Consultant Depositary Compliance
- Location: London, England, United Kingdom
- Salary: Competitive
- Job Type: Full time
The EMEA Depositary Services Group provides robust depositary, trustee and fiduciary services, supported by stringent compliance monitoring and oversight activities. Our Depositary business acts as both client advisory and service delivery partner, whilst satisfying overarching EU regulatory requirements in the key areas of enhanced investor protection, transparency, reporting, and the minimisation of systematic risk within the investment process.
- As Depositary Consultant, you will be a key member of the UK Depositary Department, providing technical support to the UK Depositary Risk and Compliance Team.
- Supporting the Risk and Compliance Manager in conducting ongoing oversight of Authorised Fund Managers (“AFMs”) and Alternative Investment Fund Managers (“AIFMs”) of the Collective Investment Schemes for which NT is the Depositary and providing technical assistance to the UK Depositary Department and external clients where necessary, the job holder will make a major contribution to the key infrastructure enabling Depositary Services to be provided effectively. Periodic involvement with other jurisdictional work is also possible as an SME.
The key responsibilities of the role include:
- Support the Monitoring of AFM / AIFMS and their delegates both desk based and site visits;
- Assist and review the initial due diligence and risk assessment of AFM / AIFMS when on boarding new Funds
- Attend external initial due diligence and ongoing monitoring visit
- Prepare and Review Initial Due diligence and ongoing monitoring reports
- Review AFM documentation such as Risk Management Policies, Valuation Policies, and COI policies from a depositary perspective during client on boarding / ongoing basis.
- Review portfolios to understand the Global exposure and Counterparty risk.
- Maintain the UK Depositary Compliance Monitoring Plan
- Assist in developing the UK Depositary Risk Assessment and Monitoring Framework.
- Conduct annual risk reviews of clients to establish the next compliance monitoring cycle
- Help Refine and continue to develop NT UK Depositary Risk and Compliance oversight process of AFM and AIFMs
- Provide support to the other members within the Risk and Compliance team when faced with challenging and complex questions arising from monitoring conducted by NTGSL of AFMs and the Funds to which NTGSL is Depositary
- Carry out eligibility assessments in relation to certain securities from vanilla equities to more complex OTC derivatives and structured products.
- Liaise with internal departments within UK Depositary in order to ensure that clients are provided with an effective service.
- Engage with clients in relation to to financial services regulations originiating in the EU and UK.
- Depositary Reporting
- Provide reporting to UK Depositary Management Group on the progress of the compliance monitoring programme through its annual cycle.
- Produce and provide detailed visit reporting to UK Depositary and Regulatory bodies.
- Present findings of external monitoring visits to AFMs and AIFMs.
The successful candidate will benefit from having:
- Strong understanding of the Depositary/Trustee role and fiduciary responsibilities.
- Strong understanding of the Fund Management Industry and roles of different parties within the industry- Including AFM/AIFM’s delegates.
- Good understanding of Asset types and Investment strategies
- Good understanding of Compliance and Risk Roles
- Good understanding of derivative products which can be held within UK Funds.
- Good knowledge of financial services regulations originating in the EU and UK. Especially around Collective Investment Schemes
- Effective verbal, presentation and written communications skills;
- Intermediate Microsoft Office skills for applications including Word, Excel, SharePoint.
- Advanced skills in relation to Excel, knowledge of macros a positive but not essential.
- A ‘can do’ attitude – including a willingness to tackle a broad range of work and to work enthusiastically within a team;
- Ability to work under pressure and to represent Northern Trust professionally and positively, both internally and externally.
- Personal confidence and flexibility to work in a relatively new business unit and the flexibility to undertake the variety of tasks required to build out the proposition and win and support client mandates
- Strong track record of experience in the financial services industry, preferably in the asset management sector or with companies which service the investment management sector;
- Experience of understanding and interpreting COLL/FUND sourcebook & AIFMD is essential.
- Experience in oversight, conducting client and third party due diligence with the ability to produce clear and concise control reports is an advantage but not a necessity.
- Excellent interpersonal skills and analytical approach.
- Experience of dealing confidently with Regulatory matters.
About Northern Trust
For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 16,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.
We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation of which future generations can continue growing and achieving greater.
Northern Trust proudly cultivates a diverse workforce, to serve our diverse client base. We strongly believe that diversity of experience contributes to a broader collective perspective that will consistently lead to a better company. We encourage applications from the best regardless of ethnicity, gender, gender identity, age, nationality, disability, sexual orientation, education, socio-economic background, parental and caring status, or religion.
As of March 31, 2017, Northern Trust Corporation had:
- $121 billion in banking assets
- $7.1 trillion in assets under custody
- $8.9 trillion in assets under custody/administration
- $1.0 trillion in assets under management