Operations Manager

Last updated 13 minutes ago
Location:Greater London

Description

Role Title: Operations Manager

Business: Global Asset Management

New or Existing Role- new

Grade:4

Role Purpose

  • HSBC Global Asset Management (“AMG”) promotes investment fund ranges domiciled in various locations including Ireland and Luxembourg. This role is to support the HSBC Global Liquidity Funds (“GLF”) domiciled in Ireland. The Directors of the Fund have appointed HSBC Investment Funds (Luxembourg) S.A. (HIFL) as the Management Company to the Fund with responsibility for day to day oversight of the Fund operations. In order to support Fund operations, HIFL, in conjunction with the Fund Directors, has appointed BNY Mellon as the service provider to provide fund administration, transfer agency, depository and custody activities. The incumbent will have primary responsibility for the oversight of this relationship with specific attention to the fund administration activity in line with the CSSF and CBI guidelines. The incumbent will be part of the Global Fund Services team with a functional reporting line into HIFL.

Key Accountabilities

  • Relationship Management & Oversight of Provider
  • Own the day to day relationship & oversight responsibility of the BNY Mellon fund administration activity for GLF
  • Participate and contribute to ongoing servce review meetings.
  • Develop and enhance working relationship with BNY Mellon and key stakeholders in AMG
  • Proactive management and resolution of daily queries across Fund Accounting, Custody and Transfer Agency functions managing queries from internal stakeholders AMG offices covering Investment Management and Distribution.
  • Act as an escalation point for internal AMG stakeholders and BNY to drive the investigation & resolution of queries and issues across Fund Accounting, Custody and Transfer Agency functions.
  • Proactively identify, develop and manage broader remediation plans based on recurrent issues or trends
  • Have a risk management mind-set - monitor and enhance the controls of delegated and outsourced provider activities – be involved in client service level reviews, setting up/monitoring KPI/SLAs, reporting on incident review.
  • Provision of Fund Accounting subject matter expertise to manage and drive enhancements to the operating model and the control environment
  • Develop the operating model as it evolves to support product changes or regulatory changes.
  • Provide technical input & direction to projects, initiatives, or market led activity that might require operational processes to deviate/change from existing service requirements.
  • Take the lead on the build out of operational delivery of new fund launches or corporate action activity
  • Relationship Management & Oversight of Provider
  • Own the day to day relationship & oversight responsibility of the BNY Mellon fund administration activity for GLF
  • Participate and contribute to ongoing servce review meetings.
  • Develop and enhance working relationship with BNY Mellon and key stakeholders in AMG
  • Proactive management and resolution of daily queries across Fund Accounting, Custody and Transfer Agency functions managing queries from internal stakeholders AMG offices covering Investment Management and Distribution.
  • Act as an escalation point for internal AMG stakeholders and BNY to drive the investigation & resolution of queries and issues across Fund Accounting, Custody and Transfer Agency functions.
  • Proactively identify, develop and manage broader remediation plans based on recurrent issues or trends
  • Have a risk management mind-set - monitor and enhance the controls of delegated and outsourced provider activities – be involved in client service level reviews, setting up/monitoring KPI/SLAs, reporting on incident review.
  • Provision of Fund Accounting subject matter expertise to manage and drive enhancements to the operating model and the control environment
  • Develop the operating model as it evolves to support product changes or regulatory changes.
  • Provide technical input & direction to projects, initiatives, or market led activity that might require operational processes to deviate/change from existing service requirements.
  • Take the lead on the build out of operational delivery of new fund launches or corporate action activity
  • Manage the escalation of pricing data vendor issues which impact NAV accuracy working with other offices to ensure process are consistent and robust to cover all sites
  • Develop and improve appropriate key controls
  • Ownership of operating model and associated poilcies and procedures
  • Monitor and evolve the policies and procedures adopted for the GLF fund accounting activity
  • Establish best practice for the fund accounting activity and share with other HSBC fund ranges where appropriate.
  • Assist with the drafting of the Financial Statements including completing IFRIC23 and ‘going concern’ reports.
  • Governance / Oversight Activities
  • Submit reports into Line Managerment for Local Management Committee updates
  • Assist with due diligence and management of third parties
  • Assist with due diligence reviews of outsourced service providers in compliance with:
  • CSSF outsourcing guidance requirements and HSBC Outsourcing and Vendor Management Policy
  • CBI Fund Administration Outsourcing guidance
  • The terms of services agreements
  • Governance
  • Establish appropriate service review and internal oversight forums, to support the GLF platform to ensure alignment with contractual and regulatory obligations.
  • Maintain positive relationships with independent Fund Board/Management Company Directors
  • Lead the BNY Mellon Service Provider initiatives including policy development, operating model definition and efficiency reviews.
  • Submission of ongoing service delivery updates, including KPI’s etc., for HIFL LMC.
  • Produce and submit quarterly service update for inclusion in GKF Board pack.

Customers / Stakeholders

  • Interact with different AMG lines of business to help with the development and the ongoing operation of funds including:
  • Operation Legal
  • Financial Crime Compliance Regulatory Compliance
  • Operational Risk Internal and External Audit
  • Third party vendors AMG investment and distribution offices
  • AMG Product GLF Sales teams
  • Input to the regular Service Reviews of third party Service Providers specially those based in Ireland

Operational Effectiveness & Control

  • Proactively standardise processes, offshore and outsource activities whilst reducing time and resources on non-commercial activities.
  • Proactively engage with all relevant stakeholders to identify emerging themes that will impact service provider provision or raise service quality issues for AMG clients.
  • Resolve identified issues promptly, and escalate concerns as appropriate to ensure timely awareness of any material concerns.
  • Be accountable, as business owner, all business transformation and change initiatives for the Back Office Service Providers.
  • Create appropriate management forums to oversee the ongoing suitability of the Back Officer Service Providers proposition on behalf of AMG.
  • Understand multiple regulatory regimes – Hong Kong, Ireland, Luxembourg and UK regulations and their impact and requirements on the back office service providers, fund services and AMG group.
  • Maintain and observe all HSBC control standards and implement and observe Group policies, including the timely implementation of recommendations made by the HIFL Board, relevant committees, internal/external auditors and regulators.

Major Challenges

  • Fund range operates in a highly regulated market.
  • Accounting principles for Liquidity funds are complex where accuracy and timeliness is paramount.
  • Operational delays or errors need immediate engagement
  • Slightest deviation in yields due to calculation errors can create substantial investor challenges including de-stablising the investor relationship
  • Client experience is paramount, very easy for an investor to switch to another fund house if service and operational issues arise
  • Investors are introduced through other HSBC Group entities. Service issues or pricing errors can impact the investor relationship with the other Group entities.
  • Requirement to work with multiple stakeholders in multiple locations.
  • Remain compliant with internal controls and industry best practices whilst ensuring the activities are synergistic and scalable.
  • Ensure consistent application of the highest risk management standards notwithstanding the complexities of products and business operations. Risk is forward looking.
  • Working simultaneously on multiple complex internal operational activities and deliverables, internal and external stakeholders and service providers on a defined schedule whilst adapting to ad-hoc issues, queries, and resource constraints.
  • Adapting to change whilst maintaining BAU.

Role Context

  • The role requires working with various stakeholders within the business and with the service provider.
  • Lead and drive a strong working in partnership with BNY Mellon fund accounting teams.
  • Engage with fund managers and work with them over the ongoing NAV activity.
  • Ensure effective management of reputational and operational risks.
  • Operate under own initiative in line with responsibilities
  • Exercise delegated authorities with due care and diligence

Role Dimensions

  • While the role will focus on the BNY Mellon relationship and the ongoing operational activity of GLF, the incumbent will also work with the Global Fund Services team being established. The GLF range has a current value of USD 60BN. The fund range sits under the remit of HIFL whch manages 3 other fund ranges in Ireland and 3 fund ranges in Luxembourg. Current combined fund values are USD 130BN.

Management Risk

  • The jobholder will continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
  • The jobholder will ensure that our customers are at the heart of everything we do, both personally and as an organisation. This is achieved by consistently displaying the behaviours required to support the Best Place to Bank principles of Make Better Products, Sell Them Properly and Keep Them Sold.
  • Upholding HSBC’s Charter and Values: being dependable, open to different ideas and cultures, and being connected to customers, communities, regulators and each other; acting with Courageous Integrity and empowerment to ‘do the right thing’

Observation of Internal Controls

  • The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant FIMs, procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
  • The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply. This is achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
  • Maintain HSBC internal control global standards, including timely implementation of internal and external audit points together with any issues raised by the regulators.