Managing Director of Investment Operations

US-PA-HARRISBURG
Job ID
2017-1245
# of Openings
1
Category
Management

Overview

Background

PFM is the nation’s leading provider of independent financial and investment advisory services to governmental and not-for-profit organizations, with 40 locations throughout the United States and more than 600 employees.

PFM provides independent advice to our clients across three primary businesses. Our financial advisory business provides our clients with transaction structuring and management services related to debt issuance and accessing the capital markets. Our asset management business provides our clients with investment advice and portfolio management services. Our strategic consulting business provides advice related to our clients’ operating and capital budgets.

Headquartered in Harrisburg, PA, PFM Asset Management LLC (PFMAM) is among the largest investment-grade fixed-income managers in the United States. As of December 31, 2016, PFM's assets under management have grown to $70.9 billion, and we currently provide non-discretionary investment advisory services for $39.1 billion in assets. PFMAM specializes in managing investments for clients in the government, insurance, healthcare, higher education and other institutional sectors. PFMAM and its affiliated broker/dealers have around 250 employees, half of whom are in Harrisburg and the rest of whom are in offices around the country.


For more information on PFM’s menu of services, visit pfm.com.

 

Overview

Investment Operations is comprised of two groups consisting of around 15 employees: Investment Accounting and Investment Services.  The Investment Accounting Group provides many of the functions of an investment advisor’s back office and the Investment Services Group is primarily a middle office.  The mission of the Investment Accounting Group is to provide outstanding service by providing accurate and timely investment reporting for separate accounts clients on a daily basis.  The Investment Accounting Group also serves as a resource to our client base offering advice on investment accounting issues and education on the implementation of new investment accounting standards. 

The Investment Services Group is focused on overseeing internal systems, particularly the order management application, vendor relationships, operational oversight and risk mitigation.  The department’s staff provides post-trade support and collaborates with the compliance function to ensure adherence to regulatory requirements.  Investment Services is also responsible for interpreting client’s investment policy to establish the compliance rules in the order management system.

Position

The Managing Director of Investment Operations will oversee the day-to-day operations and strategy of the 2 above groups. This position routinely provides investment accounting education to new clients, presents on behalf of PFM at various conferences and seminars nationwide and interacts with professional organizations on behalf of PFM.

The ideal candidate will have strong management skills and be a leader capable of steering the teams in the most profitable direction while also implementing PFMAM’s vision, mission and long term goals.

Candidate should be Certified Public Accountant that is able to demonstrate a comprehensive knowledge of investment products and services, securities processing and information technology.

Responsibilities

  • Partner with the Chief Compliance Officer to develop and oversee risk management policies for the investment advisor business and limited purpose broker/dealer
  • Partner with the Chief Information Officer to procure specialized systems/solutions that meet the needs of the organization
  • Responsible for leading staff and functions within the portfolio accounting administration and investment services teams
  • In conjunction with management, develop, recommend and execute business plans for the groups
  • Develop and review departmental policies, guidelines and procedures with consideration for regulatory guidelines and impacts to stakeholders
  • Interface with PFMAM marketing/sales staff and trading desks to facilitate the onboarding of new clients and maintain portfolio accounting functions
  • Oversee portfolio reconciliation functions, invoice calculation, and accounting system controls to ensure timely and accurate reporting and adherence to deadlines
  • Optimize the trade settlement process at PFMAM as it relates to investment services and transactions in order to drive high satisfaction, quality and efficiency for PFMAM trading desk, custodians and clients
  • Maintain a well-controlled support environment
  • Anticipate issues that may cause errors or adversely affect the ability to meet deadlines, and take action to prevent the risk of occurrences
  • Support staff in solving problems and incorporating new processes to mitigate risks
  • Assist managers in day-to-day supervision of staff within their respective teams
  • Foster a strong sense of responsibility in the departments
  • Motivate staff and increase morale through effective management practices
  • Keep abreast of new regulatory guidance, new technologies and applications, and their implications for the business
  • Partner with peers in other organizations and with trade/industry associates to ensure best practices
  • Manage and maintain relationships with internal and external constituents

Qualifications

The candidate should be an experienced leader with demonstrated success managing the portfolio accounting and trade settlement functions at a financial services company, bank or insurance company, with the following attributes:

  • A minimum of a BS/BA degree (with a major in accounting, economics, finance or mathematics)
  • A CPA is required and a CFA would be a plus
  • Mature and proactive, with evidence of having worked as a true business partner in a financial services organization with multiple services and product lines
  • Minimum of 15 years of progressively responsible experience in an investment environment including at least 5 years in direct supervision of staff
  • Demonstrates a strong understanding of accounting standards and best practice methods
  • Exposure to governmental accounting / GASB highly desirable
  • Past experience successfully partnering with IT staff to manage critical investment systems
  • An understanding of statutory accounting and reporting for investments
  • An effective communicator at all levels in the organization, with strong oral and written skills and a willingness to share information
  • A collaborative and flexible style, with a strong service mentality; listens to others but has the ability to make tough decisions

TOTAL REWARDS

PFM is proud to offer competitive base pay and incentive bonus package, a comprehensive benefits package, a business casual and collegial work environment, and ongoing training and development opportunities.

PFM is an Equal Opportunity Employer (EOE, M/F/D/V) and maintains a drug-free workplace.

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