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The role holder will play a vital role in developing the strategy of the department and will be the driving force behind ensuring that the operational infrastructure in place is in line with strategy. They will be responsible for developing and maintaining a strong control environment for both the Investor Services (IS) and Investor AML functions and ensuring policies and procedures are followed. They will provide leadership to their teams and ensure the Investor Services and AML department’s delivers and efficient service to clients and investors
The role holder will play a vital role in developing the strategy of the department and will be the driving force behind ensuring that the operational infrastructure in place is in line with strategy. They will be responsible for developing and maintaining a strong control environment for both the Investor Services (IS) and Investor AML functions and ensuring policies and procedures are followed. They will provide leadership to their teams and ensure the Investor Services and AML department’s delivers and efficient service to clients and investors.
- Oversight and development of team client relationships ensuring the IS service delivery and client requirements are consistently met or exceeded.
- Oversight and responsibility for the E-Checklist statistics, AML statistics and mailbox control for their clients/teams.
- Full ownership of client projects and new business implementation start to finish.
- Act as the key support for direct reports on client relationships matters and attend client meetings when required.
- Develop and build strong relationships with peer groups across the AIS departments, in particular NAV and Compliance, to better align the goals and work practices of each group.
- Act as the key person within IS to enhance the relationship with Regulatory, Risk and Compliance teams. Be fully involved in interpreting regulatory changes, understanding the operational impact for IS and providing challenges to the groups around regulatory implementation and the effect of such on IS and clients.
- Work to provide customer based solutions to clients whilst balancing the regulatory requirements against the client’s needs.
- Work closely with internal State Street support functions (HR, Training, IT) to ensure thorough support is given to IS at every level.
- Management of 3rd party relationships, representing AIS with auditors, the Regulator, acting as a strong voice in the industry for AIS on industry related boards.
- Ensure the Investor Services department is fully resourced; work with Directors and Managers to assess needs and bring forward strong business cases to the MDs/SMDs for approval of resources.
- Determine alternative strategies for resources management when necessary looking at cost effectiveness and technology measures such as automation etc.
- Work with directors and managers ensuring staff turnover is managed appropriately and ensure an engaged and motivated team environment. Act as a point of escalation of employee issues.
- Foster a team environment of regular communication, ensuring one to one meetings and performance reviews are conducted and focus on development opportunities for direct reports.
- Attend weekly director meetings providing feedback on operational, client and industry matters, act as a lead in promoting issues/projects etc. in department for further decision making.
- Ensure risk awareness and control environment and develop new procedures to minimise the risk of errors within the department.
- Research and identify new technologies and best practices to harness stronger and a more controlled operational environment.
- Play a significant lead role in initiating and participating in the completion and implementation of department wide projects (local and global) and lead local team initiatives.
Context of the role (in relation to the overall business, division or team)
- Management and development of the Investor Services teams or location.
- Change in regulatory environments – large impact within the department and division. Lead project groups to understand industry regulatory impact & develop solutions/new products for our clients.
- Ensure a greater awareness of the risk environment. The VP role has full accountable for controls within their teams and deploying new controls across the IS department.
- Increased team size, staff reports and number of clients with multiple AVPs reporting to them.
- Generating strategy and initiatives across the department – not just following them.
Relationships - nature and type of interaction
- Subordinates - Engage in one to one meetings with direct reports, coaching team members, point of escalation, performance review process.
- Superiors – provide direct support to MDs; provide regular status updates to manager.
- Peers – Strong alignment between NAV and IS, break down barriers that exist the team and build relationship to work together to better service the clients. Join directors meeting, provide inputs and recommend solution to overall IS issues, lead global IS initiatives.
- Most important for VP to understand client’s business, build on the relationships, understand the client’s needs and educate the internal IS teams. Balance the regulatory change with the client’s expectations and provide solutions. Attend client meetings when required.
- Strong relationship with 3rd parties, e.g. auditors, regulators etc.
- Participate with peers at industry forums, be a strong voice for AIS.
- NAV and AML to ensuring effective client service.
- CaRRS/Compliance/Legal – extremely important for role, need to be involved at early stage of regulatory change, be knowledgeable and have ability to challenge the team. Look at the impact over the wider AIS business.
- HR/Training – important relationships to understand the services these teams provide, ensuring best service and support structures in place.
- Ensure representation on group State Street programmes, e.g. Global Inclusion.
Job Boundaries (information about freedoms and constraints of the job)
- Full autonomy for the management of their Investor Services teams, supporting the AVP in their role.
- Opportunity to use initiative for overall good of the IS department – bringing AVP, VP business cases forward to Senior management allowing collaboration on competing goals.
- No individual flexibility over controls & policies however VP will work with global Director group to agree policies and procedures for entire department.
- Will have autonomy to run project but will co-ordinate with senior management e.g. work on outsourcing project, will have check in point with senior management over budget, timelines but has full control to manage project.
- The role holder has no budgetary control – VP will make recommendations for promotions but no sign off on Total Compensation Planning.
- The role holder will assess team and put forward business case for additional headcount.
- The role holder can sign off on employee expenses.
Knowledge and Experience
- Degree in Finance and/or Business Related area (minimum 2.2) or relevant working experience.
- 10 years Fund Administration experience (preferable some Hedge Investor Services) with at least 5 years Investor Services experience.
- Experience working in a NAV environment desirable.
- Professional Qualification in Accountancy desirable.
- Strong experience in Client Relationship Management is essential for this role.
- Strong working knowledge of implementing a control environment.
- Strong working knowledge of industry, AML, regulations, clients etc.
- Significant change management experience.
- Proficient in Microsoft Office applications in particular Excel.
- Direct Reports – 2/3 AVPs.
- Indirect Reports – 10 up to 20.
- Participate in total TCP cycle and will make recommendation via performance review process and promotion planning.
- Operating Environment – Engaging staff, keeping team members motivated, ensuring career development, managing staff turnover.
- Understanding the business and economic constraints and communicating effectively with senior management to secure resources and meeting Business Transformation targets.
- Ensuring an effective operating environment in this current economic environment, securing the correct resources for the correct position in a timely and effective manner that will not impact on client needs.
- Delivering the day to day expectations of a demanding client groups in a changing and difficult regulatory environment.
- Staying current on revised policies and procedures and continuing to learn the IS process for new service offerings and the use of the AIS Investor Services System.
- Support business growth through the on boarding of new clients.
- Bridging the gap between AIS and other States Street business units – work to foster relationship with peers within the wider State Street group and develop a co-ordinated service solution for clients.