This job has expired, please see additional jobs below
Director, Global Loan Servicing--Operations Specialist
Morgan Stanley
New York, NY, United States
Job Details - this job has expired, please see similar jobs below
Description
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets. Firm wide Operations include Shared Services and Banking Operations (SSBO), Operations Risk and Control, Global Project Group and Metrics, Branch Operations and Divisional Management. SSBO provides utility processing services to Global Operations. By functionalizing processes across segments, SSBO realizes efficiencies through scale, location strategy and adoption of best practices. SSBO provides quality operational core processes at an optimal price point, with maximum benefit to Morgan Stanley business lines. Services currently provided by SSBO include Cash Management, OTC Derivative and Security Settlements, Position Services, Reconciliations, Tax, Network Management and Vendor Management. Operations Risk and Control ensure adequate controls are in place, through providing an integrated risk and control framework to govern, assess, mitigate and manage financial and operational risk in Operations.
The Global Loan Services (GLS) North American Trade Closing Team is responsible for daily operational support of Morgan Stanley's corporate loan trades executed by the following business units: Global Capital Markets, Investment Banking Division, Fixed Income Division, and Global Sustainable Finance. The portfolio/ facilities consist of Relationship Lending, Event Lending (Mergers & Acquisitions (M&A), Construction Loans, Initial Public Offerings (IPOs)), Commodities Deals, Municipal Deals, Bilateral Deals, Municipal Letters of Credit, Distressed Loans, and Collateral Loan Obligations (CLOs).
During the time a Morgan Stanley entity trades in a particular credit, NA Trade Closing teams primary responsibilities includes: ensuring the underlying details are accurate (price, trade amount, trade date and underline economics), documentation and trading counter party. The team must ensure timely and accurate reporting of these facilities/positions in corporate loan system, Loan IQ as it feeds to books and records.
The role of loan operations is to provide a front to back infrastructure solution for the timely execution of loan transactions in the primary and secondary market and the subsequent servicing of the trading portfolios. All teams have varying degrees of interaction with many different areas of the bank, including the business unit, regulatory controllers, product controllers, treasury, tax, credit, legal and other operations groups.
We are seeking an Associate/Director to perform the following function:
Trade Support
-Ensure accurate and efficient closing process for Secondary Par Business
-Liaising with Sales and Trading Desk to handle execution of trade documents, and closing of trades with focus on balance sheet and trading economics
-Ensuring trades are booked in Loan IQ according to information on executed trade documents
-Preparation of circles booked in Loan IQ
-Review of legal documentation where applicable (Trade confirmation, Assignment and Assumption Agreements and Funding Memos) and ensuring documents are executed appropriately
-Liaise with relevant Operations teams to build or update deal and/or Counter party information in Loan IQ
-Work with Sales/Trading, Controllers, GCM and other internal teams on issues with P&L; etc.
-Preparation and monitoring of metrics pertaining to Par Loan settlement Periodic updates of policies and procedures
-Collaborate directly with Traders, Sales and Syndicate to drive timely process to match business dynamics
-Responsible for analyzing data, recognizing trends, formalizing conclusions, and presenting synthesized data to management
Distressed Closing
The distressed closing team supports the distressed leveraged loans desk in the settlement of all distressed products and the management of the confidentiality process. The distressed desk of SSG trade bank loans, bankruptcy claims, equity and bonds as well as maintain a direct lending business for special situations. The distressed team works closely with the SSG traders, salespeople, and analysts to ensure a timely and efficient settlement process. The closers are exposed to several products across the corporate capital structure such as: par/distressed bank loans, distressed bonds, trade claims, private equity and loan CDS. The closers act as liaisons between the Desk and various other areas of the firm including: Legal and Compliance, Credit, GCM, Controllers, Treasury, Tax, and Operations. The closers interact frequently with external legal counsel enabling exposure to bankruptcy, corporate, and securities law. The closers are charged with a risk-management role in which they review future transactions and identify potential issues.
• Coordinate distributions on distressed deals (i.e.: communicate with trustee ? often distributions are made years after the trades were closed, reconcile amounts, notify downstreams/ participants, update spreadsheets, send info to servicing group to receive/send wires)
• Close distressed loan trades ? draft confirms, draft pricing, coordinate with Agent and counterparty, work with Utilities to set up deal, maintain inventory
• Coordinate distressed counsel - choose counsel, coordinate conflict waivers with Legal, review counsel invoices , approve counsel invoices in T-360 system
• Manage confidentiality agreement process ? draft agreements and work with Legal on negotiations of confidentiality agreements
• Maintain Intralinks confi sites for names where desk is private
• Close all private equity trades that do not settle DTC
• Close bond trades that settle with documents
• Coordinate with Legal on drafting trading language and sending emails on DTC trades that require additional terms of trade
• Coordinate all public distressed amendments, voting on ballots and bankruptcy plans, plan support agreements etc.
• Assist bond TAs and Operations group with corporate actions involving documents, obtain direction and signatures from desk
• Assist Corporate actions with Rights offerings (work with lawyers to pre-fund and get clients to pre-fund) and bond exchanges
• Assist in Loan on-boarding process (liaise with Sales , Utilities team and clients)
• Assist in desk lending transactions
• Ad hoc requests from Traders, Salespeople, Analysts and Legal
• The closers are charged with a risk-management role in which they review future transactions with the analysts, traders and salespeople to identify potential issues or roadblocks to settlement. The closers must use their discretion and good judgment in analyzing settlement risk as well as the escalation of issues to Legal and Compliance.
• The closers assist the desk in structuring settlement strategies in an effort to minimize legal and operational risk. In this role, the closers work hand in hand with both internal and external legal counsel to insure that the firm?s franchise is protected.
• The closers take an active role in resolving market wide settlement issues with the Loan Syndications and Trading Association, as well as participating in market initiatives for more efficient bank loan closings.
• In addition to working very closely with the traders, analysts and salesforce, the closers also act as liaisons between the desk and various other areas of the firm including: Legal and Compliance, Credit, GCM, Controllers, Treasury, Tax and Operations.
• The distressed closers manage all aspects of the confidentiality process , which includes drafting/ reviewing confidentiality agreements, maintaining the confi Intralinks sites for the desk and insuring that public / private barriers are safeguarded.
• The distressed closers are also responsible for the settlement of certain securities trades such as private equity, Rule 144 A settlements and physical note transfers. They interact frequently with external legal counsel on such trades to resolve critical issues and to escalate to internal legal when appropriate.
• The distressed closers draft trade confirmations, prepare pricing schedules, maintain inventory and review all documentation in the settlement process (i.e.: purchase and sale agreements, netting letters, etc.). The closers also coordinate settlement with clients, administrative agents and equity transfer agents.
Qualifications
Skills Required:
• Able to meet tight deadlines and has an execution-focused approach
• Excellent organization and interpersonal skills
• Ability to drive change and improve efficiency on the team
• Self-motivated and willing to assume extended responsibility
• Ability to work in a fast paced environment, both independently and as part of a team
• Can identify key control points within a process, and then provide assessment of the preventative and detective control