Trust Fiduciary Sr. Analyst

The Trust Fiduciary Sr. Analyst is a seasoned professional role. Applies in-depth disciplinary knowledge, contributing to the development of new techniques and the improvement of processes and work-flow for the area or function. Integrates subject matter and industry expertise within a defined area. Requires in-depth understanding of how areas collectively integrate within the sub-function as well as coordinate and contribute to the objectives of the function and overall business. Evaluates moderately complex and variable issues with substantial potential impact, where development of an approach/taking of an action involves weighing various alternatives and balancing potentially conflicting situations using multiple sources of information. Requires good analytical skills in order to filter, prioritize and validate potentially complex and dynamic material from multiple sources. Strong communication and diplomacy skills are required. Regularly assumes informal/formal leadership role within teams. Involved in coaching and training of new recruits Significant impact in terms of project size, geography, etc. by influencing decisions through advice, counsel and/or facilitating services to others in area of specialization. Work and performance of all teams in the area are directly affected by the performance of the individual.

Responsibilities:

• 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.
• CBNA is the primary legal entity for Citi, providing products and services to consumers, financial institutions and corporate clients around the world. In the past, Citi has provided most of its internal reporting on a business by business basis. With the changes in the regulatory environment, strong legal entity reporting and governance has become essential. This team is responsible for ensuring that CBNA has the appropriate governance and control infrastructure to meet the demand for legal entity planning, execution, information management and the ever-evolving regulatory environment.
• 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.

Qualifications:

• 5-8 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.

Education:

• Bachelor's/University degree or equivalent experience

Job Background:

A Trust Officer ("TO") is responsible for the efficient administration of a number of Portfolios for Trusts and Companies. As a key member of the Fiduciary Services Team a TO is expected to meet the goals of the Team and contribute towards delivering a top service quality level to clients. In addition, a TO is expected to provide administrative, technical, product and client related support to the Private Banking Team and to meet their personal team goals. The TO will work closely with an Assistant Trust Officer in this capacity. Both officers will report to the Team Leader. A Team Leader reports to the Fiduciary Services Head, who in turn reports to the Chief Trust Officer and Trust Center Head.

Responsibilities:

• Responding to requests from clients, outside professionals and bankers for execution of transactions or provision of information and clarification
• Responding to requests from accounting and control departments for information and clarification about accounts or related administrative issues
• Preparation and presentation of periodic reviews of trusts and companies to ensure that they are being administered in accordance with company policies, jurisdictional and legal requirements
• Identifying and highlighting issues or problems that could pose a risk to the corporation of financial loss or damage to the corporation's reputation and franchise
• Maintaining fiduciary documentary files according to guidelines and procedures so as to ensure that legal, fiduciary and record keeping responsibilities are performed and that there is evidence thereof
• Ensuring that the corporation's data base system contains accurate and up to date information
• Understanding the basics of trust and corporate accounting in order to review and approve financial statements and to classify transactions accurately for accounting purposes
• Maintaining the profitability of the corporation through timely and accurate rendition, collection and reporting of fee billings.
• Maintaining the security of clients and corporation information by ensuring that all original and sensitive documents are appropriately filed or vaulted in accordance with corporation policies and procedures

Knowledge/Experience:

• A minimum of 5 years or more experience working in a Trust related field
• Sound knowledge of fundamental trust law, company law and administrative practice
• Fundamental knowledge and understanding of investment instruments and credit concept
• Fundamental knowledge of banking products and how they are used in the overall management and administration of wealth
• Basic understanding and working knowledge of accounting concepts and their applications
• Easily reads, understands, and analyses trust and corporate documentation
• Ability to determine appropriate course of action of usual transactions, occurrences and events in accordance with general legal and administrative requirements
• Ability to identify and anticipate risks occurring in the day-to-day administration
• Ability to analyze and evaluate basic investment summaries, accounting statements, banking and banking products related documentation

• Ability to do mathematical calculations for fee calculation purposes and in determining entitlements pursuant to legal documents and trust administrative practice
• Ability to communicate both verbally and written in a concise and coherent manner with attorneys, clients and RMs etc. addressing or conveying issues, challenges, opportunities arising in the ordinary course of business
• Ability to communicate effectively and present issues and possible solutions to the Fiduciary Committee, team colleagues to evoke appropriate response
• Ability to interact, cooperate and work through issues with team members, bankers, wealth planners, product partners and clients.

Qualifications:

• A degree or professional qualification in Law, Business, Accounting and related background
• Above average written and verbal English. Other languages in either Spanish or Portuguese will be added value
• STEP (a willingness to study for STEP in lieu of the qualification is required).

Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.

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