Job Description
Oversee credit review process for all current and potential investments related to ADP’s $18 billion money market and fixed income investment portfolio. Maintain and support relationship with external (5) investment managers. Provide analytical, portfolio management, and trading support for Delaware staff. Provide back-up support to the Director of Investment Administration and Corporate Reporting.
1. Provide constant credit surveillance. Keep abreast of developing credit situations through the use of Bloomberg, credit rating agencies, market intelligence, research, and analysis.
2. Approve or disapprove of new money market funds, commercial paper, bank time deposit, corporate, sovereign, and supranational issues and/or issuers, as well as counterparties for repurchase and reverse repurchase agreements, following discussion and the concurrence of the President of ADP Atlantic, LLC.
3. Review and analyze new asset classes for investment purposes.
4. Maintain approved lists for money market fund, commercial paper, bank time deposit, corporate, sovereign, and supranational issuers, as well as counterparties for repurchase and reverse repurchase agreements.
5. Communicate and discuss credit events and situations to appropriate ADP Delaware associates and ADP management, as appropriate and necessary.
6. Monitor asset backed security holdings via ABSnet and commercial mortgage-backed securities via RealPoint on a regular basis.
7. Monitor all credit upgrades and downgrades (as well as approved credits that are placed on negative watch by either Standard and Poor’s or Moodys) and provide timely notification to appropriate Delaware staff and ADP management, as well as a recommended course of action.
8. Maintain ongoing relationships with outside investment managers. Develop working relationship and liaison with appropriate contacts at outside investment managers. Reply in a timely manner to requests received from outside managers and coordinate any queries that ADP management would like to make of the outside investment managers. Coordinate quarterly meetings and/or conference calls with outside investment managers. Calculate outside manager performance on a quarterly basis.
9. Maintain a close relationship with Bloomberg, Moody’s, and Standard & Poor’s analysts for clarification of security analytics.
10. In order to provide appropriate support for accounting documentation in the area of Other-than-Temporary Impairment (OTTI) testing:
o Work with CFO and Director of Corporate Reporting to review bond holdings in unrealized loss positions. Consideration should be given to materiality and other quantitative and qualitative factors.
o Utilizing S&P’s, Moody’s, Bloomberg, RealPoint, ABSnet, and other industry tools, research issuers and industries owned by ADP that are in unrealized loss positions and determine whether ADP’s holdings are other than temporarily impaired. Ongoing analysis should be conducted throughout the entire quarter.
o Assist with the analysis used for the quarterly OTTI memo, by summarizing research findings and documenting results.
o Participate in quarterly updates with independent pricing service to review pricing methodologies and overall review of markets.
11. Provide back-up as necessary for the Director of Investment Administration and Corporate Reporting. This will necessitate obtaining intimate knowledge of ADP’s investment guidelines and investment compliance systems and processes.
12. Support the mission and objectives of ADP and ADP’s Delaware operations.
13. Work closely with other associates and be a positive influence on the work place in Delaware.
14. Perform other tasks as requested by the President – ADP Atlantic, LLC
Skills
1. Education: Bachelor’s degree in business, accounting, finance or equivalent is required. Master’s Degree in Business Administration (MBA), CFA,and/or CPA is desirable.
2. Experience: Extensive experience within the asset management industry and a thorough knowledge of investment products. Experience analyzing complex credit structures.
3. Skills:
o Excellent written and presentation skills
o Ability to respond and react to a variety of different critical issues simultaneously.
o Ability to meet strict deadlines and provide rapid response.
o Bloomberg, PORTIA, Microsoft Office applications.
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