• Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • M&G Group
  • 2019-03-18

Custody Services Manager

  • Full time
  • London, England, United Kingdom
  • 18 Mar 19

Custody Services Manager

Custody Services Manager

Working with M&G Prudential as a Custody Services Manager means becoming part of a brand with a global reputation and an exciting vision: to become the most loved and most successful saving & investments business.

The forthcoming planned de-merger of M&G Prudential from the Prudential Group PLC provides a terrific opportunity to create a truly international and integrated savings and investments firm. A firm built on a rich and long history and with a commitment to an innovative future centred on the needs of customers and clients. There is a genuine opportunity to drive competitive advantage with value creation through the formation of this new organisation.

If you're inspired to join us, and have the necessary qualities, then this could be the opportunity you've been looking for.

The Role:

Custody Relationships

To ensure optimal delivery of operational and strategic outcomes associated with management of Custodian relationships. This will involve a range of accountabilities including monthly\quarterly custodian service review meetings, operational and service benchmarking, preparation, maintenance and enhancement of operational service level agreements, supplier and regulatory change management and the promotion of the custody service functions within M&G.

Account Oversight

To manage the team of Custody Services administrators ensuring the coordination of Custody/bank/GMM account maintenance including bi-annual reconciliation of the bank account database and MM deposit accounts, management and coordination of claims, losses and debit interest processes.

Maintain the SI process and internal matrix against elections we hold with all Custodian banks.

Maintain and manage the authorised signature mandates we hold internally and with custodian banks within policy guidelines.

Reporting

To ensure all reporting requirements including Custodian and Asset Services MIS and Investment Losses reporting are delivered within agreed timescales.

Key Responsibilities
  • Preparation and management of the custodian review service meetings and subsequent actions and improvement initiatives.
  • Assessing custodian performance via operational and service benchmarking/market best practice.
  • Preparation, maintenance and enhancement of the operational service level agreements including validation of custody fees, interest rates and MIS packs.
  • Manage and review the initial operational impact of custody supplier or regulatory change.
  • Document asset safety considerations - on-going due of custody, sub-custody network, analysis on contingent providers, account naming conventions.
  • Produce and maintain appropriate governance profiles and operating models for all custodians.
  • Act as primary stakeholder in promoting custodial services to the Front Office and Operations demonstrating in depth knowledge and enhancing the service through improved client experience and operational efficiencies.
  • To ensure all reporting requirements including Custodian and Asset Services MIS, and Investment Losses reporting are delivered within agreed timescales.
  • To interact with the other departments within M&G in order to provide an effective Custody and Account Oversight service.
  • Set the sections team members' objectives
  • Instruct, coach and encourage team members
  • Where applicable delegate issues and tasks to the relevant team member.
  • Ensure that Custody services team are aware of Procedures (maintain and know of whereabouts)
  • Interact with the other Front Office, Asset services and Client Services departments.
  • Address issues that have an impact on Custody services.
  • Report to the Head of Department and keep fully aware of forthcoming, current or resolved issues.
  • Assist Head of Department to carry out a full CSC risk review for your teams, challenge whether correct risks are captured and controls to cover these are adequate and produce on a Quarterly basis for Head of Department review.
  • Broad CASS Knowledge: Managers & Signatories should have an awareness of CASS & the Client Money Rules. Current resources include the Annual Workshops, CBT & the Client Money & CASS SharePoint page.
  • Handling Client Money: Managers & Signatories should know how to identify client money or the risk of it arising, and how to handle it (e.g. ensuring investment losses / client compensations are received by the fund / client within 24 hours of any amounts and calculations being authorised).
  • List of Mandates (CASS 8): Managers & Signatories should be aware of the CASS 8 Log (List of Mandates) and the regulatory requirement to keep it up to date i.e. an up to date list of all mandates and any conditions imposed by that mandate (e.g. borrowing restrictions).

You will have:

You will have experience working within Back Office Operations and knowledge of Settlements, Global Custody and Banking. It is required for you to hold either the IAQ qualification or another equally relevant certificate. You will have strong communication, team working and relationship development skills. As well as this it is highly important for you to be able to prioritise and organise your work volumes. You will have good problem solving sills and attention to detail. Change management experience will be highly beneficial, as is the ability to identify and fulfil regulatory requirements.

People who work at M&G Prudential agree that ours is a great place to work with a brilliant team spirit. It's also an innovative, high-performing, commercial environment that's totally focused on customers. As an M&G Prudential colleague you'll get all the support you'd expect, including full training and professional development. You'll receive a competitive salary and reward package. And in a fast-changing world, you'll join an organisation that's leading the way in helping customers achieve their long-term financial goals.

M&G Prudential is committed to a diverse and inclusive workplace. Our role as an employer is very simple - to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.

We welcome applications from individuals who have taken an extended career break, and we are willing to consider flexible working arrangements for all of our roles.