Product Control (Credit Valuation Adjustment Trading)

Job Description

This function captures the impact of marking a portfolio to the appropriate credit spread reflecting the fact that all swap counterparties are not LIBOR based borrowers. Responsibilities include review of changes in portfolio’s exposures, independent review of trader pricing, and review of the effectiveness of hedging the embedded credit and market risk. Hedging instruments include cash products, credit derivatives, interest rate derivatives and equities.

This position requires significant interaction with the trading desk due to the dynamic nature of the portfolio, complexity of the price verification process, and need to develop better tools to analyze P&L fluctuations. A key determinant of success will be the ability of the candidate to enhance the control structure and process flows over this developing process.

Role and Responsibilities

• Prepare and undertake analytical review of the daily profit and loss.
• Undertake independent valuation review to ensure complex instruments and strategies marked to market in an appropriate manner.
• Undertake critical reviews of trading activity with the objective of highlighting significant items to senior management.
• Assess the market, valuation and other risk inherent in trading positions.
• Liaise with operations and other divisions within the bank in a problem solving capacity.
• Various month end procedures including preparation of accounts for posting to the general ledger.

Senior Financial Accounting Analyst - Capital Markets Reporting

Job Description

Assist NY Capital Markets Finance with daily, monthly and quarterly reporting. Assist with reconciliations and balance sheet attestation.

Role and Responsibilities

• Assist with the month-end closing process
• Work closely with Product Control around reporting and general ledger tie-outs and monthly package review
• Prepare various head office templates for external reporting at quarter and year-end.
• Responsible for Inter-Group reconciliations (Funding, AR/AP, interest, brokerage, Repos, p&l)
• Work on monthly balance sheet  & Income attestation second and third level review
• Maintaining and improving the existing control framework for daily / monthly / quarterly  reporting
• Investigate and remedy differences identified in the daily reconciliation process.

Analyst - Equity Product Control

The Analyst produces and maintains P/L activities for the related Global Equity Linked Product business strategies. The position requires a professional able to work closely with various traders and able to manage the integrity of the local general ledger. The individual must possess an excellent understanding of P/L production, product knowledge  and balance sheet maintenance.   

This is a highly visible role due the nature of the position.  The results reported by the individual are relied upon by the Senior Product Controller, upper management and front offices to manage the businesses and financial reports which are reported to the head office.

• Assemble, organize and produce the P/L statements to be reviewed by Front Office and the Senior Product Controller. This requires the individual to extract data from the various front, middle and back office systems and produce recs between the systems.  All discrepancies generated in the rec will be researched, documented and justified. 
• Ensure that variances to Desk Estimates are adequately explained, that reported P&L is reconciled to GL and that Inventory and related accounts on the Balance Sheet are substantiated.
• Work with Financial Control on the maintenance of the local and global general ledger.  This individual will provide Financial Control with the local general ledger balance sheet at month end and provide support when requested. 
• The analyst will assist the Senior Product Controller in fulfilling head office requests for information about general ledger entries, variances of monthly and quarter results, and audit requests.
• Escalate issues and assist the Senior Product Controller to resolve.  Each analyst will also be responsible for learning and performing the back up duties for the various P/L. This individual should be able to produce and send out the daily P/L in the absence of the primary analyst. 
• Maintain and update  daily and monthly PNL procedures .
• Serve as a member of the Product Control Team and develop working relationships with the traders and various individuals of middle and back office.  This individual will work with Senior Product Controller in developing plans for improving communication to the various groups and making sure that the best possible service is provided.

Fixed Income Product Controller

The Product Controller produces and maintains P/L activities for the related Fixed Income, Equities and Investment Banking business strategies. The position requires a professional able to work closely with various traders and able to manage the integrity of the local general ledger.

This is a highly visible role due the nature of the position.  The results reported by the individual are relied upon by the Senior Product Controller, upper management and front offices to manage the businesses and financial reports which are reported to the head office.

Assemble, organize and produce the P/L statements to be reviewed by Front Office and the Senior Product Controller. This requires the individual to extract data from the various front, middle and back office systems and produce recs between the systems.  All discrepancies generated in the rec will be researched, documented and justified.

This individual will also ensure that variances to Desk Estimates are adequately explained, that reported P&L is reconciled to GL and that Inventory and related accounts on the Balance Sheet are substantiated.

Work with Financial Control with the maintenance of the local and global general ledger.  This individual will provide Financial Control with the local general ledger balance sheet at month end and provide support when requested.

The analyst will  assist the Senior Product Controller in fulfilling head office requests for information about general ledger entries, variances of monthly and quarter results, and audit requests.

Escalate issues and assist the Senior Product Controller to resolve.  Each analyst will also be responsible for learning and performing the back up duties for the various P/L. This individual should be able to produce and send out the daily P/L in the absence of the primary analyst.

Maintain and update daily and monthly PNL procedure.

Reconciliation, reporting and verification of accuracy of P/L decomposition report.

Requirements:

The individual must possess an excellent understanding of P/L production, product knowledge  and balance sheet maintenance. Experienced professional in Capital Markets product control environments with excellent technical understanding of capital market products. Strong Accounting knowledge, Balance Sheet and Profit & Loss Statement. Strong knowledge of Fixed Income products (Rates, Credit, MBS) is required.

Product Controller

The Product Controller produces and maintains P/L activities for the assigned strategies for the Firm's Global Arbitrage and Trading desks. The position requires a professional able to work closely with various traders and able to manage the integrity of the local general ledger.

This is a highly visible role due the nature of the position.  The results reported by the individual are relied upon by the Senior Product Controller, upper management and front offices to manage the businesses and financial reports which are reported to the head office.

Responsibilities:

• Assemble, organize and produce the P/L statements to be reviewed by Front Office and the Senior Product Controller.  This requires the individual to extract data from the various front, middle and back office systems and produce recs between the systems. 
• All discrepancies generated in the rec will be researched, documented and justified. 
• This individual will also ensure that variances to Desk Estimates are adequately explained, that reported P&L is reconciled to GL and that Inventory and related accounts on the Balance Sheet are substantiated.
• Work with Financial Control with the maintenance of the local and global general ledger.
• The Product Controller will  assist the Senior Product Controller in fulfilling head office requests for information about general ledger entries, variances of monthly and quarter results, and audit requests.
• Escalate issues and assist the Senior Product Controller to resolve
• Each analyst will also be responsible for learning and performing the back up duties for the various P/L. This individual should be able to produce and send out the daily P/L in the absence of the primary analyst.
• Maintain and update daily and monthly PNL procedures.
• Reconciliation, reporting and verification of accuracy of P/L decomposition reports.
• Understand the systems/procedural flows and make recommendations for process change and improvement as necessary.

The individual must possess an excellent understanding of P/L production, product knowledge, P/L Decomp and balance sheet maintenance.

Product Control - Valuations

Summary

The successful candidate will be responsible for performing valuation oversight for securities and derivatives held in strategies managed by the Investment Management business. They will assist in the review of portfolio performance and reconciliation with desk estimates – particularly as it relates to those strategies which hold securities and derivatives. The candidate will interact not only with controllers’ management but also investment professionals engaged in managing a multi-strategy investment portfolio.

Principal Responsibilities

Responsible for price verification of positions held in the portfolios – including, but not limited to interest rate swaps, variance swaps, inflation linked interest rate products, credit default swaps, total return swaps on emerging market debt, securities (equities, MBS, ABS, emerging market debt, corporate bonds, investment grade bonds, high yield bonds, government bonds, etc.)

Assist in the development of a valuation and price verification framework for newly traded derivatives and securities; in conjunction with IT, operations and portfolio management

Regular interaction with other departments: IT, operations, fund accounting, legal and compliance

Assist in the review and reconciliation of performance – specifically related to strategies which hold derivatives and cash instruments as mentioned above

Preparation of management reports and analysis to assist portfolio management and finance managers in managing and understanding the business

Candidates should have a strong product background, either from a p/l role, audit, or other valuation group.  Addidtional they should be familiar with various techniques used in product valuation.

Product Control - Credit P&L and Valuation

The Senior Associate or VP will support the Credit Opportunities Fund business.

The successful candidate will be responsible for reviewing the Credit Opportunities strategies and the reconciliation of the P&L with desk estimates.

The candidate will assist with the monthly price verification process and the reconciliation to the Fund Administrator.

He/She will heavily interact with traders, strategists and support areas such as Operations, Risk, Technology and Investor relations.

Principal Responsibilities:

• Preparation and reporting of global daily PnL for Credit Opportunities Hedge Fund
• Perform monthly price verification review for various products such as cash, options, and all credit derivative products, Total Return Swaps, Equity Swaps and Bank loans
• Develop a broad understanding of the business, information flows and accounting procedures
• Monthly review and reconciliation of PnL and inventory versus the external fund administrator
• Develop a broad understanding of the Hedge Fund business
• Responsible for ensuring and developing sound control procedures around P&L processes and reporting
• Preparation of management reports and analysis to assist portfolio management and finance managers in handling and understanding the business

Experience desired

Experience dealing with credit products from an audit, reporting or valuation perspective.

Product Controller - Loans

Product Business Area Controller to work with the Loan Syndication and Leveraged Loan businesses.

Heavy concentration in P/L, monthend, balance sheet production as well as analysis. Interaction with trading desks, Legal, Regulatory, Risk and LEC.

Role and Responsibilites:

• Daily P&L preparation for the business line and finance management.
• Evaluate and improve processes and the control environment
• Reclassification and reconciliation of monthly financial statements from US-GAAP to IFRS                          
• Monthly substantiation of balance sheet and review
• Close interaction with loan operations, business line and other support groups to ensure proper accounting is followed                     
• Ad hoc analysis
• Maintain audit trail, ie. support for any GL entries and history of workout / restructurings of investments etc                                       
• Supervise a staff of 4 direct reports

Product Controller - FX Hedging Analyst

Product Controller - Intercompany Loan and Hedging Analyst

Position is newly created with a primary responsibility to provide Daily P&L information related to Intercompany Loan and Hedging activity that is being done by the Investment Management trading area.

Work performed will provide financial analysis and support for the Chief Investment Officer and other Senior Treasury and Risk Management executives.

• Build daily report on ICL and hedging activity by currency detailing positions and P/L
• Reconcile daily to front office desk p/l and position                                    
• Research cash issues as and when they arise
• Prepare Daily Desk P/L Report for distribution                                            
• Validate monthly balance sheet and P/L accounts
• Create a streamlined Daily process using downloads from BlackRock (FO) vs. other inputs representing BO (future stmts etc)
• Ability to build processes by using desktop applications and front end applications.    Independent worker and ability to adapt to a dynamic environment.
• Daily p/l acctg and reconciliations of the foreign currency loan portfolio - this portfolio is an evolving and ever changing portfolio, with many hedges against foreign currency loans

Controller - Interest Rate Derivatives

Position is newly created with a primary responsibility to provide Daily P&L information related to Interest Rate Derivative activity that is being done by the Investment Management trading area.

Work performed will provide financial analysis and support for the Chief Investment Officer and other Senior Treasury and Risk Management executives.

Build daily report on 1,500 IR swaps detailing position, interest accruals, mark to market   etc

• Reconcile daily to front office desk p/l and position
• Research cash issues as and when they arise
• Prepare Daily Desk P/L Report for distribution
• Validate monthly balance sheet and P/L accounts
• Create a streamlined Daily process using downloads from BlackRock (FO) vs other inputs representing BO (future stmts etc)
• Ability to build processes by using desktop applications and front end applications.