Team Developer

Process Overview:

Global Markets Operations provides operations support to the Global Markets Business of Bank of America Merrill Lynch. Key business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (FX) and commodities. Key functions include trade processing and settlement, inventory management, cash management, asset services, collateral management, reconciliation, and client and product data.

The candidate should possess knowledge in Asset Services or skill gained through work experience in Global Securities Operations. It is an individual contributor role with responsibility to deliver critical-to-quality metrics for the lines of business that he/she supports. May recommend solutions to moderately complex problems, lead or train other associates, or supervise functionally highly routine work. The candidate should also possess leadership, communication, and problem-solving skills. The candidate may perform a specialist role in Asset Services, performing routine transactions or functional activities. The candidate may also perform specialist roles like quality control, process-level reporting of metrics, and special projects for the line of business. Incumbents would be graduates/postgraduates with 48-60 months of work experience with 18-24 months of experience in the Asset Services team.

The Asset Services Processing team will be responsible for the following:

• Processing income and corporate action events for House/Prime Brokerage clients
• Reconciliation of cash breaks, control accounts, tax accounts, and fee accounts
• Investigation and resolution of client queries on a timely basis

Job Description:

• Asset services process: Team Developer is responsible for understanding and processing dividend/coupon interest and corporate action events for Global Markets in a timely and accurate manner.
• Daily processing of House and IPB income/corporate action events in an accurate, timely, and consistent manner, in accordance with departmental procedures and agreed service levels.
• Resolution of any processing issues and liaison with other areas of Bank of America Merrill Lynch including Settlements, Trading Desk Support, Client Service Representatives, Finance and Middle Office, Technology, Product Data Support, Client Onboarding Services, and global Asset Services departments. The job involves a high degree of daily communication and interaction with internal counterparties, external custodians/agent banks, and external clients.
• Daily reconciliation of control, suspense, and bank accounts and daily resolution of reconciling items.
• Maintenance of customer service levels through speedy resolution of queries raised by Prime Brokerage clients and Middle Office Product Controller.
• Daily allocation of client money.
• Compliance with all relevant regulatory and BofAML control standards and policy requirements.
• Identify changes to processes and procedures that will improve control, efficiency, reduce risk, and/or improve client services.
• Participation in user acceptance testing programs and new business projects.
• Act as first point of escalation for Client Service Representatives, onshore management, and offshore management.
• Review common workbasket and workflow management.
• Ensure timely resolution of queries/clarifications.
• Review errors to identify process and/or training issues and address accordingly.
• Review reports and metrics spreadsheets to identify gaps and address accordingly.
• Review escalations and expedites for due diligence by teammates.
• Process escalations in accordance with documented process and follow through to closure.
• Train associates on process and procedures and provide ongoing support.
• Work process and procedure gaps with Oversight team to closure.

Responsibilities:

• Understand the sense of urgency of the business and the need to pay attention to detail.
• Liaise with both internal and external contacts to resolve discrepancies.
• Monitor group mailbox for the team and respond to emails within 24 hours.
• Ensure all notifications are processed timely and accurately.
• Ensure all votes are processed accurately.
• Ensure process SLAs are met based upon activity type.
• Ensure self meets corporate and department audit/compliance regulations.
• Refer exceptions to the Team Lead before deadlines.
• Identify potential areas for process improvement and highlight the same to the TL/AM.
• Strong work management skills and experience as SME in Corporate Actions.
• Excellent knowledge of financial and capital markets (equity and debt).
• Working knowledge of general accounting (journal entries, debits/credits, color of entries, and treatment in books, etc.).
• Demonstrates sense of urgency for meeting service level agreements; earns business partner loyalty through accuracy, efficiency, and courtesy.
• Fair analytical skills and eye for detail.
• Demonstrated ability to quickly learn new processes and tools and incorporate them into the work environment.
• Must have excellent customer service skills.
• Proficient skills in English language (speaking, writing, and comprehension).
• Time and organizational management.

Requirements:

• Education: Graduate in Commerce, Accounting, Management, or equivalent degree in Finance, or postgraduate in Commerce, Accounting, Management, or Finance / MBA Finance.
• Certifications: NCFM or similar certifications will be an added advantage.
• Experience Range: 4-5 years' experience in Asset Service (Corporate Actions) or 4-5 years of experience in an international bank handling dividend/corporate actions for Prime Brokerage clients.
• Foundational skills: Knowledge of dividend/coupon interest and corporate actions.
• Excellent MS Excel skills and knowledge of Six Sigma tools.

Desired skills:

• Good communication skills, written and verbal.
• Advanced MS Office and Excel.
• Six Sigma certified.