Global Custody: currently 290 jobs.The latest job was posted on 19 Dec 18.
The focus of global custody is to keep client's assets safe, wherever those assets are in the world.
Historically this meant the actual physical protection of stock and bond certificates. But today, the physical certificates have largely been replaced by electronic records that need continuous management to ensure all dividend and interest payments are received.
Trillions of pounds of assets are held and managed by custodians, and it is those in global custody jobs that are responsible for all elements of the safety of those investments internationally. Typical roles in global custody include the following 3 key areas:
Securities Services and Borrowing
Securities services is the broad term for global custody and all the associated activities that may be offered to clients. This might include borrowing funds and/or securities as insurance against failed trades or simply to use as collateral for further speculation.
It is the custodian that will be responsible for matching their potential borrower with an appropriate lender in London, or anywhere in the world, and then managing the contract to its conclusion.
For most large custodians, prime services will make up a significant proportion of the business.
Prime services involves providing advice and assistance to hedge fund clients. Within prime services there will be business analysts, assisting the client and introducing appropriate securities services, all with the ultimate aim of improving profitability for the hedge fund.
Fund Accounting and Administration
In key global custody centres such as Ireland and Luxembourg, the core of the global custody jobs focus on the accounting and administration of client funds.
The custodian will ensure all income is received into the fund and that the net asset value (NAV) is correctly computed with the appropriate frequency, often daily. Global custodians may also be responsible for ensuring the smooth delivery of additional securities added to the fund and for reconciliations, making sure there are no discrepancies in trading.
Candidates with technical skills and experience in global custody are highly sought after. The roles embrace a combination of sales, marketing, client relationship management and consultancy. And for those with the right attributes, global custody jobs can be highly rewarding.