals at all levels to take a proactive and responsible approach toward risk management. Santander Alternative Investments (SAI) is a growing business that started almost three years ago, with c€3bn in commitments across its core strategies. The business focuses on infrastructure, private credit and real estate, developing funds where we have a competitive advantage to generate alpha for our institutional and UHNWI clients.
THE DIFFERENCE YOU MAKE
We are looking for an Infrastructure Research Manager based in Madrid. SAI manages or acts as investment adviser to various infrastructure and climate funds, including senior debt, junior debt/special situations, equity, and venture capital. As part of the next phase of growth, SAI will launch new products beginning with:
* New high‑yield/junior infrastructure credit fund targeted to institutional clients. Santander will co‑invest USD 200m to create a seed portfolio ahead of fundraising.
* A follow‑on venture climate fund investing in climate tech and deep tech (terrestrial and space based), marketed to global institutional clients.
RESPONSIBILITIES
* Carrying out primary research and preparing publications to support fundraising and investment management.
* Coordinating with investment teams to adapt research for fundraising pitches and LP communications.
* Researching information and formulating investment conviction and strategies with the investment team.
* Authoring internal research, conviction, and market viewpoint papers.
* Providing thought leadership and market viewpoints to investors throughout fundraising and fund life.
* Providing macro analysis to assist with transactions, valuations, and portfolio reporting.
* Acting as a business ambassador at events and conferences, presenting thought leadership on macro, sector, country, and responsible investment perspectives.
* Working closely with the FX overlay team to formulate hedging strategies.
* Participating in investment and valuation committees, LPAC meetings, investor AGMs, etc.
* Anticipating sector trends and early signals in infrastructure and energy, translating them into actionable investment insights.
* Building and maintaining relationships with regulators, multilaterals, and policy institutions to enrich market intelligence.
* Establishing a structured research agenda on digital infrastructure (e.G., data centers, fibre, satellites, smart grids).
* Commenting on geostrategic and regulatory outlooks to anticipate the impact of policy changes (IRA, EU Green Deal, Fit‑for‑55, etc.).
WHAT YOU’LL BRING
Our people are our greatest strength. Every individual contributes unique perspectives that make us stronger as a team and as an organization. We enable teams to go beyond by valuing who they are and empowering what they bring.
Professional Experience
* Around 8‑10 years in a similar role (Required)
Education
* Advanced degree (Master’s or PhD) in Economics, Finance, Engineering, Energy, or a related field (Required)
* Strong academic background with emphasis on quantitative analysis, infrastructure, and/or energy transition (Required)
Languages
* Written and spoken fluency in English (Required)
* Working knowledge of other languages an advantage (Preferred)
Hard Skills
* Strategic leadership and ability to engage with an investment team in credit and equity (Required)
* Fundraising experience and LP engagement (Required)
* Ability to formulate research outlooks on macro infrastructure and specific geographies, sectors, and asset classes (Required)
* Ability to translate macro events into investment conviction documents and action (Required)
* Ability to write clear, engaging reports that offer insight and are differentiated (Required)
* Willingness to express and justify views and “take others on the journey” (Required)
* Familiarity with SFDR, ESG issues, and or linked covenants (Required)
* Excellent communication skills and stakeholder engagement;
ability to engagewith investors (Required)
* Skills in hosting webinars and presenting research publicly (Required)
* Strong ability to anticipate regulatory and geopolitical developments and translate them into investment insights (Required)
WE VALUE YOUR IMPACT
Your contribution matters, and it’s recognized. Expect a fair, competitive reward package that reflects your impact and value. Rewards go beyond numbers.
* Global opportunities and broad career paths.
* Hybrid working models—some days remote, some onsite—with flexible hours.
* Access to hundreds of courses on our platforms, including Santander Open Academy.
* Highly competitive salary with performance‑based bonuses.
* Preferential banking terms, special loan rates, life insurance, and more.
* BeHealthy, our global wellness programme, promotes holistic well‑being.
* Childcare support and family‑friendly programmes tailored to each life stage.
* Access to Santander Contigo—legal, emotional, and administrative advisory services for employees and families.
* Gym/WellHub membership, medical centres, meal subsidy, parking, shuttle service, and exclusive discounts for employees—just the beginning.
LOCAL COMPLIANCE
Santander is proud of being an organization where there are equal opportunities regardless of age, gender, disability, civil status, race, religion or sexual orientation. We are committed to providing an inclusive and accessible application process for all candidates.
WHAT TO DO NEXT
If this sounds like a role you are interested in, please apply.
READY TO TAKE THE NEXT STEP IN YOUR JOURNEY?
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