Associate Director - Strategic Transition
Main Job Purpose
Support the Head of Strategic Transition in providing active leadership for the Alternatives Funds Services teams covering the Channel Islands locations across all alternatives business. Being part of a wider management team whose collective responsibility is to support both each other, the location and BNP Paribas group objectives.
The role is responsible for helping to drive our Alternatives Strategy which includes Business Implementation and Business Transformation for the CI location. The role remains involved in new business transactions across the Alternatives Sector, retains a high degree of client contact and communication and helps drive the provision and development of a range of administration, accounting and corporate services to investment funds and related corporate entities. It retains its practitioner status but seeks to develop forward looking strategic initiatives that support an evolving operational model.
Within BNP Paribas Securities Services there is special emphasis on growing our alternatives book of business particularly in private equity, debt, Infrastructure, real estate and a broad range of asset classes. The role makes a contribution to driving this strategy.
To contribute towards the Alternatives Strategic roadmap for location and the Global Alternatives (where appropriate) supporting the Head of Strategic Transition to optimise the delivery of our services.
To be involved in the set-up, review and take-on of new business proposals and transactions for new and existing funds working as part of the Business Implementation Team working alongside the Client Delivery team in the respect of the administration and accounting of Private Equity, Debt, Infrastructure, Real Estate and other alternative funds business ensuring that they are fully compliant with the relevant legal/ regulatory requirements, fund prospectus, structuring and applicable accounting standards on establishment.
Assist in developing the service offering and strategic direction of our business and providing additional support to that team.
Working with the Head of Fund Services and the Senior Management team be responsible for developing and optimizing the target operating model and IT model (Platforms) for delivery of fund administration/fund accounting with Clients directly, Global IT teams and existing Fund Administration and Accounting teams, Sales, Relationship Management, Product and other business units to ensure the bank has a clear path in relation to its TOM in line with its strategic alternatives ambition.
Working across our business but with special focus on our largest, most progressive and most remunerative clients to leverage their potential and ability to drive our service proposition. Develop enhanced connectivity at local level between Operations (Client Delivery) Client Development, Sales and Product. Where trans-jurisdictional structures are implemented working with the wider group to support new business.
In line with the BNP Paribas Management Principles, develop the culture and provide leadership and advice to staff responsible for the operational delivery for our Alternative Services to ensure that the maximum level of efficiency, productivity and client service is developed in line with our strategic ambition.
Help lead, develop, motivate and retain staff, ensuring proper resource plans are in place for new business working with the Client Delivery team in execution of our business strategy. Support the production of career ladders for staff, training and development in line with their personal development and our business objectives. (where and when applicable)
To have significant knowledge, awareness and act as a point of reference in respect of Platform capability (E-front) advancement as applied to client structuring requirements but with primary emphasis on our alternatives platform.
To take ownership for the preparation across the teams of a working procedures manual on the new FIA system
To prepare together with our Lux IT team and local Product BRD’s covering both our service, platform enhancements and deliverables. Be closely involved with the implementation of new services (including UAT testing with the relevant Client Delivery teams). Take the lead on the operational development of the various systems/ platforms to meet future business and market requirements supported by another team member (Business Analyst and IT implementation manager).
Whilst supporting the development of the TOM consider at all times the operational risk relevant to the strategy and clients requirements to ensure we develop our activities in the safest possible environment. Ensure all appropriate controls are implemented at the outset and procedures are understood in production.
Ensure all appropriate controls are implemented at the outset and procedures are understood by the Client delivery team. Working with the Client Delivery team to ensure a robust operational control framework is implemented for new business, or new services applied to existing business.
Carry out initial review of Service Level Agreements are appropriate and fit for purpose in line with the development of our service offer and IT platforms.
Participate in the preparation of new business proposals.
Work with clients, sales, product and operations teams ( Client Delivery) in understanding how our operational services can meet clients current and developing requirements, regulatory requirements and market requirements in order to produce a set of solutions and Alternative services that are profitable, client aligned, efficient, risk managed and competitive.
Work where required with operations teams, product teams and legal in developing the appropriate contractual documentation and SLA’s to support the competency of the Alternatives offering. The production of SLA’s will lie with the Business Transition and Client Delivery teams and will be overseen by the Controls team. The production of the Contracts will lie with Product and the Controls team. The incumbents’ contribution will be ensuring that production of the SLA reflects the structure and requirements agreed with the client. Unless we are introducing new services any minor changes to the SLA will be overseen by the Client Delivery and Controls team but referred to Product for pricing if relevant.
For new business assist with input (not production) in reviewing and monitoring existing business legal /SLA documentation, ensuring the implementation of appropriate operating models, procedures and control processes. The implementation Controls team will be responsible for actual delivery.
Contribute towards the establishment with Client Delivery, Training Department and Head of Fund Services an appropriate training academy/forum that covers both technical requirements of the servicing the client (Structure/ Instruments etc) and platform capability.
Support Head of Strategic Transition to ensure integration with BNP Paribas and good co-ordination both local and global stakeholders:
Support Head of Strategic Transition to ensure that the local teams are aware of the global Alternatives community and initiatives that they are integrated in the network and able to participate in cross location work streams.
Leverage on global resources, expertise and IT infrastructure in order to deliver services with maximum efficiency at the appropriate cost.
Liaise with the Controls team and Compliance to ensure operating procedures being recommended meet regulatory, compliance, practices and principles as required by the business regulator.
Extensive practical experience of Alternative Fund Structures ( Private Equity, Debt, Infrastructure, Real Estate etc )
Proper and effective accounting skills and good understanding of financial reporting standards (IFRS/UK/US and other GAAP), valuation and accounting disclosure for complex financial instruments
A thorough, detailed knowledge of various private equity structures ( particularly GP/LP feeder Funds) and the administration and accounting for these structures
Knowledge of valuation of complex financial instruments and understanding of economics behind such transactions
Familiar with PE Services controls and procedures to ensure compliance and minimize risk
Knowledge of industry recommended standards (e.g IPEV, BVCA, ILPA). Interest in developing standards.
Ability to articulate structuring documentation into an operational model.
Ability to articulate operational requirements into a strategic plan with deliverables.
Professional Accounting Qualification (ACCA/CA)
Experience in Management Role with private equity, real estate funds industry.
An excellent working knowledge of offshore funds and the relevant legislation and regulations e.g Jersey Funds Codes