Director - Asset Reconciliation - BlackRock - Philadelphia

Job description

BlackRock’s Asset Reconciliation team is a global team and part of Aladdin Portfolio Services within Business Operations. The group is dedicated to ensuring that all position related data necessary for the investment management process as well as portfolio valuation and client servicing is complete, accurate, timely and effectively controlled. The team’s responsibility is to ensure the accurate reflection of assets on the BlackRock Investment book of record (Aladdin). The Asset Reconciliation team identify and manage risk and resolve the exceptions identified from the reconciliations of different assets (FI, Equity, Funds, OTC Derivatives, Collateral pledged/ held, etc.) to the primary record holder (Custody, Transfer Agent, Counterparty, Prime Broker, etc.). The team currently performs reconciliation and manages the exception resolution for 1.5 million positions daily.

Key ResponsibilitiesThe Director of the group will head the US Custody, OTC Derivative and Market Value asset reconciliation teams and report into the Global Head of Asset Reconciliation. The candidate will be responsible for coordinating activities and communication across the team, contribute significantly to the strategic planning, implement process innovations, and will play a meaningful part in the development and continuous improvement of the global team. . In addition, the Director will be responsible for staying abreast of Regulatory initiatives, mainly in the Derivative markets, understanding the impacts to the reconciliation and implementing solutions to meet any new Regulatory requirements.

Specific responsibilities include:
• Lead and manage a team of ~20 members (2-3 direct reports). All facets of people management to be performed including: coaching and development, leading and motivating as well as performing 1-1s, mid-year and year-end staff reviews
• Learn the intricacies of the team’s responsibilities, systems and applications used
• Perform control and risk oversight for all functions performed within team
• Act as the escalation point for issues raised by the team, as well as, internal and external partners
• Work closely with key offshore partner. Understand their role, develop relationships and ensure that a global consistent process is in place
• Contribute to the macro considerations such as BCM, procedural alignment, etc. across the global team
• Work in partnership with the wider Global Asset Reconciliation team and Portfolio Services agenda
• Build strong working relationships with internal partners including Trade Operations, Corporate Actions, Data Integrity, Technology, Pricing, Derivative Operations, Portfolio Management, Client Business, etc.
• Maintain accurate and current desktop procedures and adhere to and meet all regulatory requirements
• Create metrics and contribute solutions to promote risk and control within the team
• Escalate all material risk items and service issues to the Global Head of Asset Recon on a timely basis
• Lead & motivate team towards identifying opportunities for process enhancements and other strategic operational enhancements that facilitates operational processes or mitigates ops risk
• Participate in working groups and project teams to provide subject matter expertise on function, procedure and control
• Contribute to continuously enhance the global operating model increasing efficiency and control within the team and global processing

Desired Skills and Experience
Required Skills
• Candidates should possess a minimum of 10 years of financial services experience and have a good understanding of Financial Markets, preferably within the Investment Management or Global Custody environment.
• Minimum of 8 years of supervisory experience; demonstrated experience in leading teams of professionals, staff development, coaching and performance assessments
• Candidate must possess and demonstrate a working knowledge of fixed income and derivative investments and finance with the skills and ability to work in an entrepreneurial and team oriented environment.
• Candidate must have enthusiasm for, and comfort with, working at a fast pace while maintaining quality and the integrity of investment positions.
• Demonstration of applying strategic & tactical delivery in previous role(s) which would have enhanced the risk management and control oversight of team(s) managed
• Strong initiative to follow up on issues – identify what needs to be done and take action and see through to resolution
• Acute attention to detail and understanding of downstream processes: candidate must have impeccable organizational skills, strong communication skills and demonstrate project management experience.
• Ability to work in a team environment and build strong relationships with colleagues and both internal and external contacts such as custodian banks, counterparties & third-party providers
• Demonstration of making effective decisions based on limited information and awareness of when to obtain further assistance/clarification as necessary
• Strong working knowledge of Microsoft office products

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