HSBC Group

Business: Private Assets

Open positions:1

Role Title: AVP - Operations

Global Career Band: 5

Location (Country / City ): India/Bangalore

Recruiter Name : S Srinivasan

The Opportunity:

• To lead and manage Alternate/Private Asset Funds Process in Kolkata (City Office)
• Plan, Lead and manage new launches of circa 350+ funds
• Promote relentless focus on service quality across Private Assets Fund Accounting Operational disciplines
• Management of operational processes to meet or exceed service level requirements
• Accountable for continuous process improvement of existing processes and migration of new functions from the Country office.
• Drive key employee initiatives to promote and position M&SS as the employer of choice.
• Assist his / her VP in financial planning to achieve cost targets set for the team.
• Multiple Accounting practices / GAAP requirements based on locations
• Increasing complexity. Turnover 20%, 3-month lead time to achieve threshold competency for new hires
• Manage annual transformation – Support re-balancing complexity, volume and criticality across City offices to align to the MSS Location Strategy and Connectivity between City office and Jurisdictions.
• MSS Operation (within Service Centres) is viewed as high growth and strategically important to achieve MSS strategic operating plan.

Business specifications for this role outlined below:

• Product Range / functions would include Alternate fund services (Private Assets) – Trade Uploads, Reconciliations, Pricing, Accounting and Valuations & Statutory Reporting
• Responsible functionally across multiple jurisdictions and multiple product serviced out of City office, Kolkata
• Increasing complexity. Turnover 20%, 3 months lead time to achieve threshold competency for new hires.
• Manage transformation and growth.

Business Impact:  

• Given the criticality of the process, this role requires the job holder to manage adherence 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
• Increased Operational Risk

What you’ll do:

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

Impact on the Business/Function

• Typically managing 25-30 FTEs, dependent on current BAU footprint and projected growth
• Supporting Private Asset clients and Product / sub-products at a regional level as follows:
• Single Product: Fund Services
• Multiple Sub Products: Trade Uploads, Pricing, Reconciliations, Accounting & Valuations, Statutory Reporting
• Improve operational efficiency on year to year basis to minimize overall cost and marginal cost of new business
• Ensure service delivery quality and timeliness meet/exceed agreed threshold.
• Support Global Operating Model/Workflow/Platform Change initiatives

Customers / Stakeholders

• Supporting single product and multiple sub-products, multiple region, multiple jurisdiction as follows:
• Multiple Region: (Europe / APAC / UK)
• Multiple Jurisdictions: (Ireland/Edinburgh/Hong Kong/ Singapore/Luxembourg)
• Engage with the stakeholders to ensure team is aware of the changing expectations and challenges
• Ensure understanding of the various requirement for various jurisdictions and thereby end clients
• Ensure regular business calls are held and actionable are completed within timelines.

Operational Effectiveness & Control

• Overall volume at Sub Product Level, 200 - 600 GAV/NAV packs on annual basis, 20+ financial statements on annual basis.
• Multiple Product / Sub Product.  Multiple Region / Multiple Jurisdiction - Significant complexity/risk and engagement with business partners and external market / client/Auditors. New funds are being on-boarded directly in the City office with expectation of BAU delivery from day 1.
• Migration of more complex activities from multiple jurisdictions to City office.
• Operational risk threshold through 'single event' control failure identified to USD10m based on 3-5 years’ data.
• Large variation and the manual nature of processes required by Product / System / Country / Client
• Service Delivery quality/timeliness is within/exceeding agreed limits and regularly reported to stakeholders
• Ensure effective production management capacity is in place for the process.
• Work towards minimizing business variance across jurisdictions/regions through standardization. No Repeat high risk finding in Internal audits
• Manage migrations within project agreed timelines and risk parameters
• Reduce Operational Losses on year-on-year basis and contain within agreed risk limits.
• Establish effective BCP for the processes.

Leadership & Teamwork

• Will be responsible for leading the team in Kolkata for various jurisdictions
• Attrition rate maintained within annual performance target
• Recruitment/training of teams managed.
• Develop a culture of meritocracy, high performance standards and high achievement
• Manage Succession planning for Key resources.
• Create best place to work as evidenced through future GPS scores.
• High and increasing various regulations that are being implemented in the Financial Services Industry and specifically in Private Assets world (ILPA Guidelines / CRS / AIFMD / GAAPs)
• Multiple Accounting practices and treatments followed for different locations / regions.
• Increasing complexity. Turnover 20%, 6-month lead time to achieve threshold competency for new hires.
• Manage annual transformation – Support re-balancing complexity, volume and criticality across City offices to align to the MSS Location Strategy and Connectivity between City office and Jurisdictions.
• MSS Operations (within Service Centers) is viewed as high growth and strategically important to achieve MSS strategic operating plan.
• Manage and Lead teams, and ensure standardization of activities and service delivery between various jurisdiction centric teams.

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 in NAV calculation process 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
• 5-8 years of relevant Funds administration experience.
• Management position with exposure to remuneration, performance management, team building and staff development.
• Management position with exposure to business partners across multiple geographical locations.
• 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 behaviour 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).

Additional skills:

• Strong presentation skills, ability to communicate clearly, concisely and effectively in English, both oral and written.
• Multi-cultural background or experience, ability to work across broad range of cultures in support of HSBC Group values and objectives.
• Strong analytical skills, high attention to detail.
• Strong planning and organizational skills, with a proven ability to prioritize competing demands and communicate this effectively.
• Proven ability to execute and deliver change, within an operational context.
• Effective leadership with requisite interpersonal skills necessary to direct and motivate a large team to achieve results.
• Solution orientated, high energy characteristics necessary to support MSS business.
• Excellent interpersonal skills with the ability to build and maintain global and regional relationships at all business levels.
• Strong collaborative management skills with the various stakeholders.

Link to Candidate User Guide:

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Go to the below link and type “IND GSC : IJP Applicant User Guide” in search bar. https://hsbchrdirect.service-now.com/hrsp?id=hrdirect_employee_dashboard

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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