Manager – Corporate Actions recruitment
About Fidelity Worldwide Investment
Fidelity Worldwide Investment is an asset manager serving investors in all corners of the world outside North America. It was established in 1969 and manages all significant asset classes for institutional and retail investors in long-term savings products. Fidelity and its subsidiaries employ over 5,400 people in 23 countries managing US$255.9 billion worldwide.
Purpose of your role
Corporate Actions are responsible for identifying, tracking, processing and reporting any Corporate Actions and Dividends, which effect any security position held by Fidelity’s retail and institutional funds, with an increased focus on fixed income and derivative type products. The global range of Fidelity’s products and services expose the team to the full spectrum of corporate action types across nearly all of the world’s stock markets.
The role is primarily to assist the Managers in the team with the day to day running of the Corporate Action group as described below and to assist on Projects where required. The team is in daily contact with over 30 custodian banks and information vendors researching, analysing and verifying corporate action information. The team is responsible for notifying the Fund Managers and their support teams principally in London, Boston, Hong Kong and Tokyo with details of voluntary corporate actions. Corporate Actions then chase and collect all responses, instructing the custodian banks in line with the Fund Managers wishes. There is also a strong emphasis on liaison with the many areas within Investment Administration; working collaboratively to resolve mutual issues.
The team is also responsible for processing all corporate action entitlements to the individual funds on an accurate and timely basis, taking account of accounting practices, for inclusion in the calculation of the daily Net Asset Value (NAV) of the individual funds. The team works to tight deadlines to meet the multiple daily valuations performed within Investment Administration. The team operates in a fast developing and dynamic environment, where technology has and is being developed to automate current workflow processes.
Key Responsibilities:
- Ensuring that the team completes all daily operational tasks in accordance with defined procedures
- Pro-actively review procedures and risk and ensure that issues identified are escalated and resolved
- Work in conjunction with the Senior Manager in setting the strategic direction for the corporate action team
- Setting individuals goals and providing input to the wider departmental goals. Assisting in developing training plans
- Conducting 1 to 1’s and Appraisals. General Performance Management and Recruitment.
- Checking accuracy of any corporate action and dividend input to the Accounting system ensuring this is completed timely and accurately
- Monitoring status of corporate actions events during their life cycle on the Corporate Action system
- Resolution of queries arising from corporate actions and escalating where necessary
- Maintaining relationships and communication between corporate actions and stakeholders, both internal and external
- Overseeing the team’s Custody reconciliation breaks, both cash and stock, ensuring timely and accurate resolution
- Training and development of staff working within the N2 competency modules
- Assignment of actions and tasks across the corporate actions team and ensuring their completion
- Providing support and training to team members
- Other checking tasks including checking notifications to Fund Managers and Instructions to custodians
- Potentially participation in key departmental projects and leading other smaller projects
- Prepare and deliver presentations to internal and external clients.
- Develop Service Level agreements and attend Custodian Service Level Meetings
Your skills and experience
The role will focus on performing some of the checks in the Corporate Actions group including validating entries in the Accounting system, providing support, guidance and direction to the Analysts and Senior Analysts in the team as well as potentially people management responsibilities including 1 to1’s, Recruitment and Appraisals. Therefore a minimum of 5 years experience in the financial industry with at least 3 years recent global corporate actions experience of which at least 2 years should have been at Management level is required. Experience within an Investment Management environment is also desirable. This role also falls within the N2 Training Competence Regime. Possession of Industry Qualifications – IAQ or IMC or proof of “Grandfathering” is essential.
The group is currently engaged in two high profile projects. Replacing its current Corporate Action system at the end of 2011 with a new SWIFT driven system called “BaNCS” which the successful candidate will be utilising as the group’s core system. Secondly from 2012 implementing the Charles River Investment Management system which is delivering a Transaction, Position, Escrow and Reference Data service to the IM Community. The successful candidate may be involved in some capacity in this project.
Essential Skills:
- Understanding of and experience in processing ISO15022 SWIFT messages ideally in an automated environment
- Good time management skills with emphasis on ability to prioritise own work and meet tight deadlines
- Strong attention to detail and be able to work effectively during pressure periods
- Good team worker sharing knowledge effectively and showing a flexible work approach
- Strong and effective communicator at all levels
- Self starter with a dynamic “can do” attitude with a strong desire to make things happen
- Computer literate with strong Excel, Word and Outlook skills
- Basic working knowledge of Fixed Income / Derivative type instruments
- Ability to work to strict deadlines. Capable of juggling and prioritising multiple tasks
- Experience of participating in projects and procedural enhancements
- Understanding of basic accounting principles
- Ability to “think on your feet” and develop innovative and effective solutions to problems
Key Competencies for the role
- Delivers results: Takes ownership for delivery, Effective delegation
- Problem Analysis
- Initiating and adapting to change: Process improvements
- Stakeholder/Customer Management
- Influencing and Negotiation
Why would you choose to join Investment Administration?
“The operational backbone of Fidelity Worldwide Investment” – Servicing the needs of our customers, such as Trading and Portfolio Management, and maintaining close relationships with external Auditors and Custodians on a daily basis. Always acting in the best interest of our investors, and, in so doing, create wealth for our investors and opportunities and rewards for our employees
“The Team” – Around 200 people strong spread across various teams in the UK, Luxembourg and Hong Kong. This combination means there is an exciting array of skills and nationalities across all levels, making everyday work interesting and rewarding.
“The Challenges” – Responsible for processing corporate actions, pricing securities, settling trades, publishing holdings and maintaining static data for all Fidelity Worldwide Investment funds; alongside fund accounting and reconciliation of all pooled funds in the UK and Luxembourg. We process 180 corporate actions a month, as well as pricing 10,500 securities and settling 3,500 trades a day. In addition, the department calculates the Net Asset Values for funds worth in excess of $200 billion every day; all of this creates a fast paced and ever changing environment.
“The Spirit” – A busy, friendly and supportive working environment is the foundation of all success and growth. This is exactly what you will find within IA. Sound values are woven into the very fabric of our organisation, hence the long term customer trust, success and stability of the company.
“The Opportunities” – We can offer plenty of opportunity and career growth within each of our departments. For example we introduced a concept called “iAcademy”, unique to FIL, where you work with colleagues across all departments within IA in cross-functional training and knowledge transfer.