Assistant Director, Derivative Operations
Eastspring Investments, part of Prudential Corporation Asia, is Prudential's* asset management business in Asia. It is one of Asia's largest asset managers, with operations in 12 markets (including a US sales office) and just under 2,000 employees in Asia and about US$94.4billion (£58.1 billion) in assets under management (at December 31, 2012).
Eastspring Investments recently topped an annual ranking by size of retail fund managers in Asia.**
About half of total assets are sourced from third party clients including a wide range of retail and institutional investors. Eastspring Investments also manages the assets of life and pension products sold by Prudential Group in the UK, the US and across Asia.
Eastspring Investments operates in Japan, Malaysia, Singapore, South Korea, Taiwan, Hong Kong, the United Arab Emirates, Vietnam and Indonesia, and has joint venture operations in India, China and Hong Kong. The business also opened its US sales operations in 2012 and has announced plans to expand its fund distribution to Europe and the UK, subject to regulatory approval.
Together with Eastspring Investments, Prudential Corporation Asia (PCA) comprises the life insurance businesses of Prudential plc in Asia spanning 13 markets: Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential plc is a leading life insurer in Asia serving over 13 million customers across the region.
* Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups and has been in existence for over 160 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America
**Asia Asset Management Fund Manager Survey 2012, (Sept 2012). This annual survey ranks participating fund managers in Asia ex Japan, Australia and New Zealand ("region') based on assets sourced in the region as of June 30, 2012.
Job Purpose:
- To establish a centre of excellence for the derivatives and structured product processing platform in Singapore to ensure adherence to derivatives frameworks provide advisory assistance to regional countries where required.
- To be Investment Operations Group’s key derivatives representative to manage areas of fund management relating to product and new fund launch, investment mandates and regulations, risk management, asset services, operations, legal and compliance.
- To drive Investment Operations Group’s compliance with regulatory requirements arising from Dodd Frank / EMIR / Local Market regulations including implementing automation / reporting /OTC clearing initiatives in consultation on operating model with IOG Head.
- To work with Team leader of Treasury Operations Team to lead manage the derivative operations staff.
- Immediate goals including compliance with OTC Derivative Matching Reporting on Markit / DTCC platforms / OTC Clearing.
Key Responsibilities
- Oversight on derivatives operations process in Singapore, Korea, Malaysia and other regional offices, to ensure operational efficiency, mitigates operational risks and adherence to derivatives framework.
- Drive project initiatives on regulatory reforms and to improve the derivatives operation process across both exchange traded and OTC platforms, including but not limiting to documentation, settlement, collateral management, valuation, prime brokerage, futures clearing.
- Provide guidance and advice to business stakeholders on market initiatives and regulatory reforms across derivatives platform globally and in Asia Pacific region.
- Negotiate, review and approve all ISDA related documentation such as MA, CSA, MCA, bespoke confirmation templates and structured product documentation.
- Review details of new instruments for both derivatives and structured notes, and provide sign-off for New Instrument Approval Group (NIAG) approval.
- Review PPAR documents relating to new derivatives and structured funds, including due diligence review of workflow processes, and provide sign-off for PAC group approval.
- Perform due diligence review maintain oversight over outsourcing service providers, to ensure services and capability meets industry standards, and deliverables meets our service level.
- Perform due diligence review of documentation process, control procedures, settlement and confirmation process.
Key Requirements and Attributes:
- Minimum degree holder with at least 10-12 years of relevant operations experience gained in the financial service sector, primarily relating to derivatives and structured products.
- A solid understanding of the operational workflows, documentation, operational risks, and controls of derivatives trade life cycle.
- Knowledge of Regulatory Reform rules on Dodd-Frank Act, EMIR, MAS and others from APAC region.
- Strong product knowledge on vanilla and exotic derivatives instruments, structured derivatives and products, exchange traded derivatives instruments, equities and fixed income.
- Extensive knowledge of ISDA Master Agreement, Credit Support documents, ISDA definitions such as 2006 ISDA Definitions, 2002 Equity Definitions, 2003 Credit Derivatives Definitions, 1998 FX and Currency Option Definitions, 2005 Commodity Definitions, Master Confirmation Agreements.
- Knowledge of legal documentation such as Futures Clearing Agreement, Futures Give-Up Agreement, Broker Agreement, Custodian Services Agreement, Prime Brokerage Agreement, GMRA.
- Ability to understand the details but also able to take big picture approach.
- Excellent problem solver.
- Strong interpersonal and communication skills.
- Proactive, self-motivated and team player.
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