The Securities Operations Manager is responsible for the development and implementation of strategy around regulatory changes related to Derivatives, Foreign Exchange, Collateral, and Cash Management for the firm. The position requires a solid background in global securities operations investment accounting, reconciliation, client reporting and derivatives settlements operations. The individual also requires a strong operational risk focus as well as being adaptable to a constantly changing environment; appropriately analyzing the need for process re-engineering of work-flow, and enhancing risk management tools where necessary. It is a necessity to be able to communicate effectively to Western’s counterparties and clients and display excellent inter-organizational relations to integrate the department with the organization as a whole. A clear understanding of the impact of issues which may arise and concise articulation of the risks is vital when elevating to senior management. In addition, the incumbent must have quality leadership skills and the ability to motivate others to excel in the pursuit of the organization’s goals.
- Proactive Risk management and Reporting: Manage and report risk in all areas. Identify cost drivers, manage operational risk, pro-actively identify resource or technology requirements, and provide risk based management reporting.
- Staff Training and Development: Identify training requirements, sourcing relevant internal and external training opportunities. Prepare measurable goals and objectives for all staff. Develop staff skill sets to support completion of their goals.
- Securities Operations Optimization: Optimize workflows based on trade volumes, assess operational performance (workflow and application) gap reviews, continuously analyze and review process improvements and seek to achieve economies of scale.
- Custodian Bank Knowledge (custody operations and bank management): Understand and review cash management, projections, and overdrafts as well as monitor debit interest charges.
- Technology Enhancements / Upgrades: Interface with the technology department to assist in drafting, testing and implementing upgrades to existing systems and onboarding of new applications.
- Audit: Ensure department compliance to all procedures and controls. Add, update, and enhance when necessary with the approval of senior management.
- Be current with all implications of Global Derivatives Regulations (OTC Derivatives), monitor changes as they occur via materials from brokers, vendors active in the space, industry groups, custodian banks, and general business news, noting relevance of their impact to Western Asset’s current positions and future trading requirements.
- Disseminate and summarize changes in models or legislation by providing frequent simple impact analysis to management. Ensure timelines are understood and effectively communicated along with the impacts of these regulations to Western Asset.
- Monitor the vendor marketplace and identify new opportunities for use of systems / infrastructures where capabilities have changed or expanded which could integrate into Western Asset’s existing infrastructure.
- Plan, scope and monitor implementation of all OTC derivative projects, ensuring agreed timelines for implementation are met.
- Attend client and audit meetings where requested and be able to clearly articulate all aspects of derivatives operations and cash management in a concise and clear manner.
- Ensure collateral is managed properly across all applicable products and ensure processes, workflows, and assets used are reviewed periodically to align with portfolio management’s needs
- Review and drive improvements in the cash management processes
- Provide accurate and timely cash balances for portfolio management
- Respond to RFP questions
- 8-10 years of management experience in an investment management environment
- Detailed knowledge of all global fixed income instruments including cash and money market instruments, exchange and OTC derivatives
- Detailed knowledge of structured products instruments including CDS,CDX,IRS and total return swaps
- Extensive experience and knowledge of post trade event processing: confirmation, novation, credit event processing and collateral management.
- Detailed knowledge of asset structures, accounting, settlements, and reporting
- Excellent internal and external communication, writing, and presentation skills using PowerPoint
- Strong negotiation skills
- Quality leadership skills and the ability to motivate others to excel in pursuit of the firm’s goals