Manager Middle Office

Job description

Employment Type: Fixed Term
 
Oversees day-to-day Middle Office functions within the Operations Department of HSBC Global Asset Management (Canada) Limited (“AMCA”). Responsible for all aspects of on-boarding new accounts and maintenance of static data for Private Investment Management (PIM), restrictions in Charles River system for all accounts managed by AMCA, and outsourced third party oversights for fund accounting and valuation of the HSBC Mutual and Pooled Funds and back office operations for Institutional accounts and portfolios.
 
Impact on the Business
 
PIM Middle Office:
Ensure on-boarding of new PIM accounts within agreed service levels
Co-ordinate with various areas to ensure timely transfer of accounts and closure of accounts
Ensure timely and accurate updating and maintenance of static data changes in Telemagic (client relationship management application)
Ensure timely and accurate set up of accounts in Portfolio Enquiry
Coordinate and manage resources to produce and generate quarterly client statements for PIM and Institutional accounts
 
Account and Portfolio Restrictions:
Ensure restriction rules are coded correctly in Charles River system (CRD)
Work with Compliance and Data Management to address any breaches
 
Institutional Outsourced Operations:
Business owner of outsourced relationship with service provider, and have responsibility to ensure all the processes and procedures are carried out timely and accurately within Middle Office and by third party service provider pertaining to Institutional accounts and Funds managed by AMCA
Ensure timely reconciliations for all accounts performance and reviewed by the service provided. As well as ensure exceptions are addressed on a timely manner
Monitor the service level agreement and hold regular SLA review meetings with service provider
 
Fund Administration and Management:
Ensure efficient and accurate valuations are produced daily for the HSBC mutual and pooled funds
Ensure sound accounting practices (GAAP) and appropriate tax considerations are employed to deal with complex investment products and accounting policies related to various funds and client accounts
Ensure timely and accurate production of annual and semi-annual financial statements, management reports of fund performance for all mutual funds and pooled funds for distribution to unitholders as well as the primary contact point in relation to the funds for the annual external audit requirements
Prepare MER expense projections for HSBC mutual and pooled funds and monitor on a quarterly basis
Work with outsource provider in determining income distribution to unitholders and efficient allocation of expenses for taxation
Work with AMCA project teams representing the Operations department such as supporting new fund launches, closures, and structure and sub-advisor changes
 
Governance and Internal Controls:
Contract owner for RBC Investor Services (Fund Accounting), Northern Trust (Institutional IOO & Custody), and Doxim (Statement Printing). Work with Procurement on any vendor management related audits, and report any planned or on-going vendor related audit reviews to BRCM and BRM. Responsible for proper completion of all required documentation
Comply with the NA Outsourcing Policy and work with Vendor Management and Information Security Risk to complete Business Impact Analysis and address any findings
Report material deficiencies to upper management
Establish efficient procedures and maintain proper daily controls within the department. Ensure all processes and procedures adhere to applicable FIM guidelines
Act as a liaison with portfolio managers, custodians, clients and other areas of the Bank
 
Management & Leadership:
Provide leadership and support to the department, including taking a lead role in the hiring process, setting objectives, training staff, motivating staff and appraising performance
Lead change and create a change climate by first demonstrating desired behavior and then encouraging others to follow
Creating and maintaining a professional and friendly team attitude within the group
 
Customers / Stakeholders
Work with projects teams within AMCA and HSBC Bank in relation to product development initiatives and infrastructure changes
Build strong relationships by adopting a joined up approach to deliver business requirements at pace and with minimum conflict
Build strong relationships with PIM front office, back office operations, Compliance and Risk to deliver high quality service to all clients
 
Leadership & Teamwork
Drive a high performance culture through strong leadership and effective people management. Lead and develop an effective team through regular communication, performance management, development plans and reward/recognition practices
Cultivate an environment that supports diversity and reflects the HSBC brand
Be a change leader to the team. Assign responsibilities to direct reports providing them with the direction and confidence to deliver results
Acting as Subject Matter Expert to support the wider business to ensure common and effective solutions are found
 
Operational Effectiveness & Control
Ensure middle operational processes are effective and completed on a timely manner, as well ensure risks within manual processes are managed adequately
Compliance with external regulatory requirements, internal control standards and group compliance policy
Timely implementation of recommendations made by internal/external auditors and external regulators
 
Major Challenges
Requirement to manage changing priorities and produce high quality daily outputs and provide timely and courteous service to other business units. Ability to work on infrastructure changes while fulfilling all the business as usual obligations
Obtain detailed knowledge of the various in-house systems/applications used by AMCA in order to maximize effectiveness in handling new requests and resolving problems
Resolve and handle incidents issues, such as pricing errors for the Funds. Ability to understand the impacts on all processes and stakeholders (including processes outside of Middle Office functions) and applications to resolve the issue on hand and mitigate further issues
 
Role Context
The Middle Office team has responsibility for all processes and functions relating PIM and Institutional middle office services, as well as oversight of the fund accounting and valuation of all HSBC Mutual and Pooled Funds
 
Management of Risk
Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues
Continually reassess the operational risk controls win accordance with HSBC standards and policies by taking into account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology. Ensure all actions take account of the likelihood of operational risk occurring and by addressing any areas of concern with line management and any other appropriate department such as Compliance and Risk
 
Observation of Internal Controls
Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators

Desired profile

3-5 years of experience in the mutual fund or asset management industry. Background and experience in fund accounting and valuation is desired
Post-secondary degree in Finance or Accounting, or accounting designation
Proficient in Microsoft Excel, Word and Access
Ability to motivate and lead people by employing appropriate management styles
Strong analytical and problem solving skills
Strong judgmental skills to identify and resolve problems and make good decisions
Excellent organization and supervisory skills. Ability to prioritize and multi-task and delegate responsibilities effectively
Able to work and adapt in a fast changing environment
Excellent written and verbal communications skills
Attention to details and ability to work under pressure and deliver on tight timelines
Ability to work autonomously, delegate and plan appropriately, as well as work collaboratively with various groups to drive high quality results