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Depositary Client Manager

Postuler REF: TRU000017
BNP Paribas Securities Services is a multi-asset servicing specialist with local expertise in 35 markets around the world and a global reach covering 90+ markets. This extensive network enables us to provide our institutional investor clients with the connectivity and local knowledge they need to navigate change in a fast-moving world.
As of 30 September 2019, BNP Paribas Securities Services had USD 11.491 trillion in assets under custody, USD 2.759 trillion in assets under administration and 10,491 funds administered.

Position Details

BNP Paribas Securities Services London Branch (Securities Services) is one of many branches of BNP Paribas Securities Services  (‘the Bank’) licensed to provide Trustee & Depositary (‘T&D’) services to all types of locally domiciled funds, covering multiple asset classes (including private equity, real estate, loan, infrastructure and securitisation).
Within Securities Services, the main role of the Depositary & Fiduciary Services teams (DFS), wherever they operate can be divided into three pillars:
  • T&D discharge the Bank’s oversight responsibilities on the fund managers (and their trading activity) and any other stakeholders by monitoring the fund’s compliance with its investment restrictions; reviewing NAV calculations and report and accounts; and performing oversight visits to the fund manager, and any third parties e.g. fund administrators who provide services to the fund
  • T&D has a regulatory responsibility to establish the fund’s ownership of any Other Assets in the portfolio, and to keep a record of all Other Assets
  • T&D also has a regulatory responsibility to keep all financial instruments which are able to be physically delivered to the depositary in its custody
Cash Monitoring
  • T&D has a regulatory responsibility to ensure the fund’s cash flows are properly monitored; all payments for the subscription of shares have been received; all cash of the fund is booked in cash accounts opened in the name of the depositary or the fund; and daily cash monitoring is performed on significant cash flows and cash reconciliations

Purpose of the position:

  • Ensuring the relevant depositary controls are being applied to the fund range they are responsible for on a correct and ongoing basis.
  • Providing the primary day to day interface between the client and the depositary business, enriching and adding value to the relationship without compromising its fiduciary purpose.

Key Responsibilities:

All Depositary Client Managers are responsible for a defined list of funds for which the Branch is Depositary.
For each of these funds, the Depositary Client Manager is responsible for ensuring at all times that:
  • Investment guidelines are correctly coded in our post trade investment compliance system
  • Follow up files are duly acted upon and breaches duly qualified and escalated where relevant
  • Regular NAV checks are performed
  • All report and accounts are checked for reasonableness
  • Assistance is given to the Senior Manager, Regulatory and Technical with the planning, and reviewing output from due diligence/oversight visits
  • Ownership verification is carried out on any Other Assets held by a fund
  • Up to date records are keep of all Other Assets held by a fund
  • All financial instruments which can be physically delivered to T&D are held in custody
  • All funds cash flows are properly monitored
  • All payments received re the subscription of shares are received by the fund
  • All cash of the fund is booked in cash accounts opened in the name of the depositary or the fund
  • Daily cash monitoring is performed on significant cash flows and cash reconciliations
  • All cash monitoring findings are duly addressed and incorporated in the account certification and board reports as and where needed
  • A daily review and required escalation is performed on timely settlement of trades
  • A signed Depositary Contract is in place for all funds
  • A Service Level Agreement is in place for all clients
  • Day to day management of relationships with the fund manager including periodic reviews, provision of MI
  • Day to Day management of queries and management of hoc issues

Experience, Qualifications & Competencies:

  • Significant and demonstrable experience in the securities services industry
  • Risk, legal, compliance or audit background
  • Excellent analytical and communication skills
  • Experience in private equity and real estate
  • The successful candidate will be educated to tertiary level, with a supplemental relevant qualification
  • T&C competence

Equal Opportunities

BNP Paribas promotes equality of opportunity and is committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation.
As an employee with BNP Paribas Securities Services, we want to make sure that you are rewarded for your commitment. As such, you will be entitled to our award winning benefits package which includes a generous holiday allowance of at least 34 days (including bank holidays), a non-contributory pension of 9%, private healthcare and GP service all as standard, along with a number of personal insurances such as income protection, life assurance and personal accident insurance. We believe in ensuring all our employees have a positive work life balance and so in addition to the core benefits you will also have access  to a variety of flexible lifestyle benefits including dental cover, childcare vouchers, cycle to work schemes, season ticket loans and reduced cinema and gym membership to name a few.

Please note that we are unable to progress applications at this time from candidates who require sponsorship under a Tier 2 General Visa. The role does not meet the required skill level for us to issue a Certificate of Sponsorship under Tier 2.
Primary Location: GB-ENG-LondonJob Type: Standard / PermanentJob: SALES DEVELOPMENTEducation Level: Not indicatedSchedule: Full-time Reference: TRU000017