AVP, Private Assets Operations
Location: New York, New York
Job Type: Full time
About Our Company
Aflac Global Investments located in the heart of the financial district is the organization who’s responsible for the overall investment activities of Aflac, Inc. With more than 100 employees in US (New York) and Japan (Tokyo); Aflac’s Global Investments organization seeks to maximize risk-adjusted returns subject to our liability profile and capital requirements and generates in excess of $3.0 billion a year in net investment income.
Please note: Aflac Global Investments' hybrid working environment requires a minimum of 3 days in the office
Within Aflac’s Global Investments, the Assistant Vice President, Private Assets Operations works within the US Chief Operating Officer Group in support of private assets managed internally and externally. The position requires expertise in coordinating all aspects of the onboarding process for a new fund and/or managed account and extensive collaboration and communication with internal and external stakeholders. The position will work in support for all middle and back office operational processes supporting private assets mandates including developing operational appropriate processes required to support private platform growth and establishing appropriate governance and control environment. Additionally, this role will participate in conducting initial and ongoing operational due diligence reviews, and collaborate with key stakeholders with colleagues in Columbus, GA (Corporate) and Japan External Management teams as directed by management
Reports to: Vice President, Head of Private Assets Operations
Principal Duties & Responsibilities:
- Portfolio Implementation and Onboarding: Work on private assets mandates onboarding coordination and pro-actively project manage all aspects of portfolio implementation to ensure successful launch and integration with internal processes and infrastructure.
- Work with the external managers, internal portfolio managers, operations, data, IT and accounting teams to onboard and integrate external managers’ mandates in accordance with internal requirements.
- Support the planning, progress tracking and reporting, identifying and resolving issues to ensure timely onboarding execution and issue resolution, development and documentation of operational workflows with internal stakeholders, external managers and service providers.
- Facilitate and ensure completion of onboarding requirements with all stakeholders (front office, operations, data, accounting, tax, legal and compliance, IT and external advisers) including ensuring solutions and issues closure and/or ensure post-onboarding resolution matters.
- Collaborate on appropriate governance and ensure internal approval processes as it relates to onboarding of external mandates and coordinate all internal stakeholders’ sign off prior to investments go live. Ensure all mandates documentation is captured and stored.
- Coordinate and manage agreed upon service level requirements and relevant documentation with internal stakeholders (accounting, tax, valuation, IT, data management, operations, compliance and front office) and external managers and/or resolve ongoing issues.
- Private Assets Operations: Work in collaboration with leadership the build out of private asset operations to support front office portfolio management team responsible for private debt and alternative assets for externally managed mandates. Oversee and manage operational integration with external managers, manage daily operational activity to support funds and separately managed accounts activity across direct middle market loan lending and real estate debt mandates (on a look through basis), private equity and real estate equity funds, and other asset classes (i.e. ABS, CLOs, structured credit). Day-to-day responsibilities include but are not limited to:
- Proactively monitor daily portfolio activity, ensure timely issues identification and resolution, communication of critical information between teams and with external managers and service providers.
- Ensure proper operational controls are in place and document, maintain and enhance operational procedures and controls, ensure that appropriate escalation and risk mitigation solutions put in place and operationalize control reporting.
- Participate in the development of systems and process improvements, optimize current processes and look for opportunities for automation and efficiencies.
- Have a good understanding of private debt security attributes; with particular emphasis on trade life cycle of a loan.
- Have a developing knowledge of data governance and business data needs required to support internal processes and reporting, work with external managers and internal stakeholders to address data reporting issues, ensure resolution and develop solutions.
- Support all capital calls and loan funding activity and settlement across investment product types (private funds and SMAs), and communicate timely with internal stakeholders and external parties.
- Ensure that all signed subscription documentation, wires and transactions are appropriately approved and settled in a timely manner.
- Collaborate and possible manage the monthly cash planning and management process including trial balance analysis and incorporating projected portfolio activities, required expense and liquidity buffers, ensure that accruals and expense buffers are updated and communicated to the external managers.
- Enhance and achieve full suite of reconciliation processes including cash, transactions and positions and liaise with appropriate internal stakeholders.
- Document, calculate and monitor payments for mandates fees and expenses, manage external managers and service provider invoice payments and questions.
- Monitor the physical custody workflow to confirm that managers are following agreed upon documentation delivery and custody requirements, and resolve any questions or issues.
- Serve as a point of contact for external managers’ service level agreements and reporting deliverables, liaison with internal stakeholders and external managers to address and resolve issues.
- Interface and serve as a primary relationship manager with external service providers and/or external managers involved in servicing private assets mandates including assist with various ad-hoc matters such as AML/KYC and tax documentation.
- Operational Due Diligence: Contribute as a key member of the team with a focus on planning, implementation, and execution of initial and ongoing operational due diligence reviews for the externally managed mandates as assigned. Maintain and advance operational due diligence best practices framework across external management platform to improve upon existing processes and procedures. Work in collaboration with Operations team in support of virtual (possibly on-site) due diligence meetings and conference calls with external managers including C-level suite management and senior operational personnel. Such reviews, should include but not limited to, an assessment of organizational and governance structure, personnel qualifications, review of operational and financial processes and controls, trade life cycle, risk management, infrastructure and systems, compliance program, the business continuity and disaster recovery plans and information security / cyber matters, assessment of third party service providers and financial and accounting reporting. Perform ongoing manager assessment as part of monitoring existing external managers by reviewing and analyzing manager DDQs, marketing materials, policies and procedures, public filings and other relevant documents and conducting periodic onsite visits and touch points with existing managers. Maintain documentation, identify issues and develop and recommend solutions.
- Bachelor’s degree in finance, accounting, mathematics, engineering, information systems, computer science or similar is required. Masters/ MBA and/or CAIA/CFA/CPA is a plus.
Job Knowledge & Skills:
- Minimum of 7 years of experience working in an operations capacity with a focus on with complex private assets (especially loans experience) and separately managed accounts on a look through basis. Insurance company asset management experience a plus.
- Experience in middle market loans is preferred, accounting and loan administration experience is welcomed plus.
- Working knowledge of private market investment middle and back office operational processes, trade life cycle processes and controls, data requirements and flows
- Understanding of processes and interdependencies with compliance, risk, accounting and IT and front office processes, reporting and analytics needs.
- Direct middle and back office operational experience in private debt middle market loans (bank loans, real estate loans, ABS, CLOs, etc), private equity, real estate equity and/or venture capital. Middle and back office operations experience.
- Previous experience in credit finance and/or credit product control or loan servicing is a plus.
- Working knowledge of loan debt platforms (such as WSO, BlackMountain /AllVue, Sentry, Solvas/CDO Suite, etc) and data management platforms, experience with integrating loan platform into enterprise infrastructure.
- Understanding of all critical front, middle and back office and accounting processes and reporting.
- Experience in working with portfolio managers / external managers and developing appropriate processes to ensure accurate data / trade capture and transaction processing including at the contract and facility level.
- Understanding of front to back business requirements, process flows and reporting needs
- Experience with data specifications documentation for loan mandates or similar private loans.
- Understanding of accounting including balance sheet, income statement and financial metrics
- Experience in managing onboarding and business requirements of custom separately managed accounts for complex private asset classes in a separately managed account format.
- Working knowledge/understanding of Operational Due Diligence workflows and processes.
- Experience in evaluating internal control processes, procedures and documentation including ability to review of legal documentation.
- Knowledge or experience in managing operational risk management and asset manager oversight practices.
- Basic knowledge/understanding of US and/or Japan Insurance Industry Regulations as they pertain to Investments
- Superior MS Excel skill set including pivots, vlookups, macros, etc., intermediate ability to work with MS Power Point, Python is a plus
Non - Technical Skills:
- Develops clear goals and execution plan that are consistent with business objectives.
- A self-starter with a passion for problem-solving, willing to work in a collaborative and fast-paced environment, comfortable working in a fluid setting with multiple time sensitive priorities, able to identify priorities and appropriately manage time and resources.
- Ability to facilitate compromise between conflicting requirements or points of view
- Demonstrated ability to successfully deliver on projects, including ability to proactively work on solutions with minimal supervision
- Strong client facing, interpersonal and communication skills (written and verbal) skills. Candidate will work closely with the Aflac investment team, variety of internal stakeholders, external managers and service providers.
- Highly organized with superior attention to detail with an ability to analyze large amount of data and extract meaningful information and identify findings in a succinct format.
- Be able to identify and improve data accuracy and processes used in production of financial, accounting and investment reporting purposes.
- Excellent verbal and written communication skills, ability to present and articulate issues clearly and succinctly to C-suite, variety of internal and external stake holders.
- Ability to interface with all levels of management
- A team player with a strong work ethic
- Ability to work effectively with other individuals and departments
- Ability to work under pressure.
The range on this positions is: $100,730 - $166,217
This compensation range is specific to the job level and takes into account the wide range of factors that are considered in making compensation decisions including, but not limited to: education, experience, licensure, certifications, geographic location, and internal equity. The range has been created in good faith based on information known to Aflac at the time of the posting. Compensation decisions are dependent on the circumstances of each case. This salary range does not include any potential incentive pay or benefits, however, such information will be provided separately when appropriate.
In addition to the base salary, we offer an array of benefits to meet your needs including medical, dental, and vision coverage, prescription drug coverage, health care flexible spending, dependent care flexible spending, Aflac supplemental policies, 401(k) plans, and generous paid time off. You’ll also be granted time off for designated paid holidays and other leaves of absence, if eligible, when needed to support your physical, financial, and emotional well-being. Aflac complies with all applicable leave laws, including, but not limited to sick, adoption and parental leave, in all states and localities.
We will consider for employment all qualified applicants, including those with a criminal history, in a manner consistent with the requirements of all applicable federal, state, and local laws, including the Los Angeles Fair Chance Initiative for Hiring Ordinance, the San Francisco Fair Chance Ordinance, and the New York City Fair Chance Act. Applicants with criminal histories are encouraged to apply.