- Salary Commensurate with Experience + Benefits
- Beverly Hills, CA, USA
- Permanent, Full time
- SSI Investment Management
- 14 Feb 19
The Operations Associate is primarily responsible for executing day-to-day account processing including client account administration, trade settlement through reconciliation, cash management, wires, pricing, corporate actions, compliance monitoring and reporting.
Trade Settlement through Reconciliation:
• Reconcile daily trades processed in FIN (trade order/portfolio management system) with Depository Trust Company (DTC) on Trade Date +1. Security types include common stock, fixed income, convertible corporate bonds and preferreds, derivatives, and foreign exchange. • Resolve settlement issues including trade breaks with client custodian (bank or brokerage firm) and SSI traders to assure trade information accuracy. • Provide trade instructions, allocation details, affirmation confirms to client custodian (bank or brokerage firm) and other client interested parties via data file exports from FIN; and then up deliver instructions/files to interested parties’ interfaces, web sites, or secure ftp sites.
Cash Management and Wires:
• Process client cash and/or security withdrawals and/or contribution requests from managed accounts and coordinate with portfolio managers and traders to assure appropriate investment action is taken. Account types include separately managed accounts, limited partnerships, and sub-advised accounts. • Update cash activities in FIN including account contributions/withdrawals, corporate actions payments/receipts, mark-to-market journals and transfers among margin, pledge and collateral accounts. • Communicate with all departments on money movements and update the internal cash activities spreadsheet in Excel. • Monitor margin, collateral and short cash levels for managed accounts with client custodians to avoid potential margin calls and unnecessary debit costs. • Process client contributions/withdrawals wire requests with client custodians using electronic processing and/or “Letter of Authorization” instruction. • Confirm wire instructions with all interested parties and confirm receipt of incoming/outgoing wire transfers.
• Update daily security prices in FIN and generate daily performance and valuation reports for internal distribution. • Provide week and month-end prices to portfolio managers and traders for review before updating the final prices in FIN. Pricing sources includes Bloomberg, IDSI and active broker dealers’ market prices. • Troubleshoot and resolve pricing errors and identify reliable pricing sources. • Update foreign currency prices and exchange rates in FIN on daily and/or weekly basis using Bloomberg as primary pricing source.
FIN Maintenance and Corporate Actions Processing:
• Update and maintain master data tables in FIN including: security master (US), client account master (UA), broker account master (UB), custodian account master (UC), and interested parties account master (UIP). • Set up new account in FIN with reporting requirements assuring special reporting requests are set up appropriately. • Update security industry classification code in FIN using Global Industry Classification Standards (GICS) and Bank of America/Merrill Lynch Classification Standards to assure all securities are classified under the respective industry and sector for attribution analysis and reporting requirements. • Elect corporate actions based on portfolio managers’ decisions and update relative transactions in FIN to assure accurate accounting and performance calculation. • Reconcile cash and/or share payment and/or receipt from corporate actions in FIN with client custodians on a timely basis and communicate pending adjustments to Portfolio Accounting and traders.
• Facilitate all necessary aspects of new account preparation, funding, and investments including: (a) Coordinate the preparation and receipt of new client contracts and documentation with Client Service and Compliance. (b) Create new client master file with all documentation necessary for compliance purposes. (c) Make arrangements with custodians, brokerage firms, and fund administrators to prepare for account funding (i.e. open accounts, gather contact information, prepare paperwork, set up trade file delivery and web access). (d) Track pending accounts and notify Client Service, managers and administration staff on all account funding status. (e) Notify portfolio managers and traders of new account funding and coordinate to assure timely initial investment of assets. (f) Close accounts upon client termination assuring liquidation (if necessary); update account status in internal systems, confirming receipt of appropriate documentation and final fee payment. (g) Update FIN with any requested changes to account information includes: updated contract information, custodial moves, settlement instruction updates, reporting requirement changes, mergers or splits of accounts, and modification to contact, address or account number. Also communicate changes to Client Service and other departments to ensure changes are being updated in all SSI databases. (h) Assist with client reporting and various account administration tasks as assigned.
Compliance Monitoring in Operations:
• Maintaining procedures manual and continually assess processes for improvements. • Maintain open communications with all departments to ensure a successful team effort. • Develop ongoing cross training to ensure continual coverage at all times. • Perform monthly and quarterly reviews on data accuracy in FIN and other compliance folders. • Preparation for offsite storage (Iron Mountain) on all compliance documentation including trade instructions, trade logs, executed trades and allocation tickets, client account documentation and etc.
Position Qualifications and Requirments:
• Bachelor’s degree in Accounting, Business, Finance, Economics, or Mathematics • Excellent working knowledge of Excel, order management system, and accounting system • Must exhibit a high standard of professionalism in all dealings with internal staff and external partners and clients • Strong written and verbal communication skills and outstanding attention to detail and strong organization skills • Must be able to work well under pressure, have the ability to multi-task and work amicably in a team environment • Minimum of two years accounting, investment management trade settlement or similar work experience required • Comprehensive knowledge of the securities markets is a plus