Investment Compliance Lead - Chicago Hybrid- 3 days onsite, 2 days WFH
Position Summary
The Investment Compliance function is responsible for ensuring compliance with regulatory, prospectus, client-directed, and internal investment and operational restrictions for every portfolio. The Manager of Investment Compliance is responsible for the management and execution of the investment compliance monitoring and will work with internal users/stakeholders across all levels of the organization to ensure adherence to policies and procedures designed to mitigate risk of compliance guideline breaches. Success in this role means being responsive, accountable, and having exceptional attention to detail. This position reports to the Deputy Chief Compliance Officer.
Duties and Responsibilities
- Oversight of the investment compliance guideline monitoring and trade surveillance program to ensure portfolios are invested in accordance with investment and client guidelines, internal policies and procedures, and applicable laws and regulations.
- Review and interpret all account governing documents, including but not limited to Investment Management Agreements (IMA), Prospectuses and Statements of Additional Information to identify investment restrictions that require monitoring by compliance and the business and establish systematic compliance rule validations or manual work-around solutions.
- Create, test, and document new compliance rules in Charles River IMS.
- Ensure highest level of quality control through detail-oriented setup of portfolio compliance rules.
- Ensure accuracy and completeness of compliance system with relative benchmark information.
- Determine and implement improvements to automation capabilities.
- Oversee the daily review of post-trade reports/monitors for trade overrides and compliance alerts and take necessary actions to facilitate the correction of any breaches detected.
- Partner with Portfolio Implementation and Trading on compliance-related issues/questions that may come from clients or internal colleagues.
- Lead and develop a high performing investment compliance team that is proactive, execution-focused, and disciplined in approach.
- Oversee forensic testing to ensure adherence to trading-related policies (i.e., Trade Allocations, Trade Corrections, Cross Trades) and to identify instances of inappropriate activities (i.e., cherry picking, portfolio pumping, window dressing) or other regulatory prohibitions.
- Provide support and responses to internal audit findings, SOC 1 audits, and regulatory exams as they relate to investment compliance.
- Prepare reporting for internal governance committees as well as fund company boards.
- Analyze why a compliance alert is generated using proficient knowledge of investment guidelines, regulatory requirements, compliance systems, internal policies, data, etc. to provide independent, accurate and timely decisions to investment and trading personnel.
- Demonstrate a proficient understanding of Charles River IMS in order to support the implementation of new policies, including lending expertise to develop creative solutions where full automation is not possible.
- Oversee the daily review of supervisory exception reports.
- Oversee the completion of periodic client account certifications (monthly, quarterly, and annually).
- Develop, maintain, and execute a repeatable test plan to be used during upgrades to Charles River IMS.
- Provide input to various project initiatives that involve the investment compliance needs of the firm.
- Monitor and advise of compliance issues, recommended actions, and remediations on a regular basis.
- Participate in Trading Practices Committee meetings and draft meeting minutes.
- Review and update existing investment compliance and trade-related policies and procedures in response to changes in the business or regulations.
- Participate in and/or manage compliance-related initiatives and special projects as assigned.
Requirements
- 10+ years of professional experience in compliance within investment management industry.
- 5+ years experience coding client rules, benchmark comparative rules and regulatory guidelines in Charles River IMS (CRIMS).
- Knowledge of Securities industry and regulatory requirements related to Investment Advisers Act of 1940, Investment Company Act of 1940, and ERISA regulations.
- Experience with other rules and regulations under the Securities Act of 1933, the Securities Exchange Act of 1934, CFTC and Client a plus.
Nice to Have's
- Knowledge of other related rules and regulations under Securities Act of 1933, Securities Exchange Act of 1934, CFTC and Client.
- Familiarity with Environmental, Social and Governance (ESG) factors and global regulatory requirements.
- Deal effectively with investment personnel, with a strong knowledge of equity, fixed income, and derivative asset classes.
- Technical PC skills – proficiency in MS Office (Word, Excel) and data analysis (v-lookup, pivot tables).
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