State Street Client Service Operations Specialist - Global Custody - Associate 2 in Luxembourg

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General position summary :

The Global Custody Specialist is an integral part of delivering quality service to assigned clients and all actions must be considered as part of this overall goal.

Specific Duties & Standards

Technical competencies

Cash reporting, processing and reconciliation.

  • Cash availability and Reconciliation
  • Calculate Cash availability with accuracy when required by client.
  • Meet deadlines of reporting cash to clients.
  • Ensure Syntel reconciles cash between custody balance and accounting balance by close of current business day. Review reconciliation exceptions assigned to Luxembourg-custody team on daily basis and correct assignment is done on other cash exceptions. Assist Syntel for exception resolution.
  • Contact Investment Manager when required for cash exception clearing.
  • All reconciliation exceptions must to be cleared promptly - no exception should remain on reconciliation for in excess of 15 days. Liaise with SSB Luxembourg other teams (Corporate action, Fund group, Derivatives and Tax) to ensure resolution.
  • Ensure Syntel’s queries are answered within reasonable timeframe.

Cash payments and Receipts

  • Make sure Syntel cash team receives all support documents to process free cash payments.
  • Make sure Syntel Cash team processes free cash payments and receipts within set deadlines allowing for time necessary for authorization to avoid late instructions and losses for the bank. When requested or for any specified types of transactions, process free cash payment within the deadlines. Follow up all payments by reviewing Unadvised and non-receipt lists.
  • Ensure Syntel’s queries are answered within reasonable timeframe.

Overdraft Compensation

  • Ensure correct coding for overdraft balances.
  • Maintain accurate compensating balances and ensure overdrafts are appropriately compensated or charged interest at month-end.
  • Submit compensation claims on timely manner and report them on claims spreadsheet with detailed comments.
  • Ensure regular follow-up on claim when necessary.
  • Ensure Syntel receives information on timely manner to report overdraft compensation code on OMAC.
  • Ensure no overdrafts are incurred as a result of processing errors.
  • Ensure Syntel’s queries are answered within reasonable timeframe.
  • Ensure Overdraft balances are reported regularly to clients when required.

Trade processing and settlement.

  • Ensure Syntel Trade team processes and reviews trade information accurately including accurate posting of prices and accounting data as a result of the booking of the trade. Monitor any trades in exception queue to ensure prompt settlement.
  • Ensure Syntel cash team processes trade settlement information within set divisional deadline.
  • Answer Syntel and Client’s queries on timely manner and with accurate information.
  • Follow up on failed and open trades daily and reports to clients any potential problems. Make sure failed and unmatched trade reports are sent daily to client.

Share reconciliation.

  • Review Syntel’s comment on custody to accounting security reconciliation (CARS) on weekly basis.
  • Resolve all non-permanent share reconciliation discrepancies within one month, - exceptions to this must be approved by the Account Manager.

Foreign Exchange

  • Ensure Syntel Cash Team processes Foreign exchanges timely and accurately and gives accurate settlement instructions within deadlines.
  • Ensure correct cash monitoring is done on funds when standing instruction from client.
  • Ensure Income Repatriation is done correctly and as per client’s instruction. Elevate any problem.
  • As for free cash processing, review daily unadvised and non-receipt list and liaise with Investment Manager until resolution.
  • Answer Syntel and Client’s queries on timely manner and with accurate information.

Past Due Income

  • Review weekly Syntel Recon team’s comment on past due incomes.
  • Answer Syntel and Client’s queries on timely manner and with accurate information.

General responsibilities

Expense Authorization

  • Make sure Syntel Cash Team processes payments of expenses in a timely manner.
  • Ensure cash exception due to Expense are resolved on timely manner

Time deposit.

  • Make sure time deposits are requested on timely manner with accurate figures.

Client Management

  • Ensure Client’s queries are answered on timely manner and GIMS is checked for queries on regular basis.

Month-end reporting

  • Ensure Month-end reports are accurately completed within the set deadlines.

Filing

  • Maintain standard filing of fund package and reports.

Audit

  • Provide support document upon Manager’s request.

Others

  • Participates in special projects and other tasks as assigned by the Associate 2 and Senior Associate

Organisation

Show good organizational skills in order to meet deadlines and keep well-documented records. Filing standards must be maintained so that in the event of, for example, vacation and illness another Custody administrator could take up the desk without any issues.

Ability To Resolve Complex Problems

Demonstrate the ability to analyze a problem and obtain and evaluate information to reach sound conclusions. Know when to elevate a problem and keep management informed.

Responsiveness

Provide timely and professional responses to all client related and internal enquiries.

Team Player

Be at all times a team player to build an atmosphere of co-operation within the group. Provide assistance to other team members when time permits and do not expect first to be asked.

Communication

Communicate effectively and efficiently with colleagues and Managers in any other and with clients.

  • State Street Job ID: 160947

  • Location: Luxembourg

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Job Title: Client Service Operations Specialist - Global Custody - Associate 2

Job ID: 160947

Full/Part Time: Full FTE

Regular/Temporary: Regular

Location: Luxembourg