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Fiduciary Services Officer and Fiduciary Relationship ManagerApply Now Locations: Bertrange, Luxembourg Job Function: Banker Employee Status: Regular Job ID: 20187572
The Fiduciary Specialist is a strategic professional who stays abreast of developments within own field and contributes to directional strategy by considering their application in own job and the business. Recognized technical authority for an area within the business. Requires basic commercial awareness. There are typically multiple people within the business that provide the same level of subject matter expertise. Developed communication and diplomacy skills are required in order to guide, influence and convince others, in particular colleagues in other areas and occasional external customers. Significant impact on the area through complex deliverables. Provides advice and counsel related to the technology or operations of the business. Work impacts an entire area, which eventually affects the overall performance and effectiveness of the sub-function/job family.
1) Fiduciary / Depositary Bank Oversight
- Discharge fiduciary regulatory responsibility appropriately by ensuring the following (which is not exhaustive); complete on-site inspections on time and issue report; review, asses and communicate breaches and price errors; conduct annual due diligence reviews on the Funds’ service providers and oversight of delegated functions; continuous professional relationship and engagement with Depositary Operations in charge of monitoring our oversight duties and ongoing review and improvement of the scope of controls
- Assist with management of relationships with all regulators overseeing CEPL’s depositary bank activities, including responsibility for primary correspondence and reporting on an ongoing basis.
- Provide input and advice to the business on changes in the regulatory environment.
- Review relevant documentation related to investments in non-transferable securities (other assets) in order to perform ownership verification and more specifically for private equity and real estate funds.
- Assist to monitor Funds investment restrictions and prospectus guidelines, escalate issue to clients and ensure that timely and adequate resolution of breaches is affected.
- Assist to monitor fund administration and transfer agency operating errors.
- Assist to review and assess the risk associated with the CEPL Depositary Bank business through the performance of quarterly RCSAs and Fiduciary monitoring programme (regular monitoring reviews and review monitoring exception reports, including accounting rules, NAV calculation, shareholder transactions & record-keeping, AML & KYC review, handling of errors, breaches and complaints, dealing and administration activities, and due diligence of third party service providers).
- Assist with research into issues that arise, reviewing reports, working with the business to agree improvements to procedures and liaising with regulators as required and including special reviews in order to provide responses to regulatory enquiries.
- Liaise with auditors on monitoring work performed as part of regular audit programmes and respond to, and act on, any fiduciary findings reported by Citigroup Internal Audit.
- Provide support for the preparation of client newsletters / publications.
2) Fiduciary Relationship Management (FRM)
- A. Clients
- Existing Clients
- Principal client contact on all fiduciary matters, i.e. compliance, regulatory, products, operations etc.
- Attendance to client service review meetings and attendance to the respective Board meetings of the investment funds to determine current fiduciary issues, client satisfaction levels and feedback.
- Presentations on product, regulatory and industry developments – ensuring continued client education.
- Provide industry and internal surveys for completion.
- Supervisory role with regard to the creation of any additional funds, sub-funds, liquidations, mergers, subscriptions in kind, investment manager, markets, investment strategy etc.
- Ownership of all fiduciary issues/requests/opportunities/projects raised by the client or internally by Account Manager ; attendance to virtual team meetings for assigned fiduciary clients and act as back-up for the other FRMs.
- Potential Clients
- Assist sales and relationship management in the completion of RFP’s documents.
- Presents the fiduciary service and all related aspects with sales and relationship management during potential client presentations/discussions.
- Review all draft fund documentation (prospectus and fiduciary agreement as applicable by jurisdiction) and advise lawyers and Implementation team/Corporate Services accordingly.
- Circulate fund documentation to applicable internal fiduciary colleagues.
- B. New Business (Won)
- Representative that will form part of the implementation team
- Ensure fiduciary requirements are captured and tracked on the implementation plan i.e. compliance monitoring, account details, fund documentation etc.
- C. Corporate Governance, Board/Management Meetings
- Principal contact with the Directors and the conducting officers of the funds.
- Production and presentation of the Depositary Bank Report at the Board meetings. The report will detail the NAVs reviewed, open issues, active investment breaches, material NAV errors and regulatory updates.
- Attendance at the FRC meetings as voting member.
- Initiate meetings on fiduciary issues with other departments on a regular basis and on an ad hoc basis when required.
- D. Regulatory/Industry Developments / Fiduciary and Industry Seminars
- Participation in working groups from local industry bodies.
- Advise clients on industry changes, market practice and standards being adopted.
- Advise and present on anticipated and actual regulatory changes, whilst addressing the client impact and opportunities.
- Attendance at applicable industry seminars
- E. Product Definition
- Responsible for ensuring the fiduciary services and activity is fully understood both internally and externally.
- All aspects of fiduciary services to be advised to the client and implemented if applicable.
- Interface with internal product if developments are required following regulatory / market / client changes / requirements.
- Build knowledge of UCITS and AIFM laws and regulations, related products, and internal policies and procedures
- Apply this knowledge to protect the interests of investors
- Build relationships with market bodies to promote the Bank’s image
- Minimum 10 years’ experience in the investment fund arena.
- Good knowledge of accounting and market investments products and practice.
- Knowledge of relevant Luxembourg laws, UCITS V, AIFMD regulations and CSSF circulars.
- Knowledge of UCITS V applicable investment restrictions is an advantage.
- Proven capacity to use the blend of the above in contact with senior market participants.
- Fluency in English and French is necessary. Knowledge of any other European language is an advantage.
- Working knowledge of standard MS-Office applications.
- Educated to degree level.
- Ability to work to tight deadlines within a highly professional environment.
- Good interpersonal and communications skills.
- Ability to analyse complex business issues and propose solutions
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