Posted By
Posted in
Banking & Finance
Job Code
453988
We are urgently hiring for one of our Leading Shared Service Center for VP & AVP Alternative Fund Accounting.
Details are mentioned bellow:
Location: Kolkata
Role Purpose (overall high level summary of the role)
To lead and manage the HSSO Alternative Fund Accounting team in Kolkata
High profile management position accountable for building scalable Alternative Fund Accounting operations.
Accountable for financial planning to achieve cost targets set across Alternative Fund Accounting Stream
Promote relentless focus on service quality across Alternative Fund Accounting Operational disciplines
Management of operational processes to meet or exceed service level requirements
Accountable for continuous process improvement of existing processes and migration of new functions from the onshore business partner.
Drive key employee initiatives to promote and position HSS as the employer of choice.
Principal Accountabilities: Key activities and decision making areas Typical Targets and Measures
Impact on the Business/Function
Typically Managing 100-125 FTE
Cost USD 5m-7.5m, dependent on local site costs
Alternative clients, supporting product / sub products on a global basis as follows:
Single Product :Fund Services
Multiple Sub Product : Pricing, Reconciliations, GAV/NAV Manage costs in line with ROP
Improve operational efficiency on year to year basis to minimize overall cost and marginal cost of new business
Ensure service delivery quality and timeliness meet/exceed agreed threshold.
Support Global Operating Model/Workflow/ Platform Change initiatives
Customers / Stakeholders
Supporting single product and multiple sub product, multiple region, multiple jurisdiction as follows:
Multiple Region: (Europe / APAC)
Multiple Jurisdictions : (Ireland/ Luxembourg / Hong Kong / Singapore / Australia, MENA )
Engage with the stakeholders to ensure team is aware of the changing expectations and challenges
Ensure understanding of the various requirement for various jurisdictions and thereby end client
Ensure regular business calls are held and actionable are completed within timelines
Leadership & Teamwork
Typically managing 100-125 FTE, dependent on current BAU footprint and projected growth
Typically managing from 3-4 directs, dependent on current BAU footprint and projected growth
Will be responsible for leading the Team in Kolkata for Pricing, Reconciliations and GAV/NAV
Attrition rate maintained within annual performance target
Recruitment/training of production teams
Develop a culture of meritocracy, high performance standards and high achievement
Manage Succession planning for Key resources.
Create best place to work as evidenced through future GPS scores
Operational Effectiveness & Control
Overall volume at Sub Product Level:
9k-10k GAV/pre-GAV Packs, 45k-50k Reconciliations Packs and 9k-10k Pricing sign-off.
Multiple Product / Sub Product. Multiple Region / Multiple Jurisdiction - Significant complexity/risk and engagement with business partners and external market / client/Auditors. New funds are being on-boarded directly in the SSO, with expectation of BAU delivery from day 1.
Migration of more complex activities (NAV activities) from multiple jurisdictions to HSSO.
Operational risk threshold through 'single event' control failure identified to USD10m based on 3-5 year data.
Large variation and the manual nature of processes required by Product / System / Country / Client
Service Delivery quality/timeliness is within/exceeding agreed limits and regularly reported to stakeholders
Ensure effective production management capacity is in place for all function.
Work towards minimizing business variance across jurisdictions/regions through standardization No Repeat high risk finding in Internal audits
Manage migrations within project agreed timelines and risk parameters
Reduce Operational Losses on year-on-year basis and contain within agreed risk limits.
Establish effective BCP for the processes.
Major Challenges (The challenges inherent in the role that require a continual test of the role holders abilities)
High and increasing due to various regulations that are being implemented in the Financial Services Industry
(FATCA / Dodd Frank / Volker / AIFMD / UCITS / DPA)
Multiple Accounting practices and treatments followed for different jurisdictions
Increasing complexity. Turnover 20%, 3mth lead time to achieve threshold competency for new hires.
Manage annual transformation Support re-balancing complexity, volume and criticality across HSSOs to align to the HSS Location Strategy and Connectivity between HSSO and Jurisdictions. 100-150 FTE impact.
HSS Operation (within Service Centres) is viewed as high growth and strategically important to achieve HSS strategic operating plan.
Manage and Lead teams, and ensure standardization of activities and service delivery between various jurisdiction centric teams.
Supporting multiple products and regions that have differing market behaviors but business is focusing on strategic FIG relationships
Role Context (The environment and operating conditions of the role including the extent of guidance and authority)
Multiple Accounting practices based on locations
Increasing complexity. Turnover 20%, 3mth lead time to achieve threshold competency for new hires
Manage annual transformation Support re-balancing complexity, volume and criticality across HSSOs to align to the HSS Location Strategy and Connectivity between HSSO and Jurisdictions 100-150 FTE.
HSS Operation (within Service Centres) is viewed as high growth and strategically important to achieve HSS strategic operating plan.
Supporting multiple sub products and regions that have differing market behaviors but business is focusing on strategic FIG relationships
Management of Risk (Operational Risk / FIM requirements)
The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls (Compliance Policy / FIM requirements)
The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term compliance embraces all relevant financial services laws, rules and codes with which the business has to comply.
This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
Role Dimensions (e.g. balance sheet size, lending/expenditure limits, size/volume of transactions, budget)
Cost USD 5m-7.5m, dependent on local site costs
Volume: 9k-10k GAV/pre-GAV Packs, 45k-50k Reconciliations Packs and 9k-10k Pricing sign-off annually
Fund accounting for approx. 70-80bn AUM for around 275-325 Alternative Funds
HSSO Kolkata account for over 10% of HSS Global headcount
Headcount reporting to this role Direct: 2-3 Indirect: 100-125 Total: 105-130
Knowledge & Experience / Qualifications (For the role not the role holder. Minimum requirements of the role.)
Qualifications
Commerce Graduate is essential
Higher qualifications in Commerce, Accounting, Financial Management is desirable
Professional Skills & Experience
Candidate will have extensive working experience in the securities industry, to include:
Knowledge of clients and products across range of securities services
Management position with exposure to business partners across multiple geographical locations
Management position with exposure to remuneration, performance management, team building and staff development.
Fund Administration, with experience in Pricing, Reconciliations and GAV/NAV preferred
Personal Skills & Qualities
Strong presentation skills, ability to communicate clearly, concisely and effectively in English, both oral and written
Multi-cultural background or experience, ability to work across broad range of cultures in support of Company Group values and objectives
Strong analytical skills, high attention to detail
Strong planning and organisational skills, with a proven ability to prioritise competing demands and communicate this effectively
Proven ability to execute and deliver change, within an operational context
Effective leadership with requisite interpersonal skills necessary to direct and motivate a large team to achieve results
Solution orientated, high energy characteristics necessary to support HSS business
Excellent interpersonal skills with the ability to build and maintain global and regional relationships at all business levels
Strong collaborative management skills with the various stakeholders
Detailed knowledge of global market infrastructure.
Contact us- 8467055955 (10:30 AM - 5:30 PM)
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Posted By
Posted in
Banking & Finance
Job Code
453988