The Trust Fiduciary Lead 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.
- The Private Bank at Citi (CPB) is part of the Institutional Clients Group and offers a wide range of products and solutions, including investment strategies, banking and lending, trust and specialized services. The Private Bank delivers solutions to help meet the individual, family and business needs of over 10,000 ultra-high net worth clients around the world. The Private Bank is focused on clients with a minimum net worth of $25mm and serves 40% of the world’s billionaires and their families.
- Under supervision of a Fiduciary Services Head, this position requires administration of UNHW ongoing fiduciary relationships which entails working with clients to strategize toward the preservation and continued growth of trust assets while achieving their specific trust and estate planning objectives and introduces clients to a broad range of investment management opportunities.
- An individual in this role will be expected to:
- Manage an existing book of trust and estate accounts: types of accounts include revocable and irrevocable trusts, testamentary trusts, ILITS and IRA accounts, various types of charitable trusts, estate accounts, and agency accounts, both discretionary and directed; initiate investment management of the accounts by coordinating with Private Bankers and Investment Counselors and utilizing both internal and external investment managers including equities, fixed income, mutual funds, ETFs, private equities, hedge funds and real estate vehicles to ensure the appropriateness of the account allocation based on the investment objective and risk tolerance of the account; knowledge and understanding of special assets such as promissory notes, operating agreements, LLC’s, LP’s, loan holds, life insurance policies, real estate interests and oil and gas interests; working with both internal and external tax preparers to complete and file tax returns for the various types of accounts, including Forms 1041, 5227, 990PF, 1042S, and 1099; review of a discretionary distribution request which includes collection of financial and tax documentation from the client together with the interpretation of the terms of the trust document to determine the appropriateness of the request; review and update information for each account for the annual administrative review which includes 13 major categories.
- Assess the client’s overall estate and tax planning needs: including the knowledge and skill to review legal and trust documentation and have an understanding of the provisions in order to effectively assist the client and their advisors in achieving specific trust and estate objectives.
- Compliance with legal requirements and internal procedures in relation to account activity: including identification and reporting to our Senior Risk Committee and management of the risk of financial loss and/or damage to Citi’s reputation arising from the activities within the Citi Trust businesses; Communicating with internal and external auditors as well as state examiners; working with Investment Management Oversight on the identification of and diversification of a discretionary portfolio’s exposure to a single security, issuer or industry.
- Communication: Communicate effectively with the client and/or the client’s attorney on all trust and estate matters and attending in person client meetings and investment reviews; interact with and establish a working relationship with the Private Banking and Investment team in regard to the trust and overall client relationship including timely and accurate responses to inquiries.
- Additional: Oversight and management of Assistant Trust Officers in all their duties; participation in internal and external training opportunities for ongoing professional development; drafting of policies and procedures as assigned by management and additional projects as requested; maintain a local presence in the trust and estate professional community.
- Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency.
- 6-10 years of experience
- Experience in estate or trust management and administration. MBA or JD desired
- Strong knowledge and proven technical proficiency in legal, investment and tax issues relative to trust and/or estate management and administration. Proven strong communication and project management skills. Proficiency in Microsoft Office products.
- CFTA preferred. Experience with Fiduciary Income Tax.
- Bachelor's/University degree, MBA or JD desired
Job Family Group:Private Client Product Services
Job Family:Trust Fiduciary Services
Time Type:Full time
Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
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