A leading Central Bank licensed brokerage firm based in the UAE.
Effectively executing all the middle and back office functions undertaken by the asset management division.
- Perform tasks related to funds and portfolios accounting, client and broker reconciliation of securities and cash balances, maintenance of the share custody function for all listed security activities in the group along with the related settlements of sale, purchase and transfer transactions.
- Responsible for generating and communicating routine confirmations, balances and account statements; and follow up of corporate actions for all listed security activities by the Group.
- Provision of MIS reports to other divisions and groups senior management in an accurate and timely basis along with maintenance of proper data records on APX systems.
- Ensure all securities and cash transactions and related fee entitlements are processed in a timely manner with adequate controls and compliant with internal guidelines and audit/regulatory requirements
- Contribute to special projects and initiatives relating to the Group’s participation in new exchanges and legal jurisdictions as the role requires working in a team environment to develop operating and regulatory compliance procedures consistent with risk management policies.
- Ensure all Brokerage related transfers and corporate actions are processed on the Market systems upon completion reflected on the back-office systems.
- Research, analyze and reflect on relevant systems all ongoing corporate actions announced in UAE and GCC markets and monitor client entitlements from initial announcement through completion.
- Reconciliation of all listed security records on back-office systems with external/third party confirmations for Asset Management and various Brokerage service providers.
- Investigate and close all open reconciliation items for Asset Management.
- All client records related to AML and KYC are kept current and up to date.
- Perform cash and securities reconciliation for Group family of funds, client portfolio and other Asset management investment products.
- Collaborate with third-party service providers to ensure that all middle office and back office processes related to the Group’s Funds and managed portfolios – subscriptions, redemptions, dividends, reporting
- Provide routine MIS reporting to Finance Dept. on a weekly and monthly basis.
Timelines for completion
- Asset Management corporate actions reflected before monthly clients’ statements processed.
- Share reconciliations for Asset Management (DFM, ADX, and other GCC markets) must be completed within 4 business days after the end of the month.
- Monthly share reconciliations for Brokerage (DFM / ADX and other GCC markets) completed within 5 business days after month end and concerned departments and management informed of all outstanding open items.
- Client Statements sent typically within 1 business day for weekly reporting clients and within 3 business days for monthly-reporting clients.
- Securities Corporate Actions reflected on internal systems within 24 hours of execution in the market.
Key tasks (projects/management)
- Daily liaison with Fund Custodians Administrators.
- Research industry initiatives – regularly review work practices to identify areas for improvement and institute best practices.
- All operational procedures relevant to the team are documented and maintained up-to-date.
- Continuously update all risk management practices relevant to the Custody and Fund Administration operation to enhance effectiveness.
- Assist in the development of system enhancements and implement testing as needed.
- Handle interactions and queries with DFM/ADSM/ESCA/ and financial auditors – escalate any exceptional issues to the Division Head/Compliance Manager.
Qualifications & Desired Skills:
- Hold a Bachelor's degree in finance or accounting or equivalent business experience
- A minimum of 5 years’ previous experience, within a similar position
- Excellent communication skills are essential, particularly in regard to presenting the results of analyses to management.
- Must have advanced knowledge using Avent APX systems
- Adhering to confidentiality clause always
- Ability to prioritize
- Able to manage a team of finance/admin professionals
- Expert Microsoft skills
- Good command of oral and written English
- Project management and time management skills
- Excellent Interpersonal Skills