Managing Director, Hedge Fund Credit

at  Bank of America

JOB DESCRIPTION:

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!
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.
Role Description:
Enterprise Credit delivers and manages the credit relationship for wholesale clients in accordance with Bank of America’s growth strategy, risk appetite and underwriting standards.
While we are an independent function, we work closely with product specialists, relationship managers and the Risk Management function. Enterprise Credit is responsible for analysing and underwriting debt financing solutions and derivative strategies for Global Banking & Markets.
The Hedge Fund Credit role within Global Markets Credit is responsible for managing the counterparty risk on a portfolio of EMEA-based hedge funds. The Hedge Fund Credit Team Lead is responsible for management of the Hedge Fund Credit Team and approving transactions within the assigned credit authority

Responsibilities:

• Overseeing a team of Hedge Fund Credit Officers and their performance of Hedge Fund Credit Officer Core Functions (see below)
• Serving as an escalation point on risk and other issues in Hedge Funds
• Delivering a strong operating environment in adherence with policies and procedures and in compliance with metrics
• Instilling a strong culture of excellence
• Managing stakeholder relationships and partnering with Risk Management, Sales, Trading. Agreement & Documentation, and Operations
• Contributing and participating in portfolio reviews, forums and risk meetings for a robust risk culture and environment
• Contributing and participating in regulatory inquiries and presentations
• Guiding team members in continued self-development including enhanced product knowledge and understanding of more complex clients/trades as well as professional skills

Hedge Fund Credit Officer Core Functions:

• 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 DD assessments for risk management review.
• Propose risk-based limits based on assigned internal counterparty rating.
• Perform margin adequacy assessment of clients as part of credit underwriting process.
• 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.

What we are looking for:

• Demonstrable experience in a hedge fund / financial institution counterparty credit risk role and/or prime brokerage experience
• Experience managing a team and demonstrated leadership
• A strong knowledge of hedge funds, their strategies and associated risks.
• A strong understanding of Global Markets and derivative products/documentation.
• Strong communication skills across stakeholders
• Problem solver, ability to manage issues in a timely manner

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 sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants 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

• Overseeing a team of Hedge Fund Credit Officers and their performance of Hedge Fund Credit Officer Core Functions (see below)
• Serving as an escalation point on risk and other issues in Hedge Funds
• Delivering a strong operating environment in adherence with policies and procedures and in compliance with metrics
• Instilling a strong culture of excellence
• Managing stakeholder relationships and partnering with Risk Management, Sales, Trading. Agreement & Documentation, and Operations
• Contributing and participating in portfolio reviews, forums and risk meetings for a robust risk culture and environment
• Contributing and participating in regulatory inquiries and presentations
• Guiding team members in continued self-development including enhanced product knowledge and understanding of more complex clients/trades as well as professional skill