Position Description:
BlackRock is looking for an Analyst/Associate to work in the Cash Reconciliation Team in the Fixed Income Separate Accounts Group in Account Administration. The Cash Reconciliation Team is responsible for reconciling transactions with custodians and accounting agents for a large number of fixed income separate accounts. The team supports the Investment Measurement Group responsible for NAV and performance calculation.
Research and resolve cash transaction exceptions for a large number of fixed- income separate accounts on behalf of institutional and insurance clients and high net worth individuals. Liaise with internal parties such as Operations, Account Managers, Portfolio Managers and Technology. Develop and maintain relationship with external parties such as custodian banks and accounting agents. Active participation in departmental/group projects such as automation and process streamlining. Active member in testing and implementation of Straight Through Processing being developed between investment managers and custodians.
Overall Responsibility:
Ensure timely reconciliation of BlackRock records with custodian. Participate in escalation process for operational or administrative issues related to separate accounts to ensure accuracy of performance and eliminate financial risks. Implementation of established BlackRock procedures and controls. Thorough understanding of Fixed Income securities -- Corporate, Treasuries, Municipals, CMO's, Mortgaged backed securities, etc. and operational aspects including payment frequencies, accrual periods, floating/variable rates, payment delays, principal paydowns, etc. Working with derivative products -- swaps, futures, options, etc. Coordinate with and support the NAV and performance team with custodian information and communication. Research and document all differences between BlackRock and custodian. Mitigate risk by focusing on material and aged items. Utilize Bloomberg and DTC systems extensively in the course of reconciliation. Ensure custodians successfully implement new accounts, terminated accounts and custodian changes. Understanding Black Rock’s performance system, operations systems and other tools to mange work effectively. Develop initiatives to improve existing process and procedures including better automation. Training of interns, consultants and newly hired professionals. Work on a variety of complex issues of securities including impairment of assets, foreign currency transaction, hedges and withholding taxes. Assist in preparation of MIS report on cash reconciliation issues for trends and review. Follow-up and resolve all material issues including effective communication with Account Management Group, Operations and custodians.
Ideal candidate:
Candidate must possess at least three to five years of relevant experience preferably in the financial services industry. A four-year college degree is required. Works well in a team environment. Computer proficiency in Excel, Word and Bloomberg. Has an entrepreneurial spirit that is willing to take on additional responsibility quickly. Enjoys working in a fast-paced, high-intensity environment. Strong working knowledge of fixed income securities is required. Possesses excellent analytical and communication skills to enable clear articulation of financial analyses and issues. Skills
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