HSBC Group

Business: Asset Services

Open positions: Multiple

Role Title: Asset Servicing and Tax Support Manager

Global Career Band: 6

Location (Country / City ): India/Kolkata

Recruiter Name : Srinivasan S

The Opportunity:

• Asset Servicing (AS) team is part of the Markets and Securities Services Operations functions. AS team processes all voluntary and mandatory corporate action (including Income processing) across various UK, Europe and MENA jurisdiction. The department is also responsible for data validation for Equity and UK income collectives and capital mandatory corporate action. Team is divided into mainly three sub-groups -  COAC team (processes all capital voluntary & mandatory corporate action), Income processing team (processes Income for Dividend, Coupon interest payment & Pool factor processing) and Corporate action validation team (validates corporate action for Equity, UK Income collectives, Capital mandatory corporate action).
• Ensure high quality service to the business area in terms of funds ensuring that risks are minimized and profit is maximized through effective management of costs. Ensure that process and procedures are continually reviewed and improved and the changes are communicated and implemented effectively.  The job also entails checking on internal audits and measures undertaken and regularly reviews them in order to maintain quality and productivity at the optimum level. 

What you’ll do:

Principal Accountabilities and Responsibilities (e.g., for Business, Customers and Stakeholders; internal control environment, etc.)

Impact on the Business/Function

• Responsible for managing performance and deliveries of funds/client sign offs to valuation teams.
• Contribution towards sustainable savings in relation to Process Efficiencies
• Supporting each global product on a regional basis by function or market.
• To plan for standardization of Asset Servicing processes by sharing the best practices across the various markets with the aim to enhance cost effectiveness and efficiencies.

Customers / Stakeholders

• Supporting Fund Services – Asset Services covers UK, Europe & MENA jurisdiction for multiple clients.
• Establish and maintain effective relationship with customer business areas and identify areas of service improvements.

Operational Effectiveness & Control

• Single Process - Significant complexity/risk and responsibility due to multiple types of activities and client/jurisdiction level variances.
• Compliance & NFR based on Grade complexity of funds/activity managed by role is decided by GSD line management based on experience and performance.
• Role will be of individual contributor in nature and will not have team reporting to the role.
• Continually assess the risks inherent in department processes and procedures.
• High level variation and specific manual processes required by Product/System/Client/jurisdiction/ client
• To be aware of the Operational Risk scenario associated with the role and to ensure that all actions during your employment with HSBC take account of the likelihood of operational risk occurring. Ensure effective escalation process is in place.

Role Specification:

• Regular liaison with business partners
• Business specifications for this role outlined below:
• Product Range / functions would include Asset Servicing (Corporate Actions, Income).
• Involvement in processing and technical aspects of the business.
• Responsible functionally across multiple jurisdictions (where applicable) serviced out of MSS Kol.
• Increasing complexity. Turnover 20%, 3- 6month lead time to achieve threshold competency for new hires.
• Manage transformation and growth.
• Build robust and open business relationships.  Conduct monthly BAU calls. Ensure regular minute discussions with BPs to develop relationship and understand requirements
• Ensure packs are delivered with quality and within set deadlines.  Additional focus on priority clients and strategic approach on valuations should be done keeping the priority clients in mind.
• Liaise with other process/support verticals (Trade Processing, Reconciliations, Pricing, A&V, GDS, CA, BCIM, Global Reporting Centre, Training Team, etc.) for the day to day process & team management.

Business Impact:  

• Given the criticality of the process, this role requires the job holder to adhere to process and FIM guidelines to ensure NIL impact to the business. Any exceptions, failures, inaccuracies or delays could potentially result in any of the following impacts.
• Financial Loss
• Regulatory Impact
• Reputational Damage
• Audit Findings / FIM Breach/ISR Breach
• Increased Operational Risk
• The role will require technical excellence to achieve target deliverables combined with the ability to get work done from administrators/SME’s to achieve target KPIs.
• The role will demand a daily balance of delivering an excellent client service within the standard model of promoting continuous improvement of Asset Servicing processes of identifying and capitalizing opportunities to create capacity and generate efficiencies
• The major challenge for this role is to continuously manage deliveries within the specified time limit with minimum or no errors.
• High and increasing awareness required across single or multiple products / single or multiple regions / single or multiple jurisdiction due to following: (FATCA / Dodd Frank / Volker / AIFMD / UCITS / DPA)

Management of Risk (Operational Risk / FIM requirements)

• The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings and the impact of new technology. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
• Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.

Observation of Internal Controls (Compliance Policy / FIM requirements)

• The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
• The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
• This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.

Leadership & Teamwork 

• Responsible for increasing the team’s productivity and efficiency through various process improvement initiatives.

What you will need to succeed in the role:

Functional Knowledge

• Bachelor’s degree in Commerce or qualifications to accounting/finance industry or relevant experience.
• Detailed understanding single sub-process, control points, end to end process risk.
• Excellent knowledge in accounting principles and fundamentals of Accounting.
• Excellent knowledge of ICON/Geneva/Multifonds as accounting system.
• Excellent knowledge and relevant experience in Asset Servicing with clear understanding of the E2E Fund Accounting Model.
• Basic knowledge in custody, brokerage, depository, investment accounting, mutual funds and reconciliations.
• Ability to speak and understand English
• 3-5 years of relevant Funds administration experience.
• Excellent Team Management skills with ability to handle personnel issues and strong team bonding. 
• Efficient Time Management and ability to multi task work and priorities to meet defined deadlines
• Proactive in implementing and driving solutions.
• Ability to build excellent rapport and working relationship with other departments and jurisdiction thus ensuring smooth      operations.
• Should have demonstrated behavior in line with HSBC values throughout
• Strong working knowledge on MS Office
• Will be expected to maintain HSBC internal control standards, including the timely implementation of internal and    external audit points, together with any issues raised by external regulators.
• Must be aware of the operational risk scenarios associated with this role and act upon pertinent risk (if any).

Others

• Additional qualifications related to financial industry will be given preference.
• Knowledge of Derivatives Instruments.
• Earlier experience in custody / brokerage / funds services / depository industry.
• Detailed understanding of end to end product and process, multiple market and regulations pertaining to the fund services industry.
• Working knowledge on market vendors platform, other reconciliation and accounting applications used across industry
• Life cycle of NAV process.

Link to Candidate User Guide:

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You’ll achieve more at HSBC

HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.”

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