Summary:
The Strategist, Transition Manager role provides exposure to a wide range of aspects associated with the transition management life cycle. They will act as the outward facing expert to partners, consultants, asset managers, custodians and most importantly our clients on all transition related matters.
The Strategist, Transition Manager is expected to contribute at all stages of the transition process, commencing at the RFP, sales and due diligence process, through to the construction of a risk reductive implementation strategy and project planning for the most complex of transition events, before concluding with a successful post-trade presentation and windup of operational matters. Our clients have come to expect a 'High Quality & High Touch' market leading experience from Northern Trust and it is imperative this standard is maintained at all times.
Major Responsibilities:
Communication
Attend regular TM team meetings to discuss current business initiatives, client coverage and project related matters, ensuring an even workload distribution across the desk
Provide clients with high quality and accurate reporting containing relevant content throughout their event lifecycle, ranging from daily project management updates, project plans and pre, daily and post trade reporting
Ensure all key event stakeholders (asset managers, custodians and interested 3rd parties) are engaged and informed through each event via checklist calls, project plan acceptance and wishlist communication process
Keep management within the TM group fully informed of event progress at all times
Work closely with other Northern Trust partners including relationship managers and custody
Spend time with TM traders, notably NTS and NTSI, to discuss execution strategy and validation of risk and cost estimates. Communication with traders should increase significantly over the execution horizon of a client's event.
Portfolio Analytics
Be proficient in use of external portfolio analytics platforms including TradeSpex, ITG, Barra and Bloomberg AIM/Port.
Create and run pre-trade analytics including understanding and utilizing the data output from the portfolio analytics suites to identify key sources of risk (concentration, liquidity, duration, currency, sector, regional or country shifts) inherent within a client portfolio
Identify and understand the impact of sources of risk including pooled funds, derivatives, market holidays, economic data points and corporate actions related to a client event
Where an event contains pooled funds, explore in detail all the relevant options available for investment/disinvestment and the associated costs e.g. taxes, audit fees and ADL's
Provide clients with risk mitigation solutions and strategies to minimize the sources of risk and cost associated with their portfolio transition
Compose high quality 'executive summary' analysis for clients at all stages of reporting including pre-trade, daily analysis and post trade analytics. It is of paramount importance the 'executive summary' content is relevant and suitable based upon the recipient's market knowledge
Project Management
Each transition event should be project managed to the highest possible standard of care. No assumptions should be made and all decisions must be verified with event participants in writing
Utilize the relevant checklist for each event participant to obtain critical information and the pooled fund questionnaire where necessary
Construct a comprehensive 'Project Plan' for each event highlighting all the key event milestones and action items with due dates and times, along with ownership and responsibility assigned to a relevant party
Provide each event participant with a bespoke transition 'Project Plan' for their participation in the event. All participants must confirm their acceptance of the 'Project Plan' in writing.
Work in conjunction with Northern Trust partners to ensure the correct messaging goes out to clients through the 'Daily Project Management Update'
Operations
Ensure close coordination with Northern Trust partners within IOO and the clients custodian to ensure operational readiness (e.g. account & market opening, segregated market ID's, clearing arrangements) ahead of the commencement of trading
Follow up on any exceptions/breaks identified in the daily reconciliation cycle as a top priority every day
Monitor any client accounts on a continuous basis for corporate action activity and ensure to obtain manager elections for onward delivery to the clients custodian, ahead of the election due date
Work in conjunction with IOO and the client's custodian to ensure pre-matching reporting is obtained where available to mitigate fail risk. Take a proactive approach to fail management to ensure timely resolution
Event Risk Management
Strict adherence with Event Checklists and Desk Procedures is mandatory at all times
Contribute to the on-going maintenance and development of checklists and procedure documentation
Utilize appropriate risk mitigation techniques (futures, ETF's or intelligent execution strategies), where applicable, to help clients manage risk and cost associated with their portfolio transition
Regulatory Environment
In the current environment it is of paramount importance to ensure our transition management offering is fully compliant with new regulations including but not limited to MiFID II, EMIR and Dodd Frank
Open and inclusive dialogue with our compliance colleagues at all times
Keep abreast of changes in market regulation through NT University. All mandatory courses must be completed by the relevant due date
Capital Markets Cross Sell
Where relevant, look to promote other Capital Markets offerings including FX, execution, and stock lending to our transition management client base
Client Focus
Coordinate and support TM sales process by ensuring regular engagement, even when we are not conducting transition events. Work with TM sales team to provide market literature via email or industry articles/surveys where Northern Trust are quoted.
For existing clients, coordinate with TM sales team to ensure communication via calls every 6-8 weeks.
KNOWLEDGE / SKILLS:
Analytical and organizational skills are needed to research and resolve exceptions and execute a high volume of securities trades with varied levels of complexities.
CFA is preferred
Maintains an understanding of investment vehicles (i.e. stocks, bonds, mutual funds, equities and annuities, their individual characteristics and regulatory requirements) usually acquired through formal training or experience, to provide client investment related information.
Communication skills are needed to communicate with clients and partners.
Basic understanding of accounting principles are needed to understand client accounts.
Ability to utilize PC and various software programs to prepare client reports - Microsoft Excel is an extremely important component to this role.
EXPERIENCE REQUIRED:
FINRA Securities Industry Essentials (SIE) Exam, Series 7TO (Top-Off), Series 63 and Series 3 are required (or ability to obtain within 90 days of hire).
Working with Us:
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!
We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why we are honored to receive the following awards in 2021:
Gender Equality Index Member, Bloomberg
Top Financial & Banking Company, Black EOE Journal, Hispanic Network Magazine, Professional WOMAN'S Magazine
We'd love to learn more about how your interests and experience could be a fit with one of America's best banks and most sustainable companies! Build your career with us and apply today.
Additional Information
