Job Description:
Job Title: Credit Risk, Asset Manager/Funds Underwriting
Corporate Title: Vice President
Location: London
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.
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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!
London Location Overview
Our London office is based just a stone's throw from the magnificent St. Paul's Cathedral on bustling King Edward Street. Here you'll find modern workspaces and a state-of-the-art auditorium space. In addition, we're proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.
The Team
The Asset Manager / Funds credit team within the Global Markets Credit (GMC) organization is responsible for credit risk underwriting, approval, ongoing risk monitoring and portfolio management of counterparty credit and Global Markets (GM) financing transactions on a portfolio of EMEA and APAC based fund clients.
Based in London, the role will be responsible for managing the counterparty risk on a portfolio of EMEA and APAC based fund clients. Managing the credit portfolio entails counterparty credit due diligence, preparing credit review memos, providing credit approvals and ongoing risk monitoring of the counterparty as well as traded products exposure.
Responsibilities
- Managing a portfolio of EMEA and APAC based fund clients from on-boarding through to underwriting/credit approval and ongoing risk management
- Detailed written analysis of fund counterparties 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 / participate in credit due diligence calls with fund clients
- 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
- Conduct ad-hoc portfolio reviews and prepare management information as required
- Contribute to regulatory tasks and deliverables as required in respect of EMEA and APAC fund portfolio
- Build strong working relationship with clients, internal business partners including Sales, Structuring & Trading, Risk counterparts, Legal and Audit Function
- Provide leadership, coaching and guidance to junior staff
What we are looking for
- Prior experience in a credit risk role preferably covering regulated, private equity and / or hedge fund clients
- Knowledge of fund strategies and associated risks
- A good understanding of Global Markets suite of products and legal documentation
- Understanding of market risk metrics and ability to interpret stress/sensitivity data
- 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, motivated team player, willing to support other members of the team as required
Why Global Markets Credit?
- GMC (1st Line of Defense) sits within Enterprise Credit which delivers and manages the credit relationship, underwriting and approval for wholesale clients in accordance with Bank of America's growth strategy, risk appetite and underwriting standards.
- GMC is responsible for credit underwriting of Structured Financing Transactions, Non-Recourse Lending to SPVs, Specialty Finance, Hedge Funds and Regulated Funds, Central Counterparties (CCPs), and Municipal Banking and Markets.
- GMC is a growth area providing candidates with an opportunity to help shape and influence key credit underwriting and monitoring processes in support of the Global Markets business
- GMC supports both GM Trading & Financing businesses covering a wide array of products and portfolios providing opportunities to develop enhanced levels of product knowledge with GM businesses
- While we are an independent function, we work closely with product specialists, relationship managers and the risk function.
Benefits of working at Bank of America
UK
- Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner
- Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons
- 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum
- The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.
- Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.
- Access to an Employee Assistance Program for confidential support and help for everyday matters
- Ability to donate to charities of your choice directly through payroll and the bank will match your contribution
- Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK's most iconic cultural institutions and exhibitions.
- Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.
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 or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, membership of the Traveller community, age, sexual orientation, pregnancy or maternity, civil status, socio-economic background, family status or 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.