Operational Services Associate

New York Permanent USD70,000 - USD74,000 per year Hybrid working
  • Work On a Hybrid Model
  • Expand Your Operational Services Knowledge

About Our Client

This firm is a American financial institution. It is the largest union-owned bank and one of the only unionized banks in the United States supporting thousands of people, organizations, causes and businesses.

Job Description

  • Act in a lead capacity to analyze Letter of Instructions (LOIs) received by clients, consultants and investment managers
  • Determine appropriate sequencing of LOIs to ensure investments, redemptions, and cash moved is executed according to spirit of the instruction
  • Review and approve entry of trades for DTC, FED, and mutual funds. Pre-balance next day trade activity and make determination whether early redemptions are necessary to fund activity
  • Responsible for all aspects of cash movement (checks, wires and ACH) including instruction authentication. This includes Shares Held Elsewhere (SHE) assets.
  • Responsible for asset transitions, including providing data and the timetable for the free receipt or free delivery of DTC and FED eligible securities, NSCC eligible mutual funds, and SHE assets. Communicate the cost basis of transferred assets.
  • Managing SHE assets from custodians or investment managers, review statements for changes in units held, submit periodic prices or cost adjustments, as necessary.
  • Review Oversight over incoming and outgoing cash transfers on investment management accounts, ensuring adherence to requirements including minimum balances
  • Ensure timely and accurate posting of all securities and cash related transactions
  • Support DC37 and other forms of benefit payments, including but not limited ensuring all payments are funded and processed, database records are updated, GL entries are identified and processed, and tax forms are distributed.
  • Work directly with the appropriate staff at sub-custodian to resolve operational issues, escalating as necessary.
  • Act as a primary contact with Investment Managers to ensure timely execution on all trades initiated on behalf of the fund.
  • Cross train on other functional areas of the Trust Middle Office, providing support as requested
  • Annual participation in career development planning.
  • Perform other duties as required.

MPI does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity or expression, national origin, age, disability, veteran status, marital status, or based on an individual's status in any group or class protected by applicable federal, state or local law. MPI encourages applications from minorities, women, the disabled, protected veterans and all other qualified applicants.

The Successful Applicant

  • Bachelor's degree or equivalent work experience
  • Proven track record of ability to think critically and independently
  • Direct experience with or working knowledge of securities lending and benefit payments
  • Strong proficiency with excel. Ability to development and manage complex spreadsheets using advanced formulas, models and macros
  • Thorough understanding of Depository Trust Company procedures, settlement practices
  • Product knowledge of equities, indexed funds, financial futures; including the futures delivery process
  • General knowledge of automated system processing as applied to equities, fixed income, financial futures and options
  • Comprehensive knowledge of the accounting principles, reconcilement process and operational requirements relevant to equities fixed income, financial futures and options
  • Excellent communication (written/verbal) and presentation skills
  • Must have Trust Middle Office Experince

What's on Offer

  • Work on a hybrid model
  • Work on a collaborative team
  • Expand your Operational Services knowledge
  • Expand your Trust Middle Office knowledge
  • Great work culture

Giuliana Monticciolo
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Job summary

Banking & Financial Services
Sub Sector
Accountancy & Finance
Financial Services
New York
Contract Type
Consultant name
Giuliana Monticciolo
Job Reference
Job Nature
Hybrid working