Director, Hedge Fund Underwriting; Global Markets Credit- Enterprise Credit; London

2 days ago

London, Greater London, United Kingdom Bank of America Corporation Full time

Job Description:

Company Overview

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us

The Team

Hedge Fund Credit role within Global Markets Credit (GMC) responsible for managing the counterparty risk on a portfolio of EMEA-based hedge funds.

GMC (1st Line of Defence) sits within Enterprise Credit which delivers and manages the credit relationship for wholesale clients in accordance with Bank of America's growth strategy, risk appetite and underwriting standards. Enterprise Credit is responsible for analysing and underwriting debt financing solutions and derivative strategies for Global Banking & Markets. GMC is responsible for underwriting Structured Financing Transactions, Non-Recourse Lending to SPVs, Specialty Finance, Hedge Funds and Regulated Funds (Real-Money Accounts), Central Counterparties (CCPs), and Municipal Banking and Markets. While we are an independent function, we work closely with product specialists, relationship managers and the risk function.

Responsibilities

  • Managing a portfolio of EMEA based hedge fund clients from on-boarding through to underwriting/credit approval and ongoing risk management.
  • Detailed written analysis of hedge fund clients demonstrating a good understanding of investment strategies, liquidity, leverage and volatility.
  • Perform qualitative and quantitative credit assessment of clients and their trading exposure including stress and sensitivity analysis.
  • Lead credit due diligence calls with hedge fund clients and prepare written due diligence assessments for risk management review.
  • Propose risk-based limits based on assigned internal counterparty rating.
  • Approval of daily trade flow including the calculation and application of Initial Margin
  • Liaise with Legal to initiate documentation for trading activity including the specification of credit terms as required.
  • Timely identification and escalation of limit overages, margin disputes and missed calls, monthly NAV trigger breaches, escalation threshold breaches and ad-hoc report management, escalating any counterparties/issues of concern as necessary.
  • Assist junior colleagues to ensure timely attention of limit breaches and escalations.
  • Assist junior team members in continued self-development including enhanced product knowledge and understanding of more complex clients/trades.
  • Prepare monthly management information in respect of European hedge fund exposures for senior risk committees and be able to speak to the data.
  • Promote strong engagement with Sales & Trading executives, Agreements & Documentation (A&D) partners, Collateral Management & Operations, Prime Brokerage Risk, Enterprise and Market Risk Management.
  • Assist in ad-hoc project work and regulatory deliverables as required.

Requirements

  • Prior experience in a hedge fund counterparty credit risk role.
  • Strong knowledge of hedge funds, their strategies and associated risks.
  • A good understanding of Global Markets and derivative products/documentation.
  • Ability to manage significant deal flow often to tight deadlines in a dynamic and fast-paced environment.
  • Confident self-starter with strong communication skills and an ability to negotiate effectively.
  • Problem solver, ability to manage issues in a timely manner.
  • Good quantitative and Excel based skills required.
  • Bloomberg experience advantageous.
  • Candidate should be a strong team player, willing to support more junior members of the team and the team lead, as required.

Bank of America

Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.

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