PGIM Fixed Income | Investment Operations Associate Based in London
PGIM is the diversified asset management business of Prudential Financial, Inc. ( NYSE: PRU
). With $1.4 trillion in assets under management, and 38 offices spanning 16 countries, PGIM is among the world's top-10 largest asset managers. Comprised of seven self-governing asset management divisions, each PGIM business offers a distinct workplace culture that aligns with the firm's ultimate objective: to provide premier service to our clients while fostering an inclusive workplace culture that is rooted in trust, respect and equality. Our Business:
PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. With over 1000 employees and $770bn assets under management, the company has offices in Newark, London, Letterkenny, Amsterdam, Munich, Zurich, Tokyo, Hong Kong, and Singapore. Our business climate is a safe inclusive environment, centered around mutual respect, intellectual honesty, transparency and teamwork. Our leaders are focused on talent & culture; dedicated to fostering growth & development at all levels to develop the industry leaders of tomorrow. Our Role:
This role will be part of the Fixed Income Operations bank loan team based in London. The incumbent in this position will be supporting the Fixed Income Bank Loan and CLO business. They should have a solid understand of the bank loan settlements process and experience of LMA documentation. As a leading CLO Manager, the individual should also have an understanding of this product and be technically competent. They will have at least 10 years bank loan experience and prior management responsibility . Knowledge of other Fixed Income products will also be advantageous. Your Impact:
Bank Loan Trading and Settlement
- Responsible for managing 2 team members with focus on secondary bank loan trading
- Support staff in solving problems and incorporating new processes to mitigate risks
- Maintain a well-controlled support environment
- Ensure all compliance and governance procedures are adhered to
- Staff development, coaching, and mentoring
- Anticipate issues that may cause errors or adversely affect the ability to meet deadlines, and take action to prevent the risk of occurrences
- Develop and review departmental policies, guidelines and procedures for the Bank Loan Settlements and CLO Support team
- Motivate staff and increase morale through effective management practices
- Collaborate and respond to complex requests from internal stakeholders
- Enforce process consistency and standards necessary for a well-controlled environment
- Oversee preparation of direct reports performance appraisals
- Overseeing production output of staff as well as researching/resolving aged breaks and unsettled Bank Loan trades
- Being the senior resource under the team manager, within the team so others can leverage experience and knowledges
- Anticipating issues that may adversely affect the operational support of Bank Loans and taking action to reduce the risk of occurrences
- Proactively seeking ways to improve current processes by leveraging the tools available to identify inefficiencies.
- Deputise for Team lead when out on leave.
- Support all European bank loan settlement activities which include review and completion of LMA documentation for Primary and Secondary trades as well as updating Cleapar.
- Review of legal due diligence to ensure correct representations are used on Transfer Certificates.
- Manage all KYC requirements relating to their respective trades.
- Ensure appropriate tax documentation has been provided to Agent Banks.
- Update WSO/Aladdin system upon settlement of trades.
- Daily liaison with agent banks, traders, compliance, legal counsel to address and resolve problems with underlying assets, closing requirements and subsequent ad hoc queries to ensure timely settlement.
- Building relationships with counterparts to encourage prompt settlement of trades.
- Coordinating Waivers and Amendments with Credit Research Team and Agent Banks.
- Ensures priorities are aligned with business goals and escalates potential gaps within other support groups.
- Partner with peers in other organisations and with trade/industry associates to ensure best practices
- Primary interface for local custodial and broker relationship management pertaining to Bank Loan settlement practices
Your Required Skills:
- Tracking accruals during CLO Warehouse period to ensure correct funds are paid out at through the waterfall at close.
- Payment of invoices allocating pro-rata shares across related portfolios.
- Proactively seek ways to improve current processes by identifying inefficiencies and leveraging technology.
- Cross train with other operations associates to provide appropriate back-up coverage.
- General administrational duties where required.
Your Desired Skills:
- A thorough understanding of all aspects of Bank Loan Settlement process and LMA Documentation Bank Loans
- Management experience
- Strong organisational skills and the ability to prioritise work, to ensure transaction deadlines are achieved.
- Strong analytical and problem-solving skills.
- Ability to multi-task.
- Strong communication skills (written and verbal) to deal with both internal and external clients, including front office trading staff
- Self-motivation and an ability to work within a team environment
- The ability to develop and cultivate relationships across all staff levels, both within the London office and within the Newark, USA head office
- A willingness and desire to learn and teach others
- team player with high energy and a positive attitude;
- seeks development and learning opportunities;
- proficient use of technology applications through suite of Office 360 applications;
- Aladdin and Salesforce experience beneficial;
- Strong critical thinking and logic skills;
- Embraces and encourages change and development;
- Maintains high level of productivity and self-direction;
- Enjoys being a part of a team but can work independently
- Proactive in solution solving
Prudential Financial, Inc. is focused on creating a fully inclusive culture, where all employees feel comfortable bringing their authentic selves to work. We don't just accept difference-we celebrate it, support it, and thrive on it. At Prudential, employees have a unique opportunity to build their career path by owning their development, their career and their future. We encourage employees to hone their skills and explore continued opportunities within Prudential.
-Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services, some of which may not be available in your area.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law.