Private Client Administration Director recruitment
A highly regarded city based Investment Management company seeks an experienced Private Client Administration Director, to take on a key interim role for 12 months. Reporting to the Head of Private Clients this key appointee will have responsibility for assisting management with the oversight and governance of the Private Client and Charities Business.
This role requires a comprehensive knowledge of investment management and an in-depth understanding of private client investment processes. The individual will also require a detailed understanding of Compliance and Risk as well as Anti-Money Laundering and the client sanctions checking process
A key element of the role will be the ownership of three key control mechanisms:
1.The Portfolio Suitability Group. A control mechanism introduced to monitor commonality and suitability has been active since autumn 2011. The Portfolio Suitability Group monitors the variance against asset allocation and stock selection for every portfolio against the agreed PAT model. Fund managers with portfolios outside of the agreed tolerances are required to explain the reason for the variance and the action plan to address the issue. Issues are escalated to the Suitability Risk Group.
2.Suitability Monitoring System. A suitability confirmation process has also been introduced and this requires a fund manager to attest that an annual review meeting with the client has been completed. This process is controlled using a automated system and alerts are sent to the fund manager, line manger and compliance in the event of failure to complete the confirmation within the given time frame.
3.The Business Acceptance Panel. This panel is responsible for assessing whether a client mandate is appropriate for the business to manage.
This position has a direct impact on maintaining firm's positive regulatory status and the role is recognised by the FSA as a key and important function. The increased regulatory requirement to ensure and demonstrate ongoing "suitability" of investments for the clients necessitates an experienced, articulate and knowledgeable individual fills this role so as to ensure that the fund managers are meeting the required standard.
This role has interaction at all levels from the Fund Managers’ Assistants to the Board directors as well as close contact with Compliance, Risk and Internal Audit. It requires strong influencing and negotiation skills. In conjunction with business management the incumbent will interface with the regulatory bodies (FSA) during ARROW visits.
The Private Client Investment Process Team includes two support positions. One will focus on the Regulatory and Procedural aspects and a second will focus on Training, RDR and CPD.