Investment Operations Analyst
The Pensions Board provides retirement services for those who work or minister for the Church of England. We do this principally through managing regulated occupational pension schemes and provision of clergy retirement housing. This work is supported by our charitable investments of c.£40m (overseen by the CIO), and grants from the wider Church.
As Investment Operations Analyst, you will be working alongside and assisting the Investment Operations Manager with aspects of investment administration, particularly in the areas of compliance, tax, custody, cash management, audit and risk control.
This role is a full-time, permanent position, offering a salary competitive with the current market rate.
Although empathy for the aim and values of the Church is important, we are welcoming applicants from all faith or none.
We are taking a flexible approach to work, with many colleagues opting for a hybrid approach to their working week, with a mixture of home and office-based working. Further details will be discussed at interview.
The Church of England is for everyone, and we want to reflect the diversity of the community the Church serves across the whole country. Therefore, while of course we welcome all applications from interested and suitably experienced people, we would particularly welcome applicants from UK Minority Ethnic Backgrounds.
The rewards for this interesting and varied role include a competitive salary package, a 35 hour working week for work-life balance, a minimum of 25 days holiday plus 3 discretionary days leave and an attractive defined contribution pension scheme. Support will also be provided for the successful candidate to study for qualifications offered by the Pensions Management Institute.
MAIN DUTIES AND RESPONSIBILITIES:
Regulation and Policies (20% of time)
- Prepare regulatory documentation across all investment jurisdictions, maintaining that documentation in line with regulatory changes and completing forms and documentation.
- Maintain up to date records of managers’ legal agreements and policies and controls.
- Maintenance of the regulatory documentation for existing sub-custodial arrangements and the establishment of those for new arrangements.
Custody (25% of time)
- Reconciliation of fund manager accounts with the custodian’s records.
- Review and monitor tax reclaim and provide necessary documentation.
- Review and monitor class actions.
- Monitoring of fund managers’ compliance with the Board’s list of restricted stocks.
Reporting (5% of time)
- Preparation of VAT Returns for the internal Tax department using Northern Trust data.
- Produce and reconcile KPI’s re custodian performance.
- Preparing data for inclusion in Investment Committee and Board reports.
- Responding to data requests and analysis from CIO and CEO.
- Helping the Investment Operations Manager in dealing with internal and external audit queries.
Cash Management (25% of time)
- Making of fund transfers to, from and within the custodian accounts.
- Reconcile cash balances at Northern Trust and record payments and receipts at custodian.
- Prepare payment instructions and cash transfers and other instruction for Northern Trust.
- Maintain spreadsheets recording cash movements, capital calls, distributions, fees, budget expenses and cash flow forecasts.
Office Administration (25% of time)
- Monitoring, verifying and paying fund manager, advisor and custodian fees.
- Verify, record and arrange for Accounts to settle invoices for services and expenses.
- Maintenance of electronic filing systems, general administrative and ad hoc tasks.
- Assist external and internal auditors annually providing support documentation and explanations to queries.
The Ideal Candidate
- Interest in investment matters.
- Knowledge and practical experience of investment work, preferably in a ‘back’ or ’middle’ office function in fund management, investment or custody operations or similar.
- Able to organise, develop and maintain administrative systems.
- Ability to deal with administrative complexity.
- Highly numerate and analytical with an ability to pay attention to detail at all times.
- Confident in the use of MS Excel and MS Word.
- Previous use of Northern Trust Passport or other custody systems would be desirable.
- Commitment to and focussed on quality, promoting high standards in all aspects of work.
- Able to manage a demanding and varied workload occasionally under time pressures.
- Good personal skills with a ‘can do’ attitude who can work both independently and as part of a small team.
- Likely to be educated to Degree level or equivalent in a Finance / Economics / Accounting, or equivalent in job experience.
- Holder of the Investment Management Certificate (IMC) or the willingness to study for it.
- Attendance at off-site meetings and overseas travel may be required on occasions.
The Pensions Board
Ethical and responsible investment is at the heart of what we do. It is an expression of our contribution to the goals of the wider Church, and we believe it is an essential tool to mitigate risk and deliver long-term value. We act as a responsible asset owner working with the wider investment community, engaging with companies, and using our voting rights.
Our particular engagement priorities are climate change and extractive industries. We lead and work collaboratively with coalitions of other investors. We work particularly closely with the Church Commissioners and CCLA who, together with the Board, are the three Church of England National Investing Bodies (NIBs).
The Pensions Board is Trustee of three pension funds, serving over 40,000 members and beneficiaries across 700 employers. Total scheme assets under management were in excess of £3.7bn at the end of 2021. The main scheme – for Church of England clergy – is open and continues to grow. We expect AUM to pass £4.0bn by the middle of the decade.
The Pensions Board is also a registered charity, whose charitable services principally involve providing retirement housing to 2,500 customers across a mix of rental, mortgage and shared ownership properties, and seven supported housing schemes.
As a Disability Confident Leader, we actively look to attract, recruit and retain those of you who are disabled.
As a member of the Armed Forces Covenant, we welcome applications from those of you who have served in our Armed Forces and their families.
We are committed to being an equal opportunities employer and to ensuring that everyone, job applicants, customers and other people with whom we deal, are treated fairly and not subject to discrimination. We will do whatever is necessary to provide genuine equality of opportunity. We continuously review our policies and processes to support our aim to create a workforce as diverse as the nation the Church of England serves.