The Pictet Group
is one of the world's leading independent wealth and asset managers. Founded in 1805 and headquartered in Geneva, Switzerland, the Group is represented at 30 offices in financial centres worldwide, and currently employs over 5200 people. Pictet has been present since 1989 in Luxembourg, where it employs over 700 people. Technology & Operations
design and integrate software applications ranging from portfolio management systems, trading platforms to banking and corporate solutions. The division is responsible for some of the Group's key innovations while sustaining business operations and developing custodian and funds administration services.
With a view to developing its asset servicing business, the Pictet Group is seeking to recruit a Head of Depositary Oversight
assigned to the Depositary function of Bank Pictet & Cie (Europe) AG, Luxembourg Branch
, and reporting to the Head of UCI Depositary Duties.
In this key role, you will lead the team responsible for performing the depositary oversight and cash flow monitoring duties required in accordance with the regulations applicable to depositaries in Luxembourg and industry best practices. Together with the team, you will work with clients, UCI auditors, UCI investment fund managers (IFM") and other UCI service providers as well as the business to ensure timely delivery of day-to-day responsibilities.
While managing the team, you will contribute to some of the core day-to-day oversight tasks, such as performing new business acceptance reviews, delivering various reports, escalating issues or performing or answering due diligences. Your role
On-boarding and client service:
- Taking part in depositary feasibility/risk/compliance assessments of new business projects.
- Liaising with UCI management bodies with regard to the diligence and oversight controls performed, escalating unresolved issues internally and externally in accordance with escalation procedures agreed with clients.
- Making formal presentations of depositary reports to client boards and attending client relationship meetings if necessary.
- Working with external stakeholders and internal stakeholders providing services to ensure a consistent client experience.
Oversight tasks and control team assignments:
- Carrying out the monitoring and control measures set out in the Depositary Oversight control / task schedule with regard to depositary oversight and cash flow monitoring duties.
- Performing the regulatory due diligence required on specific UCI service providers (UCI Administrator, external valuer, IFM), including managing the diligence planning.
- Establishing and providing the UCI financial year-end asset confirmations to the UCI auditors and coordinating the banking aspects of the UCI statutory audit.
Risk management & Internal Control System:
- Ensuring a sound/effective control framework is in place for all oversight tasks, controls and diligence processes, implementing improvements, and making sure that the internal control framework is consistently delivered.
- Cooperating as part of reviews and audits performed by internal control functions, external auditors or supervisory authorities and implementing the recommendations issued within the time frame given.
- Keeping up to date with related business, technical and regulatory developments, in particular identifying and implementing industry best practices for depositary oversight duties.
- Continuously assessing and developing the depositary oversight operating framework, including the adequacy of staff resources, the use of systems, business processes and relationships with third parties, as well as analysing and implementing operational improvements.
Job requirements and education:
- A relevant professional qualification in accounting, economics, finance, law, administration or management.
- At least five years' experience, ideally in a similar position with a Depositary, or in an equivalent management position with an entity responsible for delivering regulated professional services to UCIs in the EU (Investment Fund Manager, UCI administrator, audit company).
Skills and competences:
- Strong understanding of Luxembourg depositary/UCI regulations and related best practices; demonstrable knowledge of recent industry-related developments.
- Excellent interpersonal and communication skills, ability to communicate effectively and professionally with peers and external stakeholders, including clients and regulators.
- Ability to manage senior depositary officers / oversight specialists and to promote a strong team spirit.
- Ability to work autonomously, taking full ownership of assigned responsibilities with a commitment to delivering high quality work.
- Strong risk culture and proven experience of managing a sound risk management framework as part of the first line of defence.
- Experience of operating successfully at client board level, including drafting and presenting reports and maintaining ongoing relationships with executive-level representatives.
- Organised and accurate in all aspects of your work.
- Flexible, along with a capacity to adapt to and manage the unexpected.
- Fluent in English and French, strong grasp of another language would be an asset.
- Proficient user of the MS Office suite (Excel, PowerPoint, etc.).
- eFront/MultifondsAvaloq experience would be an asset.
We will not accept any CVs from agencies.
In accordance with the provisions of the Luxembourg law of 23 July 2016 amending the law of 29 March 2013, candidates may be required to provide an extract from their criminal record. This document, issued by the authorities, must not be older than three months. Such a document will be requested with the aim of carrying out a character check on candidates, bearing in mind the area of activity of our establishment and, more particularly, the tasks described in the job description.
Flexible and modern ways of working
As a responsible and supportive employer, we promote the well-being of our employees through a set of flexible working arrangements, ranging from a work-from-home policy for eligible functions to opportunities for annualised part-time leave and extended parental leave. Diversity & Inclusion Pictet is an equal opportunity employer and is committed to creating a diverse environment. We respect all individuals and seek their inclusion in the workplace.