Manager of the TCW, MetWest, and TCW Alternative Fund Families
Sr. Alternative Products Specialist
- Commensurate with experience
- Los Angeles, CA, USA
- Permanent, Full time
- 18 Oct 17
The Senior Operations Specialist (Alternative Products) is responsible for handling the middle- and back- office operational support responsibilities for the expanding Alternative Products Division book of business. This position will required a functional understanding of complicated BDC, Unitrache, and Separately Managed Account structures as it relates to the servicing of TCW Direct Lending team.
~A strong understanding of proprietary deal sourcing and highly tailored loan origination is required. This position will work closely with the Bank Loan Support Supervisor and will liaise with other key groups within the firm, including the Direct Lending Investment Team, Settlements, Risk Management, and Portfolio Reconciliation.
Perform Administrative Agent services for loans in which we are appoint as part of the loan origination process.
Maintain prorata positions for all deal lenders and perform the official calculation of accrued interest/amortization payments per the credit agreement.
Invoice the borrower for agent fees, scheduled amortization payments, and interest payments.
Provide agent notices to all lenders providing amortization, payment, rate change activities and instruct the custodian to wire payments to the lenders.
Prepare and maintain borrowing base certificate for line of credit.
Calculate complicated cash flows, payments, and fees (e.g. skim interest, line of credit fees, unused fees, incremental interest, etc.)
Generate funding memo for new deals and liaise with the Group Managing Director and deal analyst.
Prepare administrative details and provide to the agents at the time of funding.
Provide instruction (including key terms) to the custodian for new deals and assignments.
Manage closing document process on Markit ClearPar for syndicated loans.
Perform Collateral Agent services for loans in which we are appoint as part of the loan origination process.
Instruct the custodian for proper safekeeping of collateral notes and documents. Maintain records of collateral held and audit collateral positions at the custodian periodically.
Prepare investment summary of position, market value, and funding’s for the Quarterly Investment Letter.
Reconcile positions and accruals with the custodian for each month end period. Work with the custodian to correct their interest calculations or make updates to the register as needed.
Calculate IRR once a deal has fully paid down or per request and provide to the investment team for their marketing materials.
Provide monthly cash flow summaries to the investment team and address any questions or inquiries relating to system postings.
Monitor bank loan notices and payment reports; validate position and payment calculations, update system schedules, instruct banks/custodians, and resolve payment exceptions; handle complex transactions involving PIK and revolvers.
Perform follow-up to confirm timely receipt and distribution of derivative payments at the custodian banks; handle claims for delinquent payments.
Understand and support the counterparty relationships and custodian segregation effectively
Interacts with the custodian, administrative agent, and investment team on trades, payments, and other issues.
Cultivate positive relationships with custodian and administrative agent contacts and work proactively to correct data inaccuracies with the custodian.
Internally communicate with other members of the Reconciliation, Settlements, & Bank Loan Support groups to ensure that trades and cash flows are being accurately recorded in the proprietary portfolio management system.
Support projects and research for senior managers, partners and portfolio managers.
Special projects and research for systems enhancements.
Work internally with TCW Risk and Legal departments to resolve issues that arise in connection with Direct Lending operations responsibilities. Report to TCW Risk on risks related to specific transactions, if needed.
Respond to complex ad-hoc research requests.
Bachelor’s Degree in Finance, Mathematics, Economics or similar field.
At least 5 year experience with bank loans and direct lending, preferably at a “buy side” company.
Strong understanding of fixed income securities and bank debt.
Knowledge of bank debt documentation (including Assignment and Acceptance Agreements, Financing Agreements, Credit Agreements, Fee Letters, Funding Memos) is required.
Strong analytical and computer skills with a demonstrated proficiency in Microsoft Excel
Rigorous attention to detail; extreme accuracy with numerical calculations.
Excellent time management and organizational skills.
Strong analytical and problem solving capabilities.
Excellent research skills, resourcefulness and ability to work independently as well as in a team environment.
Be responsive, possess strong written and verbal communication skills and be comfortable presenting information to investors and others.
Strong verbal and written communication and interpersonal skills required.
Ability to work with minimal supervision; ability to multi-task; team player.
Familiarity with Bloomberg, Bloomberg API, Markit WSO, Loan/SERV, ClearPar, Custodian Cash Management systems, Cognos or other Business Intelligence software (Hyperion, Brio, Business Objects) a plus.