Head of the Depositary Bank Operations

Who we are looking for

Across the globe, institutional investors rely on State Street to help them manage risk, respond to challenges through solutions, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged professionals are essential to our success.

Our commitment to maintain an environment where every employee feels valued and able to meet their full potential infuses our company values. It’s also part of our commitment to inclusion, development and engagement, and corporate social responsibility. You’ll have tools to help balance your professional and personal life, paid volunteer days, and access to employee networks that help you stay connected to what matters to you.

This role can be performed in a hybrid model, where you can balance work from home and office to match your needs and role requirements.

Why this role is important to us

You will be joining the Institutional Services function that allows us to deliver a comprehensive, holistic approach to each client relationship — for asset managers and asset owners, insurance companies, and official institutions globally. It means our client-facing functions work together to bring the very best solutions and services the firm has to offer — across all of our locations, products, and capabilities.

The provision of depositary bank services is a fundamental pillar of the European business of State Street, it is a core part of the relationship with clients, generates a significant revenue flow, requires strict adherence to regulations and carries legal and fiduciary risk for the bank.

A strong leader ensures proper coordination and integration of the depositary bank activity within a global securities exploiting the wide array of opportunities in terms of synergies and business development, as well as ensures the adequate regulatory posture.

Join us if making your mark on the long-lasting client relationships we build is a challenge you are up for.

What you will be responsible for

Within the Chief Commercial Officer organization of State Street Bank International (SSBI), Zurich Branch the Head of the Depositary Bank Operations is responsible for all aspects of the depositary bank activity for regulated funds domiciled in Switzerland: Safekeeping, NAV verification, Custody and Investment Compliance as well as Income appropriation monitoring.

The activity is supported by several colleagues in Poland performing preparatory tasks over which oversight is performed in accordance to regulation. As part of a global footprint model, the Head of Depositary is also required to perform the oversight over services delivered by other departments of the wider State Street group.

She/he works closely with their direct reports, the team members, their manager as well as with colleagues from the Depositary Product, Client Service Operations, Custody, Fund Accounting, Center of Excellence and other State Street offices such as the Poland Depositary Team. The Head of Depositary Bank in Switzerland will also become a member of the local Branch Management Committee, which is the most senior committee in the country.

Reporting to the Head of Products and Head of Depositary Bank of SSBI as well as the Country Head in Switzerland, both members of the Executive Management Board, the position requires the execution of a number of managerial activities leveraging on the back of a solid experience in the securities services sector:

1. Oversight of day to day depositary bank activity
2. Direct interaction with clients (fund management companies) to manage operational challenges, emerging issues and develop relationships
3. Collaborations and interactions with Custody Management Services, Fund Accounting and other internal departments
4. Contact person to the Swiss Financial Market Supervisory Authority (FINMA) for the State Street Zurich Branch, liaison with internal and external regulatory auditors
5. Participation in relevant branch committees such as Branch Management, Deal Team, Business Risk and Regulatory and to the EMEA forums (EMEA Depositary Heads / EMEA Fiduciary Working Group)
6. Representation of the Swiss Branch depositary bank business in the relevant market forums in Switzerland (AMAS, Swiss Fund Day, SBA, AFBS) and in Europe, when needed.
7. Contribution to business development in cooperation with Sales, Relationship Managers and Clients Service operations
8. Analysis of the impact of new and evolving regulations on the department in collaboration with product, compliance and legal; and management/oversight of the activities related to implementation of the related changes
9. Ensuring compliance with all relevant laws and regulations as well as with all corporate policies and procedures, including conflict of interests and fiduciary duties
10. Oversight of the outsourcing engagements within the depositary bank to be in compliance with the FINMA outsourcing circular
11. As part of the EMEA Depositary Heads team, active contribution to the ongoing Transformation, a multi-year program aiming at rationalizing operations and systems of the Depositary Bank activity at European level to enhance clients experience, realize synergies to onboard new business at a lower cost while ensuring and improving, where needed, the adequate regulatory posture
12. Specifically with respect to Transformation, lead on ensuring the depositary operating model for Switzerland is fit to deliver the current and future client needs at the right cost and to ensure the technology model proposed meets current and future client, operational, and resiliency needs
13. Responsible for the KYC/AML function of the Branch. Local oversight of the KYC/AML controls performed by EMEA wide support teams in Poland
14. Responsible for the Swiss Foreign Fund Representative and Paying Agent Business (Licensed business - Representing the foreign Funds / Management Companies vis-à-vis FINMA, acting as a Paying Agent, contracting distribution agreements with Swiss and foreign distributors)
15. Responsible for the Business Risk Management function of the Branch (Identify business and product risks and controls to support informed decisions and strategic growth; execute various risk programs including the Integrated Legal Entity Risk Assessments initiatives)

What we value

These skills will help you succeed in this role:

1. Ability to use data/information to take decisions on strategic developments of the activity, obtain support for investments and manage risk
2. Adopt a risk-based approach to ensure proper management of the day to day operations
3. Strong organizational skills and ability to manage large operational teams spread across different locations in a global environment serving local and global clients
4. Excellent communication and management skills
5. Service-oriented and results-focused
6. Ability to work autonomously and to take ownership
7. Change orientated and ability to envision a future state for the department

Education & Preferred Qualifications

1. Minimum of 10-15 years professional experience in financial business services
2. Knowledge of Swiss and EU regulations surrounding banking and securities services

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to Flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

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