Department/Area Function: Asset Services provides centralization, simplification, and automation in the handling of depository-eligible debt and equity securities, and in the processing of principal, income, and corporate actions for these instruments. Functions designated as Securities Processing include all those related to the deposit and custody of physical securities.
The Reorganization/Redemptions department processes transactions related to changes made to the capital structure or financial position of DTC-eligible securities in which outstanding securities must be surrendered on behalf of customers in exchange for cash or new securities, or a combination thereof. Mandatory corporate actions include mergers, corporate and municipal full or partial calls, stock dividends, and CD redemptions. Voluntary actions include tender and exchange offers, puts, convertible security and warrant subscription exercises, rights offers, and optional dividends/dividend reinvestments. This area interacts with customers, agents, issuers, exchanges and internal units as required to accept and balance voluntary instructions and inventory positions, surrender securities, and collect then allocate cash and/or stock entitlements to customers.
Position Summary: The specialist is a key front-line position in an operating area. Specialists perform all routine and complex functions and handle exception processing as appropriate within guidelines defined by the management team. They may coordinate assignments and workflow but are not responsible for staff development, coaching, or performance management.
o Performs day-to-day processing activities for one of the operating areas listed above
o Ensures strict adherence to procedures and critical time frames
o May coordinate work assignments to first-line staff and handle basic administrative processes
o Based on subject-matter-expertise, may advise clerical staff, analysts, and other Specialists in methods of problem resolution and procedures
o Provides input to develop/modify procedures and controls in order to reduce risk
o Reviews exception conditions with the supervisor to determine appropriate courses of action
o Interacts with participants, paying agents, transfer agents, and other DTC operational areas
o Identifies system maintenance issues for the supervisor's or senior specialist's review and resolution
o Supplies information to Customer Help Centers in response to customers' inquiries.
o Contributes to management testing process and activities related to audits and risk management, and business continuity as needed.
o Assists management on routine automation/product development functions and in system testing as needed.
o Responsible for conducting, reviewing, analyzing, resolving, and escalating the results of any manual or automated compliance/regulator related Transaction Monitoring, including, but not limited to AML/BSA related monitoring conducted by the business unit.
o Responsible for conducting, reviewing, analyzing, resolving, and escalating the results of any manual or automated OFAC screening, Section 311 and other compliance/regulatory related screening conducted by the business unit.
o Responsible for supporting the department in adherence to AML/BSA policies and procedures as set-forth by various regulatory bodies.
Experience: 3 years of financial services experience
Knowledge and Skills Required:
o Thorough knowledge of operational processes and overall industry, including key features and processes related to an array of investment instruments
o Good interpersonal, written and verbal communication, customer service, and problem-solving skills
o Good PC skills and thorough knowledge of relevant mainframe applications
Mutual Fund Careers - 2 years ago