Manager, Securities Lending & Collateral Management (12 month contract)
The Manager, Securities Lending & Collateral Management manages the operations of these activities within the investment operations department. This role is responsible for ensuring counterparty exposure is collateralized; all securities lending activity processed and monitored; and assists in managing the relationship with HOOPP's custodian, counterparties and vendors. The individual manages a staff of four and provides additional support to the Director, Securities Lending & Collateral Management. This individual interacts on a daily basis with all levels of staff within Finance, Investment Management, external brokers and HOOPP's custodian.
Why you’ll love working here:
- Open concept office designed to facilitate communication and teamwork
- Business casual dress code
- World class Defined Benefit pension
- 100% company paid Extended Health and Dental benefits
- Annual wellness program for reimbursement of health & wellness related expenses
- On-site fitness, yoga and meditation classes as well as massage therapy
- You’re making an impact and helping to deliver on our Pension Promise
What you’ll do:
- Assist the Director of Securities Lending & Collateral Management lead a team of 6 with direct oversight of 4 individuals. This encompasses establishing department structure, work assignments, training plans and annual objectives, monitoring and providing feedback on a continuous basis, as well as assessing staffing requirements and recommending changes to the Director.
- Collateral management is an essential function as HOOPP would be unable to implement desired investment strategies without depositing collateral with approved brokers in accordance with industry standards and agreements. Ensuring all daily process and controls are completed is critical. HOOPP's fixed income assets are held on deposit with the broker, but the ownership and income associated with the asset remains with HOOPP. Therefore, these positions must be closely monitored to ensure that HOOPP recognizes income in an accurate manner, both cash and accounting income. Collateral management functions include:
- Determining the investments available for deposit as collateral and reporting this data to Investment Management for investment decision making purposes.
- Recording and reconciling on a daily basis the assets on deposit with multiple brokers.
- Instructing the custodian of any positions to be deposited with or returned by the brokers.
- Ensuring that all income on assets on deposits is collected and that the decisions made by Investment Management are implemented.
- Ensure all daily, weekly, and monthly process are completed within the prescribed timelines and where required sign off on completed work in order to satisfy Internal Controls over Financial Reporting.
- Prepare all documentation and support for financial statement notes related to collateral and assist in satisfying auditor requests and questions.
- Make suggestions for improved or new operational processes and controls required to support the securities lending and borrowing program. Act as the primary liaison on a day to day basis between HOOPP and the custodian to ensure the custodian is complying with the contractual service level agreements. The individual also assists with negotiating revisions to service levels and participating in biweekly management calls, Act as key participant in providing requirements for any relevant system implementation or enhancement projects including UAT testing for any system upgrades and patch activity.
- Assist in the implementation of process improvements for all Securities Lending & Collateral Management functions and maintain up to date documentation of key processes and procedures. Process improvements require coordinating Finance areas, IT and the custodian to automate and enhance system functionality, as well as ensuring effectiveness of internal controls and efficiency of manual procedures. This includes determining and documenting requirements as well as planning and conducting extensive user acceptance testing.
- Verify and arrange payment/receipt of fees, including custody fees, security lending income, and borrowing fees and cash collateral interest.
Who you are:
- University degree in Business, Finance or related discipline
- Completion or enrolment in CFA program and asset
- 7 - 10 years’ experience in financial sector, preferably in investment operations
- Minimum 3 years of supervisory experience
- Extensive knowledge of fixed income and equity markets, particularly trade and settlement processes and experience with dealing with external brokers
- Experience with external custodial systems and reporting
- Strong analytical skills and results oriented
- Demonstrated strong negotiation skills
- Demonstrated ability to initiate system and process enhancements
- Attention to detail, accuracy and completeness in critical along with the ability to handle multiple tasks efficiently
- Ability to meet tight deadlines
- Must be able to work independently with minimal direction as well as part of a team
- Excellent interpersonal skills to facilitate communication with colleagues, senior management and external counterparties
Notice for job applicants
Following the advice of Canadian health authorities, to mitigate the risk of potential spread of COVID-19 and support social distancing, all recruiting activities including interviews and new hire onboarding will be conducted online. While we are doing our best to ensure reasonable response times, please expect some delays during the recruiting process due to the current situation. Thank you for your patience and understanding during these challenging times.
For additional information on our adjusted recruitment process, please email us at email@example.com.
Established in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is a multi-employer defined benefit pension plan for Ontario's hospital and community-based healthcare sector. We serve more than 381,000 members who provide valued healthcare services at more than 590 employers across the province. At HOOPP, we exist to provide a stable and reliable pension for our members that starts in retirement and is paid for life. As one of Canada's largest and most respected pension plans, HOOPP's net assets reached $94.1 billion at the end of 2019 and our funded status remained strong and stable at 119%.
HOOPP's core values - professional, accountable, collaborative, compassionate and trustworthy - guide our every interaction with our members, employers and employees. We've become one of Canada's leading pension plans by consistently challenging ourselves and embracing innovation.
From our unique investment management approach to our innovative technology and thought-provoking research, we constantly seek to push the boundaries, and we do this by hiring passionate, forward-thinking people.
Our high-performance culture is founded on collaboration, respect and belonging. HOOPP is an equal opportunity employer and we're proud of our diversity. We select applicants for employment solely on the basis of their qualifications. Should you require accommodation because of a disability during the recruitment and selection process, please contact our Human Resources team. We will be happy to consult with you so that arrangements can be made for reasonable accommodation.