We are seeking a Nashville TN Vice President, Broker Dealer to join our Global Broker Dealer Operations area; specifically, to lead the US Private Client Margin / Custody group. Area of concentration for responsibilities in Cash Management, Treasury Management, Margin, ACATS, AML, SOX and FINRA audits. In addition to the responsibilities above the Private Client Margin group also provides outsourcing oversight and supervisory control of the Broadridge Business Processing Outsourcing team.
Broker Dealer Operations is responsible for the support of the global Sell Trading and US custody of AB’s Private Client business. The broker dealer is a registered subsidiary entity in multiple countries with multiple exchange memberships which operates across 45+ markets. For each regional location, a broker dealer operations support team is in place to support local activity but works within the global support framework to provide the highest quality of service to internal and external global client base. Since 2012 the operational functions have been outsourced to a major industry provider leaving a global team of 33 highly skilled individuals in broker dealer processing and regulations to provide the necessary oversight for the daily activity. The global team supports a global sell side business with yearly revenues of approximately $400mm and nearly $90B in private client assets.
The VP, Broker Dealer Operations will assist executive management in setting strategic direction, expense management, and training of TN broker dealer team.
Describe the role:
The key job responsibilities include, but not limited to:
- Management responsibilities for a small team locally in TN but will include Broadridge BPO daily oversight and relationship management – supervision and oversight of daily processing and inquiries performed by the Broadridge BPO team.
- Margin – deep understanding of margin regulations and client credit, regulatory reporting, Reg-T, margin calculations, Private Client cash flow requests/inquires (Incoming/Outgoing), DTC gifting requests
- Cash/Treasury Management – daily financing requirements, loan borrowing and pay down analysis, coordination with internal and external lending facilities, management of day to day banking inquiries, and reconciliation of daily bank out of balances.
- FX Wire Processing (Inbound and Outbound) – processing of FX trades and coordination of FX inquiries with internal and external clients/vendors.
- Anti-Money Laundering reviews – daily and weekly review of OFAC money movement transactions and weekly unusual activity transactions. Follow up with Legal and Compliance where necessary for further analysis and investigation.
- ACATS – respond to inquiries from external brokers, sales, and operations regarding outgoing and incoming Full and Partial ACAT requests.
- Custody understanding regarding Possession & Control with related regulations across various security types.
- Audits – act as liaison with SOX, Internal, and External auditors on an annual basis
- Project Management as related to key Private Client / Custody area
Describe the applications and business or enterprise functions the role supports:
Combination of internal cash flow/workflow systems and vendor applications including Broadridge (BTS), JPMorgan (JPMorgan Access). Support of Private Client sales teams, Portfolio Management, and AB Treasury. Other internal clients include legal/compliance, internal audit, risk management, back office operations, and technology teams.
What makes this role unique or interesting?
Significant opportunity for a career operation’s focused individual by leveraging their in-depth brokerage experience to assist in the build-out and senior leadership of the broker dealer. Furthermore, individual will have relationship responsibilities for banking and outsourcing providers.
What is the professional development value of this role, i.e. what learning and professional growth does the role offer the candidate?
Role will encompass several different disciplines within Brokerage Operations, as well as daily interactions with senior management from the Private Client Sales, PMG, Legal, and Compliance teams. While the role is concentrated in the US Private Client, the broker dealer is a global business unit creating cross boarder exposure.
Qualifications, Experience, Education:
The ideal candidate will possess an MBA with leadership experience . The candidate is required to have extensive years’ experience in the broker dealer division with respective registration and depth of regulatory understanding.
Skills: Strong Communication, written, and analytical skills.
Special Knowledge (if applicable): Brokerage regulatory understanding specifically in Margin processing and cash management
Location: Nashville, TN