Delegated Fund Management Oversight Manager

At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people.
The Role: 

M&G Investment Management (MAGIM) can sub-delegate portfolio management to External Fund Managers within the UK and around the world, in order to meet the strategy and objectives for end clients. In addition, MAGIM can sub-delegate portfolio management or investment advice to its internal overseas offices. The Delegated Fund Management Oversight Team is primarily responsible for initial and ongoing non-investment oversight and due diligence of External Fund Managers (EFMs), for each in-scope sub-delegated fund (portfolio).

The team is MAGIM’s gateway for Fund queries, instructions or escalations, which can be received from any of our 13 EFMs or 2 Global Custodians, along with any relevant team within M&G plc. The nature of those can range from investment guideline clarity, issues, breaches errors or support with a Custody matter. Additionally, the team receive requests from EFMs for New Markets or New Instruments and work closely with the Investment Manager Oversight team when assessing such requests before undertaking Due Diligence activities which are required for internal approvals ahead of the Fund’s Depositary review.

The team contributed to the RFP for all potential new EFMs and review RFP responses to aid the selection decision. Following which, the team commence detailed Operational Due Diligence on the proposed EFM(s) as per the required concept and strategy provided and assets to be traded, and perform a full non-investment assessment and risk assessment as per the risk appetite levels before making a recommendation to the Board, to appoint the new EFM (in parallel to the Investment Due Diligence).

The role of the Manager is to ensure compliance with the External Fund Management Framework and Supplier Management Framework, by having a full understanding of each EFM and how they must adhere to our requirements and standards set out in the Fund’s Prospectus, the IMA and the SLA. Within all activities, assessment against the risk-appetite levels is considered.

The Manager will be expected to continually consider and review aspects of the operating model whilst performing daily duties, and recommend efficiency improvements or control enhancements.

Internally Sub-Delegated portfolios for investment management or investment advisory to international offices require the team to perform periodic oversight assessments and review of documentation of the adherence to MAGIM’s central Framework.

You will have exposure to a number of departments and teams across the M&G plc organisation, including the Investment Office, Controls Monitoring, Compliance, Risk, Legal, Product Strategy, Operations and colleagues within Supplier Management, as well as Client Account Managers and Service Relationship Managers at each External Fund Manager and our Custodians. The role does not include NAV or Accounting Oversight activities, which are performed by separate teams.

Key Responsibilities:    

• Work within the Sub-Delegated Funds frameworks, procedures with awareness of Policies (including Third-Party Risk Management and Outsourcing Policy), applying own experience and logic and research or discuss problems with colleagues/SMEs to satisfy the requirement and enabling good customer outcomes
• Review and approve breach reports or facilitate breach and incident management, implementing measures to prevent recurrence whilst in compliance with the Operational Risk Handbook
• Review and assess Attestations, MI and KPIs and prepare for approvals
• Monthly reporting to the EFM Oversight Group, Supplier Management Forum and regular reporting to internal boards, committees and forums
• Represent the team in EFM On/Offboarding Projects and/or Fund Launch Working Groups
• Manage the Team’s Change Log and represent the Head of the team at internal or Custodian Change Prioritisation meetings
• Manage the Service Review programme for all EFMs including meetings and content
• Support the annual due diligence process and facilitate ad-hoc enhanced or deep-dive due diligence
  • Analyse, review and risk-assess responses to the Operational Due Diligence Questionnaire
  • Attend on-site visits or virtual calls to obtain clarity from required teams such as Investment Professionals, Operations, Risk and Compliance to fulfil due diligence requirements
• Recommend, review and/or contribute to SLA and IMA or Investment Guideline changes
• Maintain industry awareness and regulatory developments for impact to the team or fund
• Represent the Head of the Team at internal governance meetings or industry forums when required

Key Knowledge, Skills & Experience:

Essential:

• IMC/IOC
• End to end knowledge of fund management processes, from order generation to trading, to post-trade activities
  • Demonstrate understanding of the life-cycle of an equity or fixed income trade, and the workings of futures, options and OTC derivatives within a fund
• Involvement with Operational Due Diligence for Fund Management companies or comparable Suppliers
• Familiarity with fund structures and related regulations and awareness of COLL
• Strong analytical skills, critical thinking and natural problem solving mindset, not afraid to challenge
• Driven, confident self-starter. Able to work on own and within a team
• Ability to communicate with a range of roles including CIO, COOs, senior management and investment professionals in writing and verbally
• Excellent attention to detail
• Enjoys interacting with new people and building relationships
• Motivated to make a real difference

Desirable

• CFA Level 1
• Prior experience supporting or assisting Portfolio Managers within a Front Office role

Recruiter: Sarah Hawkins

Location: 10 Fenchurch Avenue, London (minimum 2 days per week in office)

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions.  Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job, will be offered an interview if they 'opt in' to the scheme when applying. 

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: [email protected]